Kim Gap-je, a senior investigator at the Financial Supervisory Service, whose term as a member of the International Financial Reporting Standards (IFRS) Foundation's Digital Taxonomy Consultative Group (ITCG) has been extended for three years. This means that his influence will expand further in the process of designing digital disclosure standards, and it signifies that Korea's technological capabilities have been recognized.
The FSS announced on the 16th that the IFRS officially announced the extension of Kim's term on the 14th.
The ITCG is a key practical advisory body that designs and improves the classification standards for accounting and environmental, social, and governance (ESG) disclosure systems. It consists of 25 advisory members from foreign supervisory authorities, international organizations, and data specialists. Korea has been participating since 2023 with the FSS as a technical and strategic advisor.
The FSS explained that the extension of this advisory member's term is the result of recognition for contributions in building and operating an advanced XBRL financial disclosure system and providing in-depth advice. It is also significant in that it provides an opportunity to exert substantial influence in the global disclosure standard design process while extending the activity as a commissioner for three more years.
The FSS stated, "We will strive to ensure that Korea's digital system can be adopted as a global standard and best practice," adding, "We will continue to expand English content for foreign investors and enhance data accessibility for the internationalization of the capital market."