Li Xiaoxue, Party Committee Member and Secretary of the Discipline Inspection Committee of the China Securities Regulatory Commission (CSRC), said yesterday that the XBRL (Extensible Business Reporting Language) Taxonomy for Securities Investment Funds had been formulated. The CSRC requires that, beginning from the following year, all securities investment funds should file quarterly, semi-annual and annual reports in XBRL. Moreover, all the XBRL-based funds data should be publicized to investors on the website of the CSRC. Besides, the CSRC is planning to launch XBRL application in IPO and refinancing examination. In this way, the examination efficiency may be improved with the assistance of information technology, and the control of information quality may be ensured from the listing procedures.
Li made the above statement at the Inaugural Meeting of China Accounting Informatization Committee also XBRL China Jurisdiction.
At the meeting, Deputy Minister Wang Jun of the Ministry of Finance indicated that the overall objective of the accounting informatization construction is as follows: through about 5-to-10-year efforts, to build an accounting informatization management system, which is guided and promoted by the government, actively participated in and implemented by units, and warmly welcomed and supported by the market; to construct a comprehensive information platform where enterprises provide standard information and users enjoy shared data from various sources; to form a standard system for the accounting information technology with XBRL National Taxonomies as an important component part.
According to Ying Wei, Deputy Director of the Accounting Regulatory Department of the Ministry of Finance, all the listed companies in China have now been required to file their financial reports in line with XBRL standards, and in this respect, China is taking the lead in the world. However, due to historical reasons, the Shanghai Stock Exchange and the Shenzhen Stock Exchange adopt different taxonomies, and intermediary agencies such as Shu Lun Pan Certified Public Accountants Co., Ltd. have developed some other taxonomies in line with the audit-oriented standards, which are different from those as implemented by the above-said two stock exchanges. The Accounting Informatization Committee is scheduled to carry out a set of unified XBRL National Taxonomies based on the “Accounting Standards for Business Enterprises” and information disclosure through the platform of XBRL China Jurisdiction. The Ministry of Finance has formed the Accounting Informatization Committee jointly with the Ministry of Industry and Information Technology, the People’s Bank of China, the National Audit Office, the State-owned Assets Supervision & Administration Commission of the State Council, the State Administration of Taxation, the China Banking Regulatory Commission, the CSRC and the China Insurance Regulatory Commission. The joint effort is expected to provide an organizational assurance, a coordination mechanism and an intellectual support for the construction of China’s accounting informatization system. XBRL, a type of information standard in brief, enables computers to “read” and “analyze” financial statements by adding special labels and classifications to the data in financial statements.