A new report from the Korea Accounting Research Institute (KARI) offers fresh insight into the practical implications of IFRS 18 for Korean companies—especially around the recurring nature of impairment losses.
The IFRS Foundation has expanded access to the IFRS Accounting Taxonomy 2024 with new versions available in Korean and Spanish.
The Financial Supervisory Service (FSS) of South Korea announced on 7 April a comprehensive “soft landing” plan to support small and medium-sized listed companies as they begin submitting XBRL annotated financial disclosures.
On 20 January, the Financial Supervisory Service (FSS) in Korea introduced a new guide designed to elevate the accuracy and consistency of financial reporting using XBRL. Borrowing from a number of global best practices, this comprehensive resource aims to set a new benchmark for XBRL preparation in Korea.
The Korea Pharmaceutical and Bio-Pharmaceutical Manufacturers Association (KPBMA) held a seminar on accounting and tax issues this week, focusing on the role of ESG (Environmental, Social, and Governance) and XBRL in improving transparency.
Amid global moves to adopt sustainability reporting standards, EFRAG recently welcomed delegates from the Korea Sustainability Standards Board (KSSB) and the Korean Financial Services Commission (FSC) in Brussels to discuss developments in sustainability reporting.
In a recent interview with Mr Lee Byungrhae (이 병 래 ), Secretary General of XBRL Korea and Vice Chairman of the Korean Institute of Certified Public Accountants, he highlighted the pivotal role of XBRL expansion in fortifying global trust, addressing the “Korea discount,” (international valuation gap) and enhancing corporate transparency.
After announcing at COP26 that the International Sustainability Standards Board (ISSB) would have a global presence, last week the Board took a step towards expanding its existing world-wide footprint by confirming that a Beijing office will open in mid-2023.
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.
At a recent forum the Financial Services Commission (FSC) Vice Chairman Sohn Byung-doo called on industry players to ‘open up their data assets as much as possible’ to enable innovation in financial services.
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