South Korea sees the benefits of expanded XBRL
With South Korea expanding the scope of XBRL tagging to include the notes to accounts, FNN news recently interviewed Hyeong-nam Lee, Director of Deloitte’s XBRL Center, about their experiences with the standard.
Hyeong-nam Lee highlighted the benefits of expanding XBRL, emphasising that converting financial information into structured data with a standardised taxonomy not only helps make investment decisions easier, but also helps companies make beneficial internal decisions as they can analyse their own data.
He added that “countries are not only introducing XBRL for financial information, but looking at advanced cases overseas, they are pursuing XBRL even for non-financial information.” This includes sustainability reporting – Korea is also considering introducing XBRL for ESG data in future.
In Korea, the expansion of XBRL is expected to strengthen the country’s international competitiveness, due to the increased transparency and ease of accessing, comparing, and analysing XBRL tagged information internationally.
Read the interview here.
