Digital reporting innovation to foster transparency in Korea
Speaking at the International Conference of the Korean Accounting Association, Professor Yoon Jae-won of Hongik University’s Business School offered insights on the need for accounting reform and investment in digital reporting. This would help improve the transparency of the capital market, prevent fraud, and encourage investment.
He argues that, while Korea has made important strides such as the introduction of international standards and the strengthening of audit, further transformation is still needed. Korea has required financial reporting in XBRL by public companies since 2011, but Yoon suggests that a more dynamic approach is required to advance digitisation and ensure that reporting requirements keep pace with the changing reporting landscape. In the context of a competitive global capital market, his vision is to “accelerate XBRL-based digital financial reporting innovation and provide a transparent investment environment where investors around the world can access and utilise information more easily and conveniently.” That is certainly a welcome prospect, and we look forward to seeing what comes next for reporting in Korea.
Read more here (in Korean).