ancient china and innovative xbrl qinye zhou deputy president shanghai stock exchange
TRANSCRIPT
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 products
TopView, 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 valuable
Leveraging the breakthrough in specific project to create a platform for XBRL application
Building an industry chain of information services
Government support
The 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 project
The XBRL Pilot Project
XBRL E-filing System
The filing system for the reports of fund companies
IPO and refinancing filing System
Building an industry chain of information services
Topview company information product in XBRL format
Business cooperation with Edgar Online and Bloomberg
Analytical tools
The main aspects we focus onDue consideration to client needs
Adequate logistics support
Participation of intermediaries
Great 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