Korea becomes full XBRL jurisdiction

22 February 2006

Korea has been approved as an established XBRL jurisdiction by the XBRL International Steering Committee following significant progress in implementation of XBRL and recruitment of members.

The Korean jurisdiction, which is facilitated by the Korean Institute of Certified Public Accountants (KICPA), now has some 27 members drawn from leading Korean companies.  It played a key role in encouraging the country’s financial regulator, the Financial Supervisory Service (FSS), to adopt XBRL for regulatory reporting.  The FSS will run a voluntary XBRL filing programme from later this year. 

KICPA last year successfully organised a XBRL banking industry seminar jointly with the Korea Federation of Bank, attracting 433 participants from the banking industry, the government sector and the Korean CPA profession

XBRL Korea is actively developing taxonomies based on the latest 2.1 version of the XBRL Specification which will cover commercial and industrial entities, and the banking, insurance and securities industries.  Its existing 2.0 version taxonomy has been formally Acknowledged by XBRL International, recognising its full compliance with that version of the specification.  

As an established XBRL jurisdiction, Korea will play a full part in the governance of XBRL International.  It became a provisional jurisdiction, an initial step on the road to being recognised as an established jurisdiction, in 2002. 

For more information on the Korean jurisdiction, contact xbrlkr@xbrl.org.

Announced by:

Peter Calvert

XBRL International

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