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XBRL Application in China: Listed Companies Information Disclosure Using XBRL

XBRL Application in China: Listed Companies Information Disclosure Using XBRL. MA Donghao Assistant Chief Executive Officer Shenzhen Stock Exchange. Agenda. Market at a Glance Information Disclosure: current practice The Problems Project Summary Objectives Taxonomies Framework

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XBRL Application in China: Listed Companies Information Disclosure Using XBRL

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  1. XBRL Application in China: Listed CompaniesInformation Disclosure Using XBRL MA Donghao Assistant Chief Executive Officer Shenzhen Stock Exchange

  2. Agenda • Market at a Glance • Information Disclosure: current practice • The Problems • Project Summary • Objectives • Taxonomies Framework • Implementation approaches • The Benefits • Future development

  3. Market at a glance • Two national stock exchanges in China: Shenzhen and Shanghai. • Listed securities: 543@Shenzhen, 828+@Shanghai • Cash market only, products: common stock , treasury bills, bond and funds. • Market Regulator: CSRC.

  4. Mandatory information disclosures • Prospectus • Offering circular • Periodic reports • Annual Report, Half-year Report and Quarterly Report • Timely reports • Notice on material issues, • Notice on M&A, • Notice on clarification, etc. • Medias of disclosure: 4 appointed newspapers and 2 appointed websites

  5. Disclosure process

  6. Disclosure process: periodic reports • Filing • Shenzhen: • E-Filing software->structured data • Report in PDF (prepared manually) • Shanghai: Report only in PDF (prepared manually) • Registration: computer-assisted • Announcement • Newspaper: paper-based document exchange • Website: Summary in HTML, full-text in PDF

  7. Disclosure process: timely reports • Filing • Fax to Company Management Department of the Exchange • Approval • Paper-based, feedback by fax • Check for: conformity to CSRC/ Exchange rules, procedural correctness, consistency. • Announcement: paper-based exchange of report • Newspaper • Websites

  8. Disclosure reporting supply chain • Listed companies • CSRC • The Exchanges • Appointed papers, websites • Information vendors • Software vendors • Investors

  9. The Problems • Low data quality • Inconsistency • High market cost

  10. Project Summary • Initiated by the CSRC, with active support from both exchanges. • Using XBRL for information disclosure, with periodic report as a start. • Developed as a national standard, currently releasedfor public comment, scheduled to be released officially at the end of 2003 • Pilot deployment early 2004 for quarterly report

  11. Objectives • An extensible standard framework • An open standard • Better disclosure data quality

  12. Information disclosure taxonomy features • Based on XBRL 2.0 Specifications. • Built for current CSRC disclosure requirements, but with provision for future development • Developed our own PFS • Not yet extend from Core IAS Taxonomy

  13. Taxonomy features: continued • Periodic report first • Form-based approach • Item names in Chinese

  14. Framework

  15. Implementation approaches • Minimal impact to current infrastructure • Implement XBRL for periodic/timely reporting filing • Upgrade companies filing software • Publish XBRL instance document • Integrate back end accounting systems and/or regulatory packages with XBRL

  16. Disclosure process using XBRL

  17. The Benefits • Market transparency • Better quality vs. lower price • Flexibility to changes in disclosure rules

  18. The Benefits • The Exchanges • Information vendors • All stakeholders • Listed companies

  19. Open issues • XBRL applicability with non-financial report • Inadequate domain experts involvement • Lack of experienced XBRL experts • No public forum

  20. dhma@sse.org.cn

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