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上市公司XBRL格式信息披露汇总报告
2004-08-19 来源:Securities Times 编辑: 浏览量:

As China's securities market expands and the financial field further opens up, domestic and foreign investors pay increasing attention to the financial and operational status of listed companies and ask for higher quality of their public information disclosure. Under the guidance of the China Securities Regulatory Commission (CSRC), the Shanghai Stock Exchange (SSE) applied XBRL in its practices actively according to the framework and system formulated in line with the "Electronic Information Disclosure Specification for Listed Companies". Huang Hongbin, Deputy Director of the SSE Listed Company Department, made the summary report on information disclosure of listed companies in XBRL standard on the basis of the SSE's application theory and practices.

1. Practices Review on Information Disclosure of Listed Companies

The information disclosure of domestic listed companies kept up with the process of informationization and electronization of the whole society in its development history. As the number of listed companies increases, it is difficult to extract and compile data without professional companies or software. Since 2002, the SSE has begun to engage Shanghai New Lido Data Technology Co., Ltd. (New Lido) to process and compile the various data disclosed in periodical and temporary reports. According to current results, the shift from the "one-to-more mode"(the SSE to many listed companies) to "one-to-one mode"(the SSE to one company for data compilation) was proven to improve the working efficiency and data accuracy.

PDF files, disclosed by the SSE on its website, cannot add the meaning tags to the financial data, so the data cannot be searched or extracted by the search engine. Therefore, other intermediary service agencies still need to pay SSE InfoNet Co., Ltd. for the latest financial data. Data interface is a challenge during data transmission and exchange as the data format definitions of different developers' systems differ from each other. In 2000, we finally found out the instrument to solve the above problems as the XBRL standard emerged in the international business reporting field and became popular soon.

2. Introduction on XBRL Standard

XBRL (eXtensible Business Reporting Language), the application of XML (eXtensible Markup Language) in the information exchange and extraction field of financial reports, demonstrates its importance in two aspects: firstly, to invent the standard taxonomy system for financial report content, which is beneficial for the users of various financial statements to search the special financial data quickly; secondly, to design the standard format of data exchange between different application programs, which is beneficial for improving data sharing as well as realizing the high integration of the application system.

XBRL is a kind of computer technology, aiming to strengthen the availability of the data provided according to the current accounting standards rather than formulating new ones. In the long term, XBRL's application in the securities industry will achieve the sharing and interoperability of listed companies' information in the securities industry and across industries, and further standardize an orderly development of the information disclosure of China's listed companies and the securities information service industry, realizing broader, flexible, convenient and in-depth application of the listed companies' information.

3. Achievements and Experiences from XBRL Standard Application by the SSE

After the Zhuhai meeting in Sep. 2003, the SSE organized a joint work group of XBRL standard application to be responsible for promoting the implementation of XBRL standard. The SSE's major work includes: firstly, to engage New Lido to develop the standardized reporting system and the template for filling in the abstracts of annual reports; secondly, to select 50 local companies to test the template during the disclosure of the 2003 annual reports; thirdly, to fully popularize the standardized reporting system in the first quarters of 2004 on the basis of the 2003 annual reports pilot. According to the feedback of the listed companies from the annual reports pilot to quarterly reports popularization, the ratio of one-time successful installation of the template increased from 64% to 75.4%, up 11.4%. 91% listed companies were willing to use the template, up 13% from 78%. 77% listed companies, up 15.5% from 61.5%, were satisfied with the system. All this proves the further acceptance to the XBRL standard by the listed companies.

From the implementation of popularizing the standard, the SSE sums up the following experiences:

 1) it is important that the SSE leaders should pay attention to the implementation of the standard;

 2) a clear overall target is necessary to ensure the on-time implementation of the standard;

 3) the working principles should be reasonable. The SSE made the working principle of "distributed promotion and implementation by stages" and found the problems in practices, to revise and improve the original system and template for the standardization of the full texts of the annual reports in 2004;

 4) the stable work team played an important role in implementing the standard;

 5) the understanding and support from the listed companies was indispensable.

 The SSE encouraged those active companies in XBRL practice to attract more listed companies to join in the practices.

 
 
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