Deloitte Anjin Launches 'XBRL Center'... Leading Support for Next-Generation Disclosure System

Leading the XBRL Disclosure Advisory Market

Deloitte Anjin Accounting Corporation announced on the 5th that it will launch the first-ever 'XBRL Center' among domestic accounting firms to actively support the advancement of financial disclosure for listed companies and financial institutions.

XBRL (extensible business reporting language), an international standard reporting method for financial information, converts corporate financial data into a next-generation language format that facilitates storage, sharing, and analysis of data. It is actively adopted and utilized in global markets as an advanced corporate financial information infrastructure.

In Korea, starting this year, financial authorities are sequentially enforcing mandatory XBRL disclosure for overall financial statements, including notes, beginning with listed companies with total assets exceeding 2 trillion won. Accordingly, demand for expert advisory services in this area is expected to increase. In response to these policy changes, Deloitte Anjin's industry-leading 'XBRL Center' was established, consisting of over 30 corporate financial information experts with experience participating in XBRL projects for Korean listed companies and major domestic firms.

The Center plans to provide comprehensive support for companies to successfully establish XBRL disclosure systems, offering all services related to XBRL such as selection of taxonomies compliant with International Financial Reporting Standards (IFRS), creation of company-specific taxonomies, structuring according to XBRL standards, validation among financial statement items, support for XBRL editor creation within electronic disclosure systems, and annual maintenance.

Upon its establishment, the Center is currently conducting XBRL briefings for members of the General Insurance Association and the Life Insurance Association, as well as providing education for listed companies with assets over 2 trillion won that have applied to the Financial Supervisory Service for XBRL pilot operation, utilizing its specialized knowledge and experience in XBRL.

Lee Hyung-nam, head of Deloitte Anjin XBRL Center, stated, "With the opening of the Deloitte Anjin XBRL Center, we will provide leading services to stabilize XBRL-based disclosures for companies and expand the user base of financial information for Korean firms. Through active collaboration with domestic XBRL professionals and the Deloitte global network, we aim to establish ourselves as the 'XBRL advisory leading firm' that leads the domestic and international electronic disclosure advisory market."

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