Financial Supervisory Service Hosts '2023 XBRL International Conference'... Sharing Advanced Practices

The Financial Supervisory Service (FSS) announced on the 21st that it will hold the '2023 XBRL International Conference' together with the Korean Institute of Certified Public Accountants and the Korea XBRL Headquarters.

The event will take place on the 1st of next month at the 63 Building in Yeouido, Seoul. The FSS prepared this event to establish a cooperative system with the Korean Institute of Certified Public Accountants, the Korea Listed Companies Association, the KOSDAQ Association, and financial associations by industry. Additionally, it aims to actively support the adoption of XBRL by companies, enhance understanding, and encourage corporate participation. Key figures from the International XBRL Association will participate to share advanced XBRL cases from countries such as the United States and Japan, and domestic and international experts will explore ways to establish a stable XBRL financial disclosure system and create an XBRL data ecosystem.

XBRL stands for eXtensible Business Reporting Language, an international standard computer language for financial reporting created to facilitate the generation, reporting, and analysis of corporate financial information. In March, the FSS announced the 'Stepwise Advancement Plan for XBRL Financial Disclosure' and is actively expanding XBRL financial disclosures.

The main body of financial statements will be expanded from the third quarter report of this year to include listed financial companies and unlisted companies subject to business report submission applying International Financial Reporting Standards (IFRS). Financial statement notes will be gradually introduced starting with large non-financial listed companies with assets exceeding 2 trillion won from this year's business reports.

An FSS official stated, "This is the first international XBRL conference to be held in Korea," adding, "It is expected to enhance the understanding of the XBRL disclosure system among companies and information users, and by sharing overseas adoption cases, it will help mitigate initial implementation errors."

This content was produced with the assistance of AI translation services.