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Netflix to start publishing audit report this yearBy Shim Woo-hyun
Published : March 1, 2021 - 15:03
Netflix Korea will disclose its audit reports in March, which would be its first regulatory filing since entering the country in 2016.
The local unit of the US media platform giant is incorporated as a limited liability company here, but has become newly subject to disclosure rules applied for publicly traded firms.
The change is due to the effectuation last year of the Enforcement Decree of the Act on External Audit of Stock Companies, amended in 2017 to enhance business transparency and prevent tax evasion.
It is part of a series of moves in Korea to regulate the likes of Netflix and Google, or foreign companies with massive influence in newly emerged businesses, as they expand their presence here.
Netflix has been on a roll in Korea, expanding rapidly, but the pandemic provided another major leap and boosted its subscription base, industry sources said.
By Shim Woo-hyun (firstname.lastname@example.org)
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