The Symposium on XBRL Application and Promotion in China, presided over by Director Prof. Liu Qin of the Information Centre of the Shanghai National Accounting Institute (SNAI), was held in the SNAI on December 29, 2005. Attending the meeting were dozens of people in the academic and industry circles, including experts and professors from Shanghai Jiao Tong University (SJTU), East China University of Science and Technology (ECUST), Shanghai Finance University and Shanghai Institute of Technology, as well as leaders of the Shanghai Financial Bureau, officials of the Shanghai Stock Exchange (SSE) and personnel from enterprises.

Prof. Hu Renyu of ECUST introduced the international application of XBRL technology and proposed the promotion of XBRL in China. Furthermore, he also presented the latest development of XBRL, outlooks of XBRL technology development and the trend of accounting standards globalization promoted by the new technology.

Dean Prof. Zhu Jianguo of the Accountancy Department of University of Shanghai for Science and Technology made a report themed “Analysis on Prospect of XBRL Application in China”. In terms of taxonomy, an overall guidance regulation should be firstly formulated, and then all industries should work out their own regulations according to different classifications. Meanwhile, we should pay more attention to the support of popular analysis software, specialty of Chinese character set and the alternative technology. Now there are many overseas software manufacturers supporting XBRL technology. Thus domestic software developer should also be encouraged to participate in formulating standards.

Deputy Director Huang Hongbin of the SSE Listed Company Department introduced XBRL application in listed companies' information disclosure. Huang also pointed out the problems and challenges of XBRL development in China, such as low social recognition and lack of a XBRL jurisdiction and professional guidance.

Chief Yang Guangping of the Shanghai Financial Bureau made a brief speech after hearing the reports. According to Yang, the government always encourages and supports new technology with good social effect. Efforts should be made in XBRL research, application and promotion.

Netizen Zhao Wei of www.esnai.com introduced in free discussion on that afternoon the team “XBRL in China” of the website and the special page for discussing XBRL technology. The team members, engaging in finance, accounting, auditing, technology and application, are enthusiastic about XBRL technology and have committed to the popularization of XBRL technology since 2003. Through the platform of www.esnai.com, they hope to promote XBRL technology to the accounting and auditing professionals and enhance the research and exchange by domestic XBRL technology professionals, allowing more people to know better and participate in XBRL research.

Dean Prof. Zhang Tianxi of the SJTU Accountancy Department gave an introduction to their XBRL research achievements and listed some future research subjects as well.

Attendants also made a heated discussion on the work goal and direction. According to Prof. and Doctoral Supervisor Jin Guanghua of School of Economics and  Management, Tongji University, also Director of the Accounting Computerization Professional Committee of the Accounting Society of Shanghai, all efforts should be made to popularize XBRL to such beneficiaries as supervisors and governments, as well as accounting and auditing personnel and universities.

Manager Fu Hongjia of Shulun Pan Certified Public Accountants Co., Ltd. said the application and promotion of XBRL calls for more research and practice, such as communication with the government and relevant authorities including the technology supervisory bureau.

Prof. Liu concluded that emphasis should be given to exchange by establishing online exchange platform and regular exchange mechanism, to work out tasks and plans and exchange research and application achievements.

XBRL (eXtensible Business Reporting Language), one kind of application of XML (eXtensible Markup Language) in the information exchange of financial reports, is the latest standard and technology in the unstructured information processing, especially the financial information processing.