Li Xiaoxue, member of the Party mittee and Secretary of the Discipline Inspection mittee of the China Securities Regulatory mission (CSRC), said yesterday that the XBRL (eXtensible Business Reporting Language) Taxonomy for Mutual Funds has been formulated. The CSRC requires that, beginning from the following year, quarterly, semi-annual and annual reports with regard to Mutual Funds of various natures should be filed in XBRL. Moreover, all the XBRL-based funds data should be made open to investors on the web of the CSRC. Besides, the CSRC is planning to start application of XBRL in IPO and refinancing. In this way, the review efficiency may be improved with the assistance of information technology and the quality of information assured right from the beginning of listing review procre.

Li made the above statement at the Inaugural Meeting of China Aounting Informatization mittee also XBRL China Jurisdiction.

Deputy Finance Minister Wang Jun indicated at the meeting that the overall objective of the aounting informatization nstruction is to build, through about 5-to-10-year efforts, an aounting informatization management framework, which is guided and promoted by the ernment, actively participated in and implemented by units, and enthusiastically responded to and supported by the market; to nstruct a mprehensive information platform where enterprises provide standard information and users enjoy shared data from various sources; and to form a standard system for the aounting information technology with XBRL National Taxonomies as an important mponent part.

Aording to Ying Wei, Deputy Director of the Aounting Regulatory Department of the Ministry of Finance, all the listed mpanies in China have now been required to file their financial reports in line with XBRL standards, and in this respect, China is taking the lead in the world. However, due to historical reasons, the Shanghai Stock Exchange and the Shenzhen Stock Exchange adopt different taxonomies, and intermediary agencies such as Shu Lun Pan Certified Public Aountants , Ltd. have developed some other taxonomies in line with the audit-oriented standards, which are different from those as implemented by the above-said two stock exchanges. The Aounting Informatization mittee is schled to carry out soon a set of unified XBRL National Taxonomies based on the “Aounting Standards for Business Enterprises” and information disclosure through the platform of XBRL China Jurisdiction.

The Ministry of Finance has formed the Aounting Informatization mittee jointly 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 mission of the State uncil, the State Administration of Taxation, the China Banking Regulatory mission, the CSRC and the China Insurance Regulatory mission. The joint effort is expected to provide an anizational assurance, a ordination mechanism and an intellectual support for the nstruction of China’s aounting informatization system. XBRL, a type of information standard in brief, enables mputers to “read” and “analyze” financial statements by adding special labels and classifications to the data in financial statements.