Financial Supervisory Service Obtains International Standard Certification for XBRL Disclosure System

The Financial Supervisory Service announced on October 15 that its international standard computer language (XBRL) disclosure system received official certification last month from the international standards organization, XBRL International.

This certification is the result of a comprehensive review by experts from XBRL International, who evaluated the data provided through OPEN DART and the Financial Supervisory Service's report generator functionality.

The Financial Supervisory Service introduced the XBRL financial disclosure system in 2007. To ensure stable adoption and reduce the economic burden on listed companies, it also developed its own report generator and distributed it free of charge.

Recently, as XBRL-annotated financial disclosures have expanded, there has been a growing demand from both domestic and international investors to utilize this data, as well as increased interest from overseas regulatory authorities in benchmarking the DART system. In response, the Financial Supervisory Service pursued international XBRL standard certification across the entire system.

The Financial Supervisory Service stated, "This will not only address concerns raised by some regarding the quality of XBRL financial disclosure data, but also serve as an opportunity for Korea's system to become a leading global digital platform. As the reliability of data from domestic listed companies increases, they will have more opportunities to receive fair evaluations in the global capital market."

At the request of XBRL International, the Financial Supervisory Service will also cooperate to ensure that Korea's financial disclosure information is published on the global XBRL report disclosure platform. In addition, to enhance accessibility for foreign investors, the agency plans to establish various English-language disclosure channels in addition to the English DART system.