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GAAP Primary Financial Statements

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  • 1. XBRL Korea Domain Working Group Primary Financial Statements (PFS), Financial Reporting for Commercial and Industrial Entities (CI), Korean GAAP Taxonomy, 2004-01-19, Explanatory Notes (Public Working Draft) 5 Summary Taxonomy Information: Status: Public Working Draft, issued in accordance with XBRL International Processes REC 2002-04-20. Release Type; Acknowledged, issued in accordance with XBRL International Processes REC 2002-04-20 Date Issued; 2004-01-19 (Jan 19, 2004) Issued by: XBRL Korea Domain Working Group Name: Primary Financial Statements (PFS), Financial Reporting for Commercial and Industrial Entities (CI), Korean GAAP Taxonomy Description: This financial reporting taxonomy is intended to provide detail level accounting terms and reporting structures required by Korean GAAP for commercial and industrial companies in order to tag financial statements in XBRL. Identifiers: http://www.xbrl.org/taxonomy/korean/fr/gaap/ci/pfs/2004-0 1-19* Recommended Korean-gaap-ci-pfs namespace prefix: Relation to Other This taxonomy references the Primary Financial Statements (PFS), XBRL Financial Reporting for Commercial and Industrial Enterprises, Taxonomies: International Accounting Standards (IAS) XBRL taxonomy. The Global Common Document taxonomy will be supplemented with the PFS Taxonomy. Physical Location http://www.xbrl.org/taxonomy/korean/fr/gaap/ci/pfs/2004-01-19/k of Taxonomy orean-gaap-ci-pfs-taxonomy.xsd (Schema) Package: http://www.xbrl.org/taxonomy/korean/fr/gaap/ci/pfs/2004-01-19/ korean-gaap-ci-pfs-taxonomy-references.xml (References linkbase) http://www.xbrl.org/taxonomy/korean/fr/gaap/ci/pfs/2004-01-19/ korean-gaap-ci-pfs-taxonomy-labels.xml (Labels linkbase) http://www.xbrl.org/taxonomy/korean/fr/gaap/ci/pfs/2004-01-19/ korean-gaap-ci-pfs-taxonomy-presentation.xml (Presentation linkbase) http://www.xbrl.org/taxonomy/korean/fr/gaap/ci/pfs/2004-01-19/ korean-gaap-ci-pfs-taxonomy-calculation.xml (Calculation linkbase) http://www.xbrl.org/taxonomy/korean/fr/gaap/ci/pfs/2004-01-19/ korean-gaap-ci-pfs-taxonomy-definition.xml (Definition linkbase) * All the links are to be determined by XBRL international and they will include both the PFS taxonomy and GCD Taxonomy.
  • 2. XBRL Korean Domain Working Group - Korean GAAP CI PFS 2 10Editors of this Document: Sung-Sik Hwang, Samil PricewaterhouseCoopers Dae Hyun Kim, XBRL Korea Editors of the Taxonomy (listed alphabetically): Dae Hyun Kim, XBRL Korea 15Dae Young Kim, THE KOSDAQ STOCK MARKET INC Dong-Lim Lee, The KOSDAQ STOCK MARKET INC Euiwon Seo, Hyperion Solutions Corporation Hee Seung Choi, LG Electronics Inc Heung-Taek Lim, KOREA STOCK EXCHANGE 20Hyun Chul Kim, Samsung SDS Hyun S. Kang, Kyobo Life Insurance Co. Ltd. In-Kook Lee, LG Electronics Jae Soon Kim, Kookmin Bank Jinsoo Chun, The KOSDAQ Stock Market INC 25Jong Dae Jeon, Hyperion Solutions Corporation Joo Hwan Song, KT June-Seo In, KT Ki Soo Kim, Kookmin Bank Kyoung-Hoon Min, KOREA STOCK EXCHANGE 30Min-Hwa Jeong, Korean Agency for Technology and Standards, MOCIE Seokki Lee, Kyobo Life Insurance Co. Ltd. Seungil(Stanley) Jung, Samil PricewaterhouseCoopers Sim Yoon, Samsung SDS Soon-Kook Chang, Samil PricewaterhouseCoopers 35Sung-Sik Hwang, Samil PricewaterhouseCoopers Tae-Sik Kim, Korea Accounting Standards Board Woo-Don Lim, XBRL Korea XBRL Korea Domain Working Group Chair: Sung-Sik Hwang, Samil PricewaterhouseCoopers 40
  • 3. 5XBRL Korean Domain Working Group - Korean GAAP CI PFS 3 Abstract This Taxonomy Documentation describes the eXtensible Business Reporting Language 45(XBRL) based Korean Financial Reporting Taxonomy: KOREAN GAAP Commercial & Industrial (KOREAN-GAAP-CI). The KOREAN-GAAP-CI Taxonomy has been prepared by the XBRL Korea Domain Working Group, with feedback from other members of XBRL International as well. This KOREAN-GAAP-CI Taxonomy is compliant with the XBRL 2.0 Specification, dated 502001-12-14 (http://www.xbrl.org/tr/2001/). Specifically, the KOREAN-GAAP-CI Taxonomy represents financial reporting details including the Balance Sheet, Income Statement, Statement of Appropriations of Retained Earnings (Disposition of Accumulated Deficits) and Cash Flow Statement used to create XBRL instance documents for commercial and industrial companies. 55This document assumes a general understanding of accounting terminologies and XBRL. If the reader desires additional information relating to XBRL, the XBRL International web site (http://www.xbrl.org) is recommended. In particular, a reading of the XBRL 2.0 Specification is highly recommended (http://www.xbrl.org/tr/2001/). Terminology 60The terminology used in this document frequently overlaps with terminology from other disciplines. The following definitions are provided to explain the use of terms within the XBRL knowledge domain. Taxonomy An XBRL Taxonomy is an XML Schema-compliant .xsd file that contains XBRL elements, which are XML elements that are defined by XBRL-specific attributes. An XBRL Taxonomy may also contain references to XLink linkbases. Instance An XML document which includes one or more XBRL elements and document optional references to zero or more XLink linkbases. Element An XBRL element is a “fact” or piece of information described by an XBRL taxonomy. Linkbase Linkbases provide additional information about XBRL elements, in particular, relationships between them such as the relationship that “Cash” is defined as part of “Current Assets.” Linkbases used by XBRL are compliant with the World Wide Web Consortium’s (W3C) XML Linking Language (XLink) Recommendation 1.0, 27 June 2001.
  • 4. Table of Contents 65 ABSTRACT...........................................................................................................................................3 TERMINOLOGY....................................................................................................................................3 1. OVERVIEW........................................................................................................................................5 2. AUTHORITY.......................................................................................................................................5 3. DTS STATUS.....................................................................................................................................5 704. SCOPE OF DTS.................................................................................................................................6 PFS – Primary Financial Statements Taxonomy.............................................................................6 GCD- Global Common Document Taxonomy..................................................................................6 5. OVERVIEW OF TAXONOMY ...........................................................................................................7 6. SAMPLES........................................................................................................................................10 757. FEEDBACK .....................................................................................................................................10 8. INTELLECTUAL PROPERTY STATUS...........................................................................................10 9. ACKNOWLEDGEMENTS................................................................................................................11
  • 5. 1.Overview The XBRL Korea Domain Working Group is leading the development of this XBRL KOREAN GAAP Commercial and Industrial (KOREAN-GAAP-CI) Taxonomy for the purpose of expressing commercial and industrial companies’ financial statements 5according to Korean Generally Accepted Accounting Principles (GAAP) and other related/relevant accounting standards. The Korean Global Common Document (Korean GCD) Taxonomy, which will used with the KOREAN-GAAP-CI Taxonomy is designed to present entity information and document information that will include XBRL instance documents of financial statements in accordance with the KOREAN-GAAP-CI Taxonomy. 10This KOREAN-GAAP-CI Taxonomy is designed to facilitate the creation of XBRL instance documents which reflect business and financial reporting for commercial and industrial companies according to Korean GAAP. The purpose of this and other taxonomies produced using XBRL is to facilitate data exchange among applications used by companies and individuals as well as other 15financial information stakeholders, such as lenders, investors, auditors, attorneys, and regulators. 2.Authority The authority for this KOREAN-GAAP-CI Taxonomy is based upon Korean GAAP. The development of the taxonomy is based upon input from accounting firms, technology 20companies and other domain experts in the field of financial reporting. The Korean GCD Taxonomy is referenced from the US GCD Taxonomy. The disclosures in the KOREAN-GAAP-CI Taxonomy are: 1. Required by particular Commercial and Industrial Companies 2. Typically represented in financial statements, checklists and guidance materials 25 in accordance with Korean GAAP. 3. Found in common reporting practice, or 4. Flow logically from items 1-3, for example, sub-totals and totals. This KOREAN-GAAP-CI Taxonomy and GCD Taxonomy are in compliance with the XBRL 2.0 Specification, dated 2001-12-14 (http://www.xbrl.org/tr/2001/) 303.DTS Status The KOREAN-GAAP-CI Taxonomy and GCD Taxonomy are Acknowledged Public Working Draft from the local perspective of Korea. This Korean GAAP Taxonomy draft has been developed, reviewed and finalized by the members of XBRL Korea Domain Working Group. During the review process, an exposure 35draft was released for one month and the comments from the public were considered and reflected in this final draft. XBRL Taxonomies can exist in five states insofar as XBRL International is concerned: • Working Draft – Draft of an International Working Group. 10
  • 6. XBRL Korean Domain Working Group - Korean GAAP CI PFS 6 • Unacknowledged - Developed externally but not royalty-free, or not known to 40 be specification compliant. • Acknowledged - Developed externally, compliant with the specification, and minimally 'advertised' by XBRL International. • Approved - Acknowledged, and also complying with published best practices. • Recommended - Approved, and recommended because it is better than 45 alternative taxonomies for the same purpose. The following is a summary of levels of approval attainable within each state of Taxonomy approval outlined above: • Internal Working Draft – Internal Working Draft version of a Taxonomy exposed to XBRL International members for internal review and testing. An 50 Internal Working Draft is subject to significant changes as initial testing is undertaken. Its structure may not be stable and its content may not be complete. • Public Working Draft – Working Draft version of a Taxonomy exposed to public for review and testing. A Public Working Draft has been tested and its structure is unlikely to change although its contents may still change as the result of broader 55 testing. • Final – Final version of a Taxonomy, designated by XBRL KOREA as the most appropriate representation of a particular reporting environment. 4.Scope of DTS This Taxonomy is the Primary Financial Statements (PFS) Taxonomy. The PFS Taxonomy 60will commonly be used with the Global Common Document (GCD) Taxonomy. PFS – Primary Financial Statements Taxonomy The PFS Taxonomy encompasses the core financial statements which private sector and certain public sector entities typically include in their annual financial reporting excluding explanatory note disclosures as required by Korean GAAP 65Those primary financial statements are the: 1. Balance Sheet, 2. Income Statement, 3. Statement of Appropriations of Retained Earnings (Disposition of Accumulated Deficits) 70 4. Cash Flow Statement GCD- Global Common Document Taxonomy The GCD Taxonomy has been developed based on US GCD Taxonomy. It includes Entity information, Document Information, Period Covered and other relevant data. 75
  • 7. XBRL Korean Domain Working Group - Korean GAAP CI PFS 7 5. Overview of Taxonomy The major accounts which are included in the Balance Sheet, Income Statement, Statement of Appropriations of Retained Earnings (Disposition of Accumulated Deficits) 80and Cash Flow Statement are defined and created to standardize the Korean GAAP chart of accounts. The Korean GAAP had been developed based on Korean Financial Accounting Standards (KFAS) until 1999. Since the establishment of the Korean Accounting Standard Board (KASB) in 1999, which became the authoritative entity to develop Korean GAAP, several 85Statements of Korean Accounting Standards (SKAS) have been issued by KASB to revise and update the Korean GAAP as well as to replace existing KFAS. From a technical perspective, the structures of the Korean GAAP Taxonomy are developed considering the structures of the elements of specification 2.0, IAS and US- GAAP Taxonomy. 90From a GAAP perspective, the contents of the Korean GAAP Taxonomy are developed considering KFAS and SKAS (Published through October 28, 2003), the Korean GAAP Disclosure Check list, and IAS and US-GAAP (1)Structure of Korean GAAP Taxonomy 95 Primary financial statements consist of Balance Sheet, Income Statement, Statement of Appropriations of Retained Earnings (Disposition of Accumulated Deficit) and Cash Flow Statement. Taxonomy elements are created and their attributes are defined on these primary financial statements. 100 ID, Weight, Data Type, Name Space, Label, Ref, Name, Parent Name, Order, Balance Type of each element are defined on the basis of Taxonomy Specification 2.0 editions. Explanations for each attribute are as follows: ⒜ ID 105A unique number used as reference for each element, it is determined in a sequence from “1”. ⒝ Weight This refers to a weight given to each accounting element. 110Current assets consist of quick assets and inventories. If quick asset value is 100 and inventories are 200, current asset value will be 300. Therefore, a +1 weight is given on quick assets and inventories. On the other hand, net trade receivables consist of trade receivables and allowance for doubtful account for trade receivables. So, a -1 weight is given on the allowance for doubtful account for trade receivables because it is a 115deductible account of trade receivables. ⒞ Data Type Each element has its own data type.
  • 8. 15XBRL Korean Domain Working Group - Korean GAAP CI PFS 8 For example, cash and cash equivalents is measured by dollar or won. So the monetary 120item type attribute is given. Outstanding shares is given the shares item type attribute. ⒟ NS (Name Space) These are the name sets of created elements. Elements of primary financial statements will be assigned ‘pfs’ as a name space or an 125element of company information may have the name space ‘ci’. ⒠ Label Default-Standard This refers to the name of accounts used in accounting. It assigns a name to each element such as, cash and cash equivalents and present value 130discount for trade receivables. ⒡ Ref This is a reference of elements such as: (1) KGAAP (Hierarchy) 135 1 KFAS: Korean Financial Accounting Standards 2 SKAS: Statements of Korea Accounting Standards 3 INT to KFAS: Interpretations to KFAS 4 ISAS-LEASE: Industry and Special Accounting Standards for Lease industry. 5 CASE for INT to KFAS: Case for Interpretations to KFAS 140 6 Opinion to SKAS (2) KGAAP (Article) This means an article of Korean GAAP 145 (3) KGAAP (Para) This means a paragraph of Korean GAAP article ⒢ Name This means a computer readable element name. 150Cash and cash equivalents will be assigned with the name ‘CashandCashEquivalents’. These are created based on the FRTA specifications. ⒣ Parent Name Each name is designed in a parent-child structure. 155Cash and cash equivalents is a subordinate level of quick asset. So quick asset is designed as a parent name of cash and cash equivalents. ⒤ Description
  • 9. XBRL Korean Domain Working Group - Korean GAAP CI PFS 9 Descriptions for each element are defined with reference to the relevant KFAS articles. 160 ⒥ Order All accounts are arranged in liquidity order. For example, current assets is divided into quick assets and inventories. Quick assets gets an order value of ‘1’ and inventories get an order value of ‘2’ based on the definition 165of the KFAS liquidity order. ⒦ Substitution Group Each element is classified by item, group and tuple. When one element is composed of many sub-elements, we can make a group or tuple. 170 ⒧ Balance Type Balance type classifies accounts of financial statements as debit and credit. So asset accounts are classified as debit and liabilities and stockholders’ equity accounts are classified as credit. 175 (2)Contents of Korean GAAP Taxonomy A. Balance Sheet The structure of taxonomy is developed as described in the current KFAS. It is assumed 180that most accounts have an absolute value. Weight is given to each account to make validation possible. Each element of the Balance Sheet is created based on the conceptual accounts of Korean GAAP. Some accounts which no longer exist under the current effective GAAP are 185also created for comparison purposes. For instance, deferred asset does not exist in the current KFAS, but created under intangible assets. This position applies to other financial statements as well. B. Income Statement 190The US-GAAP Taxonomy Framework and IAS Taxonomy Framework are both considered for presenting the accounts of the Income Statement. The order starts from sales account and ends with net income account. C. Statement of Appropriation of Retained Earnings(Disposition of Accumulated 195Deficits) Two alternative approaches are considered to develop the structure of this statement. First, the Statement of Appropriation of Retained Earnings and Statement of Disposition of Accumulated Deficits are developed separately. Each element is individually made in case those are duplicated in both statements. 200As an alternative, the two statements are combined as one Statement of Appropriation of Retained Earnings (Disposition of Accumulated Deficits). The separate statement approach is adopted.
  • 10. XBRL Korean Domain Working Group - Korean GAAP CI PFS 10 D. Cash Flow Statement 205Korean companies in general do not follow a specific standard when they prepare a Cash Flow Statement as they use their own account names, which therefore makes it difficult to standardize the Cash Flow Statement account names. As a result, the defined elements’ name derived from the Balance Sheet and Income Statement are used to make the elements for Cash Flow Statement. 2106. Samples Five listed companies’ financial statements and related documents including XBRL instance and original documents are submitted. 1. Links to sample instances; 215 Five XBRL instance documents attached 2. Links to sample taxonomy extensions; Company-level taxonomy attached 220 3. Links to original reports from which samples have been derived Five financial statements attached 4. Links to other explanatory materials which facilitate the use of the samples. 225 The following web site is referenced for an analytics program utilized to analyze listed companies on the KOSDAQ Stock Market. It is designed from the NASDAQ project benchmark: http://www.kosdaq.com/xbrl/index.jsp? strFlag=null&lang=english&tickers=043790&ticker=043790&action=compa 230 ny 7. Feedback For any comments, questions or feedback, post comments to: Dae Hyun Kim (dhk@cfokorea.org) 8.Intellectual Property Status 235This document and translations of it may be copied and furnished to others, and derivative works that comment on or otherwise explain it or assist in its implementation may be prepared, copied, published and distributed, in whole or in part, without restriction of any kind, provided that the above copyright notice and this paragraph are included on all such copies and derivative works. However, this document itself may not 240be modified in any way, such as by removing the copyright notice or references to XBRL International or XBRL organizations, except as required to translate it into languages other than English. Members of XBRL International agree to grant certain licenses under the XBRL International Intellectual Property Policy (www.xbrl.org/legal). 20
  • 11. XBRL Korean Domain Working Group - Korean GAAP CI PFS 11 This document and the information contained herein is provided on an "AS IS" basis and 245XBRL INTERNATIONAL AND KOREAN JURISDICTION DISCLAIM ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO ANY WARRANTY THAT THE USE OF THE INFORMATION HEREIN WILL NOT INFRINGE ANY RIGHTS OR ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. The attention of users of this document is directed to the possibility that compliance with 250or adoption of XBRL International specifications may require use of an invention covered by patent rights. XBRL International and Korean Jurisdiction shall not be responsible for identifying patents for which a license may be required by any XBRL International specification, or for conducting legal inquiries into the legal validity or scope of those patents that are brought to its attention. XBRL International specifications are 255prospective and advisory only. Prospective users are responsible for protecting themselves against liability for infringement of patents. XBRL International and Korean Jurisdiction take no position regarding the validity or scope of any intellectual property or other rights that might be claimed to pertain to the implementation or use of the technology described in this document or the extent to which any license under such 260rights might or might not be available; neither does it represent that it has made any effort to identify any such rights. Members of XBRL International agree to grant certain licenses under the XBRL International Intellectual Property Policy (www.xbrl.org/legal). 9.Acknowledgements A tremendous effort has gone into creating this piece of intellectual property which is 265being placed in the public domain by the XBRL Korean Jurisdiction for the use and benefit of all. The XBRL Korean Jurisdiction and members of the XBRL Korea Domain Working Group believe this cooperative effort will benefit all participants in the financial information supply chain. The XBRL Korea Domain Working Group would like to acknowledge the contributions of 270the following individuals for their work in the creation of this taxonomy, and to their respective organizations who provided the funds and time for their participation in and support of this effort: Name Organization Accounting Jurisdiction Hwan-Kyun Park THE KOSDAQ STOCK MARKET INC Korea Hyuk Goo Lee Hyperion Solutions Corporation Korea Ik-Whan Oh Kyobo Life Insurance Co. Ltd Korea Jeong-Soo Suh KT Korea Jin-Bae Kim Korea University Korea Jong Kyoo Yoon Kookmin Bank Korea Ke Sig Lee Samsung SDS Korea Kyung Ho Kim Korea Accounting Standards Board Korea Maing-Kee Lee KOREA STOCK EXCHANGE Korea Sung-Bok Wee Korea Association for CFO Korea Sung-Sik Hwang Samil PricewaterhouseCoopers Korea Walter Hamscher Standard Advantage United States Young Soo Kwon LG Electronics Inc Korea

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