China
Country: China
Status: Full Jurisdiction
Jurisdiction Name : xbrl.cn
Website : http://www.xbrl-cn.org
Membership Count: 9
IFRS Adoption for Public Companies: not permitted
XBRL PROJECTS OVERVIEW:
| China Securities Regulatory Commission | Mandatory Filing |
| Ministry Of Finance People’s Republic Of China | Development |
| SSE-Shanghai Stock Exchange | Voluntary Filing |
| XBRL China | Development |
JURISDICTION MEMBERSHIP:
| China Banking Regulatory Commission |
| China Insurance Regulatory Commission |
| China Securities Regulatory Commission |
| Ministry of Finance of China |
| Ministry of Industry and Information Technology of China |
| National Audit Office of China |
| Peoples Bank of China |
| State Administration of Taxation of China |
| State Assets Supervision and Administration Commission of China |
XBRL International approved full membership for XBRL China in May 2010
Mandatory filing required by China Securities Regulator for all listed companies from 2009 The Shenzen Stock Exchange (SZSE) launched a new XBRL service platform for listed companies on 12 February 2009. Based on a 2008 pilot website used for the first XBRL filings, the improved platform enables investors to view, analyse and download the reports of all 740 companies listed in Shenzen from 2004 to 2008. In partnership with the IASC Foundation, the Ministry of Finance, PRC, recently printed a Chinese version of the IFRS Taxonomy Guide. Together with the China Regulatory Securities Commission, the Ministry of Finance, PRC is leading the development of an XBRL taxonomy based on the IFRS Taxonomy.
In 2004, China was the first country in the world to formally require XBRL for all public company financial reporting. The Chinese Ministry of Finance, along with XBRL leaders in China, is currently developing the Chinese National XBRL Taxonomy that will be unveiled in June 2010. Listed companies on both the Shanghai and Shenzhen Stock Exchanges will be required to file required information using the unified XBRL Taxonomy.
“XBRL is one of the key vehicles for promoting accounting information in China today,” said Ms. Ying Wei, CPA, Deputy Director-General, China Ministry of Finance. “We are very excited to complete the National XBRL Taxonomy in June and continue to promote XBRL adoption across many industries in China.”
XBRL Project in China’s Capital Market (2009-2010)
The China Securities Regulatory Commission (CSRC) launched the XBRL application by establishing the XBRL Leading Group and the Leading Group Office in 2009. The CSRC has made great progress in XBRL project and completed all tasks. Thanks to the organization, coordination and promotion of the XBRL Working Group Office as well as the support of relevant departments, organizations and scientific research institutions.
I. XBRL Project Progression in 2009
1. Establishment of a unified management system
Though having a strong foundation in XBRL work, especially with the state-of-the-art XBRL data filing systems for listed companies at the Shanghai Stock Exchange (SSE) and the Shenzhen Stock Exchange (SZSE), the CSRC is still faced with the deconcentration projects and the ineffectiveness of resources integration. Therefore, the CSRC started the XBRL project and formed the XBRL Leading Group, with the Leading Group Office set up at the Accounting Department. XBRL work is divided into four categories, namely, the information disclosure specification, technology specification, market application and international exchanges, which are respectively led by relevant departments. So far, a management system with the unified leadership and multiple participants has been established.
2. Improvement of the working mechanism
The CSRC’s XBRL Leading Group Office has continuously established and improved different working mechanisms based on the characteristics of the XBRL work. Firstly, it formed a multi-layer meeting mechanism. The Leading Group’s meetings held group discussions on important issues, while the symposiums assisted the Leading Group in decision making by consulting a wide group of people (especially the experts) and conducting in-depth research on important technology and business issues. Secondly, it formed a briefing mechanism. The thirty briefings published in 2009 reflected the progress in XBRL in time and publicized relevant XBRL knowledge.
3. Strengthened international cooperation
In terms of the international cooperation, the CSRC received the visiting XBRL International in partnership with the Accounting Regulatory Department of the Ministry of Finance (MOF). It attended XBRL International’s 19th Conference in Paris. Also, relevant heads of China Securities Investor Protection Fund Corporation (SIPF) were elected to be the executive members of XBRL International. All this publicized the CSRC’s achievements and the ongoing work. As for the domestic cooperation, the CSRC established close ties with many scientific research institutions including Chinese Academy of Sciences, the Research Institute for Fiscal Science, various universities and colleges as well as UFIDA Research Center.
II. XBRL Project Achievements in 2009
The XBRL project achievements of China’s capital market in 2009 are as follows: firstly, the XBRL business templates for listed companies’ annual reports of the SSE and the SZSE were unified. After comparing and analyzing the business templates of the two exchanges, the CSRC formulated a unified XBRL business template for listed companies’ annual reports according to relevant laws and regulations. Secondly, the CSRC took the lead in naming the elements with codes and formulating a feasible code scheme. Thirdly, a unified XBRL taxonomy was created on the basis of the unified XBRL business template and element code scheme. Besides, preparations were made to ensure that the two exchanges would start the pilot work in the first quarter of 2010 at the latest. Fourthly, a taxonomy formulation workbook was accomplished by making a thorough summary of relevant experiences in XBRL taxonomy formulation and by learning from different parties’ merits, providing the basic system for working in a unified and standardized way in future. Fifthly, the XBRL system building was carried out with a unified plan. The CSRC entrusted SIPF with the system building and pressed on with the scheme planning of three key projects, namely, the IPO project building, the transfer of securities investment fund project and the XBRL management platform building. Sixthly, the CSRC backed up the stable development of the securities investment fund project and began the operation of the XBRL information disclosure website for securities investment funds. Seventhly, the “2009 Workbook: XBRL Taxonomy System of Capital Market” was published.
III. Prospects of XBRL Project in 2010
In 2010, the CSRC will jump from the stage of formulating such systems as the taxonomy and building software to that of building such systems as the management platform and building hardware.
1. Improvement of XBRL working mechanism
The CSRC’s XBRL Leading Group Office aims to perfect the XBRL working mechanism in the light of the characteristics of the system building stage. Firstly, the establishment of a specialized organization—the XBRL Coordination Section under the CSRC’s Accounting Department—is under consideration. The Section will perform the duties of the Leading Group Office. Secondly, the XBRL Leading Group Office will be equipped with more full-time staff. Thirdly, the division of work will be adjusted.
2. Establishment of XBRL technology management platform
The XBRL technology management platform will be established for rule maintenance, registration management, technology support and unified disclosure.
3. Enhancement of continuous information disclosure by listed companies
A unified XBRL taxonomy for listed companies’ annual reports will be ready for pilot use when listed companies file their first quarter reports of 2010 in the two exchanges’ systems. Efforts will be made to boost the application of XBRL technology in listed companies’ information disclosure to gradually adopt the technology in all the information disclosed by listed companies. Besides, the CSRC will study for establishment of a unified XBRL information disclosure system for listed companies.
4. Launch of XBRL information disclosure project for IPO
The CSRC’s Department of Public Offering will join hands with SIPF in promoting the IPO project. Apart from the goal of completing the formulation of XBRL taxonomies for IPO prospectus and some documents for inspection (financial report, audit report and statement of extraordinary profit and loss), they will also push forward the formulation of XBRL taxonomies for other documents for inspection. The XBRL system for IPO integrating filing, examination, disclosure and other functions will be established before the seamless connection with the information disclosure system for listed companies.
5. Efforts in domestic and international communication
While collaborating with the MOF in popularizing the XBRL technology in the accounting area, the CSRC will pay close attention to the MOF’s move in XBRL field. It will keep up with the global trend by strengthening communication with XBRL International and the XBRL Working Group of the International Accounting Standards Board as well as actively participating in relevant international meetings. Moreover, it will learn from the experience of the Securities and Exchange Commission in XBRL project by exchanging ideas on the project.
