Ancient China And Innovative XBRL Qinye Zhou Deputy President Shanghai Stock Exchange
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Ancient China And Innovative XBRL Qinye Zhou Deputy President Shanghai Stock Exchange
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Ancient China And Innovative XBRL Qinye Zhou Deputy President Shanghai Stock Exchange. Agenda. Review on the development of XBRL in China in the past four years Thoughts and experiences gained from SSE’s use of XBRL SSE’s next agenda Questions & Answers. Review On the development of XBRL. - PowerPoint PPT Presentation
Transcript of Ancient China And Innovative XBRL Qinye Zhou Deputy President Shanghai Stock Exchange
Ancient China And Innovative XBRL
Qinye ZhouDeputy President
Shanghai Stock Exchange
Review on the development of XBRL in China in the past four years
Thoughts and experiences gained from SSE’s use of XBRL
SSE’s next agenda Questions & Answers
Agenda
As early as 2002, establishing a research group for XBRL application, consisting of staff from China Securities Regulatory Commission, Shanghai Stock Exchange, Shenzhen Stock Exchange, Shanghai New Lido Data Technology Co., Ltd and Genius Co., Ltd.
On October 29, 2003, SSE held a symposium on XBRL taxonomies. Experts and professionals from Chinese Academy of Sciences (CAS), PriceWaterhouseCoopers (PwC) and FACTIVA attended the symposium.
Review On the development of XBRL
On November 20, 2003, SSE started implementing the XBRL-based listed company filing system.
On December 30, 2003, 50 Shanghai-based listed companies were selected for a pilot program.
In 2004, SSE launched the XBRL Pilot Project. In April, 2005, XBRL International granted direct
participant membership to the SSE.
50
118
730
6% 14% 87%0
100
200
300
400
500
600
700
800
I ni t i al 2003 annual report 2004 Q1 report
Number of compani esPercent
Taxonomy development
In September, 2005, the China Listed Company Information Disclosure Taxonomy Framework developed by the SSE was granted Acknowledged status by XBRL International.
In July 2006, the China Fund Company Information Taxonomy Framework developed by the SSE was granted Acknowledged status by XBRL International.
On February 13, 2008, the Financial Listed Company Taxonomy Framework was granted Acknowledged status by XBRL International.
The participation of XBRL in China Initially, SSE and Shenzhen Stock Exchange Currently, government agencies, regulatory authorities,
academic institutions and universities, intermediaries, software vendors, other organizations and individuals
XBRL-based productsTopView, which is the first XBRL data product
in China.
XBRL E-Filing system, by which all 863 companies are now filing their regular reports in XBRL format.
XBRL E-filing System
XBRL E-filing System
Pre-defined templates are customizable to varieties of business and covered all periodic reports’ requirements: quarterly, half year and annual report.
The resulting XBRL instance document can be converted to MS word.
The E-filing system becomes a platform between the listed companies and SSE to submit and disclose the information.
Four thoughts gained from SSE’s use of XBRLGovernmental support is critical Help from XBRL international organization and
experts is very valuableLeveraging the breakthrough in specific project to
create a platform for XBRL applicationBuilding an industry chain of information services
Government supportThe high level: China Securities Regulatory
Commission (CSRC), National Committee for Standardization, the Ministry of Finance, the Chinese Institute of Certified Public Accountants (CICPA)
The listed company information disclosure taxonomy has become a national standard
Help from XBRL international organization and expertsOn May 16, 2004, Mr. Walter Hamscher, Chair of
XBRL International Steering Committee, visited the SSE
On October 13, 2006, Mr. Kurt Ramin, Chair of XBRL International, visited the SSE
On April 20, 2007, Mr. Micheal Ohata, Chair of XBRL International, and Ms. Liv Watson, Chair of the XBRL Jurisdiction Development Sub-Committee, visited the SSE.
Leveraging the breakthrough in specific projectThe XBRL Pilot ProjectXBRL E-filing SystemThe filing system for the reports of fund companies IPO and refinancing filing System
Building an industry chain of information servicesTopview company information product in XBRL
formatBusiness cooperation with Edgar Online and
BloombergAnalytical tools
The main aspects we focus onDue consideration to client needsAdequate logistics supportParticipation of intermediariesGreat importance placed on XBRL
Next Agenda
Advancing fund company reporting using XBRL Accelerating the application of XBRL in IPOs and
refinancing activities Adopting digital signature in XBRL application Further promoting the establishment of XBRL
China
Questions & Answers
Thank You
