Introducing ESG and XBRL to enhance transparency in the pharmaceutical and biotechnology industries
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.
The event gathered accounting and legal professionals to discuss recent trends in ESG reporting and tax compliance, along with case analyses specific to the pharmaceutical and biotechnology industries.
Vice Chairman Lee Jae-guk kicked things off, noting that global financial shifts are making ESG and precise accounting practices more crucial than ever.
The pharmaceutical and biotechnology industries face unique challenges, with development costs, licensing, and fair value assessments being particularly complex. Strengthening ESG and financial disclosures using XBRL can help align these industries with international standards, fostering trust and transparency. Voluntary compliance with robust accounting standards was emphasised as a means to improve corporate accountability and competitiveness – as well as offering management clear, usable data for internal analysis.
The key takeaway? ESG data tagged in XBRL could be keys to a brighter, clearer, and more transparent future for pharmaceuticals and biotechnology.
Read more here.v
