JURSIDICTION SNAPSHOT:
Country: Korea (South)
Status: Full Jurisdiction
Jurisdiction Name : xbrl.kr
Website : http://www.xbrl.or.kr
Membership Count: 15
IFRS Adoption for Public Companies: not permitted
REGULATORS:
Companies Registrar:
Banking Supervisor: Bank of Korea
Securities Regulator: Financial Services Commission/Financial Supervisory Service (FSC/FSS)
PRINCIPAL EXCHANGES:
| Korea Stock Exchange |
XBRL PROJECTS OVERVIEW:
| Financial Supervisory Service Korea | Voluntary Filing |
| XBRL Korea | Development |
JURISDICTION MEMBERSHIP:
| DUZON DASS |
| Fujitsu Korea Ltd. |
| Hyperion Solutions Corporation |
| Kookmin Bank |
| Korea Accounting Standards Board |
| Korea Association for CFOs |
| Korea Stock Exchange |
| Korean Agency for Technology and Standards, MOCIE |
| Korean Institute of Certified Public Accountants |
| KOSDAQ Stock Market |
| KT |
| KYOBO Life Insurance Co., Ltd. |
| LG Electronics Inc |
| PricewaterhouseCoopers Samil |
| Samsung SDS Co., Ltd. |
PROGRESS REPORT:
XBRL Korean Conference, co-hosted by XBRL Korea and
Korean Institute of Certified Public Accountants(KICPA), was
held in Seoul on 17 January. It was attended by over 200
attendants from accounting firms, listed companies, financial
institutions, government & regulatory, IT vendors, and
academics.
On 17~20 Jun, XBRL Korea set ‘XBRL expert training course”
with KOLON BENIT. XBRL Korea will continuously hold a
variety of training courses related XBRL to promote XBRL
adoption in Korea.
XBRL Korea is currently working to translate ‘the XBRL
specifications(XBRL 2.1, FRTA, FRIS, etc.)’ into the Korean
language and to prepare ‘the XBRL taxonomy recognition
rule’ and ‘the guidelines for XBRL taxonomy recognition
process’ of the Jurisdiction. These projects will be finished by
the end of 2008.
FSS(Financial Supervisory Service) XBRL Project
Since October 1 2007, FSS has mandated for listed
companies to submit their financial statements included to
annual report, semi-annual report, quarterly report in XBRL
format on its DART* System.
* DART(Data Analysis, Retrieval and Transfer System) is
an electronic disclosure system that allows companies to
submit disclosures online, where it becomes immediately
available to investors and other users.
Please visit http://englishdart.fss.or.kr/ for more details.
At the beginning of 2008, FSS also has finished consulting
project to adopt XBRL for Call reports of banking institutions.
Based on the result of the project, FSS will develop ‘Call
reporting system(using XBRL) for banking institutions’ and
‘the integrated financial analyzing system’ for 15 months from
September, 2008 to November, 2009. FSS will officially run
these systems from December, 2009.
Please visit http://english.fss.or.kr/fsseng/index.jsp for more
details.
XBRL Jurisdictional Leader:
Ou-Hyung Kwon, Chairman and CEO of XBRL Korea
For more information contact:
YUNGIL CHOI, Jurisdiction representative to ISC
E-mail: xbrl@xbrl.or.kr
Website: http://www.xbrl.or.kr