The Financial Supervisory Service XBRL disclosure system has been certified by an international standards organization.
The FSS said on the 15th that in Sep., it obtained international standard certification from the XBRL international standards organization for the XBRL disclosure system used to prepare financial disclosures by domestic listed companies.
XBRL refers to an international standard computer language established to generate corporations' financial information and to collect and distribute data that are easy to report and analyze. The FSS introduced the XBRL financial disclosure system in 2007 and developed and distributed an XBRL creator based on international standards.
This certification was pursued as demand from domestic and overseas investors to use data increased with the expansion of XBRL note financial disclosures. The XBRL international standard guarantees that a disclosure system conforms to international standards, and this is the first time that a supervisory authority's system has been certified. Most overseas users rely on private commercial software.
The FSS said, "This certification will further enhance international trust in FSS XBRL data," adding, "We expect that opportunities will expand for domestic listed companies to be properly valued in global capital markets based on high-quality data."
The FSS plans to have domestic financial disclosure information also disclosed on the global XBRL report disclosure platform going forward. It will also improve the system by diversifying English disclosure channels to enhance overseas investors' access to financial information.
The FSS said, "We will improve related systems to strengthen the transparency and reliability of domestic financial disclosures and enhance user convenience."