Hyundai Department Store Selected as Excellent Corporation for XBRL Disclosure by Financial Supervisory Service

Accounting Practitioners Appointed as Private Advisory Committee Members

Hyundai Department Store announced on the 26th that it was selected as an excellent corporation for financial disclosure based on eXtensible Business Reporting Language (XBRL) by the Financial Supervisory Service (FSS) and received a commendation from FSS Governor Lee Bok-hyun.

XBRL is an international standard computer language established by the international consortium 'XBRL International,' composed of accounting and information technology (IT) experts from the United States, the United Kingdom, and the European Union (EU), to enhance corporate accounting transparency and global reliability.

Since last year, the FSS has mandated the adoption of XBRL for listed companies with assets exceeding 2 trillion won. By applying the XBRL method, corporate financial statements and detailed explanations of the financial statements are converted into data and disclosed, making corporate comparative analysis easier, and foreign investors can automatically convert the disclosed content into English for review.

Min Wang-il, Vice President of Management Support Headquarters at Hyundai Department Store (right), is taking a commemorative photo with Kim Jeong-tae, Deputy Director of Disclosure Investigation at the Financial Supervisory Service, after receiving the XBRL Financial Disclosure Excellence Corporation Plaque from the Financial Supervisory Service. Photo by Hyundai Department Store

While most listed companies outsourced the development of the XBRL input system to accounting firms, Hyundai Department Store explained that it built the system internally. After reviewing the appropriateness of XBRL adoption in business reports disclosed last year, the FSS selected 14 companies, including Hyundai Department Store, as excellent corporations that adopted XBRL without errors. The FSS also appointed Hyundai Department Store’s accounting practitioner as a private advisory member to contribute to the establishment of Korea’s XBRL financial disclosure guidelines and the development of related systems.

Won Cheol, Executive Director in charge of accounting at Hyundai Department Store, said, "To realize Hyundai Department Store’s vision of being 'the most trusted company by customers,' we will spare no effort to sincerely and faithfully fulfill the company’s social obligations and responsibilities and to practice transparent management."