Korea Creates Software to Boost Its $1.8 Trillion Stock Market
- Foreign investors face language barrier with Korean statements
- Asia’s no. 4 economy keen for developed market upgrade
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South Korea is creating software for digital reporting in a bid to attract more foreign investors and boost a long-undervalued stock market.
In what the country’s financial watchdog says is the first such step anywhere, officials have developed an IT tool for companies’ financial statements. Firms will be asked to use a data format known as XBRL — which is both human and machine-readable and used in dozens of countries — from the third quarter.