Korean FSS expands XBRL application and bolsters support for listed companies

Posted on July 7, 2024 by Editor

At the start of July, the Korean Financial Supervisory Service (FSS) announced that, from 2025, KOSPI- and KOSDAQ-listed financial companies with assets exceeding KRW 10 trillion must adopt XBRL for their financial disclosures. In their 2025 semi-annual reports, these companies will be required to tag the financial statements notes in XBRL.

This marks the next phase in the FSS's gradual implementation of XBRL, which began with non-financial companies in 2023. The latest phase targets large financial firms, with smaller financial companies to follow in subsequent years. To date, the initial phase has seen successful implementation, with improvements in the XBRL system and training programs significantly reducing filing errors.

The FSS's move to expand XBRL reporting requirements aims to enhance the quality and transparency of financial disclosures. It reflects a broader trend towards digital business reporting in South Korea, bringing the country in line with international standards, and as such increasing its appeal to international investors.

This is another positive step towards greater consistency and reliability in Korean financial reporting. By engaging closely with stakeholders and providing ongoing support and training, the FSS is setting a strong foundation for high-quality XBRL implementation, with benefits for the financial sector and overall market confidence.

At XBRL International we continue to be impressed by the comprehensive approach to digitisation that South Korea is taking.

For further details on the FSS's expanded XBRL requirements, visit the FSS website.