Part 1 · Getting to know DART · Lesson 2
DART is the official bulletin board for companies
When something important happens, a listed company is required by law to announce it on an official bulletin board. That bulletin board is DART.
QToday's question
You saw a headline: '○○ Electronics, KRW 1 trillion supply contract'. Where can you check whether the article is true?
Investment communities overflow with rumors and the news with summaries. But the original documents that companies file directly, as required by law, are gathered in one place. The financial statements you learned about in Lesson 1 are posted there too. In this lesson we find out what DART, that official bulletin board, is.
MAPLearning map for this lesson
We build it up in three steps. At the end of each step, a 'Quick check' lets you test your understanding before moving on.
In Lesson 1 you learned that financial statements are a bundle of the balance sheet, income statement, cash flow statement, statement of changes in equity and notes. This lesson is about where, and under what names, to find the reports that contain those statements. The idea from Economics Lesson 20, 'the market reacts to the gap versus expectations', applies directly when reading disclosures too.
- STEP 1 · Basic conceptsDisclosure and DART
You will be able to explain what disclosure is, and what kind of system is and who runs it.
- STEP 2 · Understanding the mechanicsTypes of disclosure and the two windows
You will be able to distinguish , , and , and describe how DART relates to .
- STEP 3 · Real-world applicationGauging importance from a disclosure title
You will be able to classify, from the title of a disclosure alone, what type it is and what to check first.
STEP 1Disclosure and DART
Picture the bulletin board at an apartment management office. Important notices are posted so all residents can see them at the same time. Listed companies have a bulletin board like that too.
Disclosure is a promise to inform 'everyone at the same time'
is a company making information that could affect investors' decisions public in a prescribed way. Examples include the financial statements, the year's report card; winning a big contract; issuing new shares; and a change of largest shareholder. The key is 'everyone at the same time'. If only company insiders or a few institutions knew first and traded, other investors would always be at a disadvantage. That is why the Financial Investment Services and Capital Markets Act sets what must be disclosed, by when and in what format, and penalizes violations.
DART: the FSS electronic disclosure system
stands for 'Data Analysis, Retrieval and Transfer System', the electronic disclosure system run by the Financial Supervisory Service (FSS). When a listed company or similar entity files disclosure documents online, investors can view them the moment they are filed. The internet service began in April 1999 for annual and semi-annual reports and the like, and from 2001 paper filing was waived, making electronic filing the standard. A mobile service opened in 2012, and in 2020 Open DART opened, allowing data to be pulled in by programs.
Before DART, you had to go to the FSS or the exchange to see disclosure documents. Now anyone can read the original text from home, at the very moment the company filed it. The financial statements from Lesson 1 are also contained in the annual reports posted here.
See it in a chart: how disclosure reaches investors
Source: FSS DART introduction and corporate disclosure guide (checked 2026-10-05). Among the material event reports of listed companies, items that use the same form as exchange timely disclosures are transmitted to KIND in real time once filed on DART.
Quick checkIs the most important principle of the disclosure system 'quickly' or 'everyone at the same time'?
STEP 2Types of disclosure and the two windows
Below the DART search box, filing types are divided into 10 categories. At first, remembering four is enough.
DART's 10 filing types
When you search for a company on DART, there is a field for choosing the filing type. The four stock investors use most often are marked in blue.
Source: filing type classification on the FSS DART disclosure search screen (checked 2026-10-05).
| Type | What gets posted | What investors look at |
|---|---|---|
| Periodic disclosure | Annual reports, semi-annual reports, quarterly reports | Financial statements and business content. Most of this course starts here. |
| Material event reports | Decisions on paid-in capital increases or convertible bond issuance, acquisition or disposal of treasury stock, major asset transfers, mergers and spin-offs, etc. | Big decisions that change shareholder value and the company's structure |
| Ownership disclosure | Large shareholding reports (5% or more), reports on share ownership by executives and major shareholders | Who bought and sold how much |
| Exchange disclosure | Timely disclosures such as single sales/supply contracts, preliminary earnings, and responses to inquiries | Contract size and terms, earnings flash news |
Periodic disclosure on set dates, timely disclosure when something happens
is filed at set times, like a calendar. The annual report summarizing the full year, the semi-annual report summarizing half a year, and quarterly reports summarizing Q1 and Q3 belong here, and Lesson 4 covers the deadlines in detail. A , by contrast, is filed when something with a major impact on the company's management or assets occurs. According to FSS guidance, it must be filed by the day after the date the cause arises, and within 3 days for matters such as mergers and spin-offs. It is the system that fills the gaps between the regular reports that come out each quarter.
DART and KIND, two windows
Listed companies have one more channel: (the listed-company disclosure system run by the Korea Exchange). filed under exchange rules, such as supply contracts or preliminary earnings, appear on KIND and can also be viewed in DART under the 'Exchange disclosure' type. Since 2002, integrated disclosure has shown filings submitted separately to the exchange in DART as well, so investors can find most disclosures in one place: DART.
Common misconceptions
- "If it was in the news, I don't need to read the disclosure?"
- News is a summary of the disclosure. Details such as what percentage of revenue the contract amount represents, how many years the contract runs, and whether there are termination conditions are often found only in the original document.
- "A company with many disclosures is a transparent company?"
- The content matters more than the number of disclosures. If keep revising the same report, or financing disclosures are frequent, that may actually be a warning sign (Parts 6 and 7).
- "DART only has financial statements?"
- Financial statements are just one part of the periodic reports. DART gathers all the official records about a company: business structure, largest shareholder, executive pay, lawsuits, and financing.
Quick checkA company decided on a paid-in capital increase today. What type of disclosure is this, and roughly by when must it be filed?
STEP 3Gauging importance from the disclosure title
Many disclosures are posted on DART every day. Let's practice telling from the title alone what kind of filing it is and what to check first.
The small markers on the disclosure list
In DART search results, one-character markers (single Korean letters) are attached before or after the company name. They indicate a KOSPI-listed, KOSDAQ-listed or KONEX-listed company; a 'corrected' marker means a correction was filed after submission, so look at the related reports too; and a 'consolidated' marker means the filing includes consolidated parts. In particular, a report with the 'corrected' marker may differ from the original, so make a habit of checking the latest corrected version.
In pictures: disclosure classification practice
Read the disclosure title and pick the type it belongs to. After you choose, we'll explain why and what to check first.
The disclosure titles use the report-name format actually used in DART, with company names omitted. The classification follows the DART filing types of the Financial Supervisory Service and its corporate disclosure guide (checked 2026-10-05).
For investing: if you saw it in the news, go to the original
The questions from Economics Lesson 20 apply directly when reading disclosures. More important than a number like 'KRW 1 trillion supply contract' is what percentage of the company's revenue that amount is, and whether the market already knew about it. If Robin Bakery (revenue KRW 12 billion) signs a KRW 1.2 billion supply contract, that is 10% of revenue, a meaningful size; but a KRW 1 trillion contract for a company with KRW 300 trillion in revenue is only 0.3%.
| When you see this disclosure | What to check first in the original |
|---|---|
| Single sales/supply contract | Contract amount ÷ recent revenue (%), contract period, counterparty |
| Decision on a paid-in capital increase | Number of new shares and their ratio to existing shares, use of proceeds (Dilution Calculator) |
| Executive and major shareholder ownership report | Who, how much, and whether it was an on-market purchase or sale |
| Annual report (corrected) | What was corrected: the reason for the correction and the comparison table |
You can check in advance when periodic reports are due in the Earnings Calendar. In the next lesson, we follow along on screen to go into DART, find a company and open a report.
Not always. Even the same type of disclosure can mean very different things depending on the company's size and situation. A disclosure is material for judgment, not a conclusion, and this lesson does not recommend buying or selling any particular stock.
Quick checkYou saw '[Correction]Annual report' in the list. What should you check first?
✓What we learned today
- Disclosure means a company informing everyone at the same time, as required by law, of information that could affect investment decisions. It is unfair if only a few people know first.
- DART (Data Analysis, Retrieval and Transfer System) is the electronic disclosure system run by the Financial Supervisory Service. Its internet service started in April 1999.
- DART has 10 filing types: periodic disclosure, material event reports, issuance disclosure, ownership disclosure, other disclosure, external audit-related, fund disclosure, asset-backed securitization, exchange disclosure, and Fair Trade Commission disclosure. Financial statements are in periodic disclosure (annual, semi-annual and quarterly reports).
- KRX KIND is the timely-disclosure channel for listed companies. Among the material event reports filed on DART, forms that are the same as the exchange's timely disclosures are transmitted to KIND in real time.
- News is a summary of the disclosure. Check the original for the numbers and conditions, and also see whether a 'correction' marker is attached.
Now that you know what DART is, it's time to go in yourself. In the next lesson, you will learn on screen how to search a company name, pick a report type, and open the annual report to find the financial statements.
Quiz5-question quiz
Pick an answer and it's graded right away with an explanation.
Q1. Who operates DART?
DART is the electronic disclosure system run by the Financial Supervisory Service. The Korea Exchange runs KIND, the listed-company disclosure system.
Q2. Which DART filing type should you choose first to find a company's financial statements?
Financial statements are contained in annual, semi-annual and quarterly reports, and these reports are classified as periodic disclosure.
Q3. What type of disclosure is the 'Report on Large Shareholdings of Stocks, etc.'?
It reports the holdings of shareholders with a stake of 5% or more, so it is an ownership disclosure. You can see who bought and sold how much.
Q4. What is the most important purpose of the disclosure system?
It prevents the unfairness of some people trading with information others lack, and lets all investors make decisions based on the same information.
Q5. A company with KRW 12 billion in revenue disclosed a KRW 1.2 billion supply contract, and a company with KRW 300 trillion in revenue disclosed a KRW 1 trillion supply contract. Which has the larger share of revenue?
KRW 1.2 billion ÷ KRW 12 billion = 10%, KRW 1 trillion ÷ KRW 300 trillion ≈ 0.3%. Read a disclosure by its share relative to company size, not by the size of the amount.
NextTerms · Next lesson · Related tools
A company informing all investors at the same time, under laws and regulations, of information that could affect investment decisions.
DARTData Analysis, Retrieval and Transfer SystemThe electronic disclosure system run by the Financial Supervisory Service. When listed companies and others submit disclosure documents online, investors can look them up immediately. Its internet service started in April 1999.
KINDKorea Investor's Network for DisclosureThe listing disclosure system operated by Korea Exchange. Timely exchange disclosures such as supply contracts and preliminary earnings are posted there, and they can also be seen on DART under the exchange disclosure type.
Periodic disclosurePeriodic disclosureDisclosures filed at set times, including annual, semi-annual and quarterly reports. Financial statements are contained in these reports.
Material event reportMaterial event reportA report filed when something that greatly affects the company's management or assets happens, such as a paid-in capital increase, convertible bond issuance, treasury stock acquisition, a significant asset transfer, or a merger. It is filed by the day after the event occurs (within 3 days for mergers and the like).
Ownership disclosureOwnership disclosureFilings that tell you who holds how many shares and who has bought or sold them, such as large holdings of 5% or more and the share ownership of executives and major shareholders.
Exchange timely disclosureExchange timely disclosureDisclosures that a listed company files whenever a triggering event occurs, under the Korea Exchange's disclosure rules. Examples include single sales/supply contracts, preliminary earnings, and replies to disclosure inquiries.
Corrected filingCorrected filingA filing that corrects and resubmits content already filed. You can recognize it on the DART list by a correction marker or a prefix such as [Correction of Entries], and you should check the reason for the correction and the before-and-after comparison.
Financial statementsFinancial statementsA bundle of tables in which a company records its performance over a period and its financial position at a point in time, in a prescribed format. K-IFRS No. 1001 defines the complete financial statements as the balance sheet, statement of comprehensive income, statement of changes in equity, cash flow statement and notes.
This is educational material and not investment solicitation. There is no guarantee that past relationships will repeat in the future.