The Financial Supervisory Service (FSS) has released a guide for preparing the International Standard XBRL. To ensure international consistency, the FSS referenced guidelines from the U.S. Securities and Exchange Commission and data quality management organizations while creating this guide.

According to the FSS on the 20th, this guide consists of five chapters and contains principles for preparing financial statements along with annotations and practical examples.

It incorporated accounting standards and XBRL annotation best practices for the first time in the world to help submitters generate more accurate XBRL financial information.

The XBRL annotation best practices include ▲guidance on selecting standard account titles for major accounts and ▲examples of best practices related to annotation preparation. The notes contain ▲types of common errors by listed companies and necessary actions and ▲guidance regarding the extension of account titles and annotation tables.

This guide also includes instructions on how to use the XBRL authoring tool to enable submitters to easily implement XBRL annotation best public disclosure templates.

The FSS plans to strengthen the quality inspection of XBRL financial data for listed companies within this year. It will also collaborate with related organizations to educate corporate practitioners on XBRL financial statements and will communicate closely with foreign financial authorities.

The FSS noted, “This guide is structured so that anyone can understand it, even if they are not XBRL experts, and it is expected to reduce external expert expenses for corporations. It will create a foundation for accurately evaluating the value of domestic corporations in the global market.”