The Founding Meeting of China Accounting Informatization Committee and XBRL (eXtensible Business Reporting Language) China Jurisdiction was held on November 12 in Beijing. According to Vice Finance Minister Wang Jun, the Ministry of Finance, together with relevant departments of the State Council, will consolidate the construction of China’s accounting informatization for the standard accounting information language, the automatic and integrated accounting information utility, the marketized and socialized accounting information service as well as the intelligent and modern accounting industry. All this contributes to implementing the Scientific Outlook on Development, enhancing the capital market’s transparency and improving the socialist market economy system..

According to Mr. Wang, since accounting information is the decision basis of all departments and units, it is of great importance to promote accounting informatization for carrying out accounting and auditing rules and internal control standards, improving enterprise management and strengthening macro-economic control. To adapt to ongoing information technology development and meet the requirements of the national informatization strategy, the Ministry of Finance founded the Accounting Informatization Committee in association with the Ministry of Industry and Information Technology, the People's Bank of China, the National Audit Office, the State-owned Assets Supervision and Administration Commission of the State Council, the State Administration of Taxation, the China Banking Regulatory Commission, the China Securities Regulatory Commission (CSRC) and the China Insurance Regulatory Commission (CIRC). The joint effort is expected to provide organizational guarantee, coordination mechanism and intellectual support for the construction of China’s accounting informatization. The general aim is through 5-10 years’ efforts, to build an accounting informatization management system with guidance and promotion by the government, active participation and implementation by units as well as cooperation and support by the market; to construct a comprehensive information platform where enterprises provide standard information and users enjoy the shared and consistent data; to form a standard system for accounting information technology with XBRL National Taxonomy as core part; to build an integrated talent team for accounting informatization with expertise in both accounting business and information technology; to cultivate an accounting information industry providing high-quality software and hardware, technical services and consultancy in relevant fields.

Deputy Commissioner Song Lan of the State Administration of Taxation stressed that accounting information, the main source for the tax administration to enforce supervision and levy tax in line with law, and a powerful construction of accounting informatization, will play a significant role in strengthening supervision on tax source, optimizing service of tax payment and improving the informatization regulation of taxation work. With the preparation of the Golden Tax Project Phase III in full swing, the tax administration will pay close attention to and support the construction of accounting informatization for better service of finance and tax.

CSRC Secretary Li Xiaoxue of the Discipline Inspection Committee said that the Accounting Informatization Committee of Accounting Society of China and the XBRL China, which came into being in the right time, is expected to promote the sound development of the Chinese market economy and capital market and also to benefit the enhancement of China’s international influence on the accounting informatization of international capital market. The CSRC would support and cooperate with the work of the Committee and promote the formulation of XBRL taxonomy as well as its popularization and application in the capital market.

According to Vice Chairman Wei Yingning of the CIRC, the construction of accounting informatization would ensure higher quality of the informatization regulation of insurance enterprises, stronger core competitiveness, and improved insurance supervision and financial risks control. The CIRC, as the insurance supervision authority, would unswervingly lead and promote the informatization process of the industry and perform its duties in pushing forward the construction of accounting informatization.

Vice Finance Minister Wang Jun is serving as Chairman of the Accounting Informatization Committee and among the Vice-Chairmen are Vice Minister Xi Guohua of the Ministry of Industry and Information Technology, Deputy Governor Yi Gang of the People’s Bank of China, Deputy Auditor General Shi Aizhong of the National Audit Office, Vice Chairman Meng Jianmin of the State-owned Assets Supervision and Administration Commission of the State Council, Deputy Commissioner Song Lan of the State Administration of Taxation, Vice Chairman Guo Ligen of the China Banking Regulatory Commission, CSRC Secretary Li Xiaoxue of the Discipline Inspection Committee, CIRC Vice Chairman Wei Yingning and Director-General Liu Yuting of the Accounting Regulatory Department of the Ministry of Finance. And the 32-member committee is made up of experts and scholars from the supervision authorities, the frontline departments and theoretical fields. The Chairman, Vice-Chairmen and members of the Committee work concurrently as President, Vice Presidents and members of XBRL China’s advisory board.

Over 60 representatives from the relevant supervision authorities, large enterprises, intermediaries, industry organizations and colleges and universities attended the meeting, presided over by Director-General Liu Yuting of the Accounting Regulatory Department of the Ministry of Finance.