China mandates XBRL for mutual funds and France launches scheme for mpany acunt filings

Authorities from China and France announced they were pushing forward implementation of XBRL in their respective untries today at the 19th annual XBRL nference in Paris.

The French Ministry of Justice approved the aeptance of electronic XBRL filings of mpany annual acunts, while China took the step of mandating XBRL for mutual funds.

Chinese authorities also mooted plans to roll out the technology for IPOs, futures and options.

Over 400 executives, banking supervisors, securities regulators, analysts, technology vendors and stock exchanges from more than 40 untries have nvened in Paris for the event.

‘As XBRL expands into new markets, we are asking ernments, agencies and regulators to llaborate by sharing their experiences on their XBRL projects and business requirements to further develop the standard,’ mments Anthony Fragnito, CEO of XBRL International.

French mpanies will not be mandated to file with XBRL but supporters hope the remmendations made by the authorities will help garner momentum in mpany filings.

‘French mpanies expected this ability to file their financial statements electronically, which is part of a broader effort to streamline the overall business registry and mpany financial filing process,’ states Dominique Marolleau, managing director of Infogreffe.

China was the first untry to mandate the reporting language for its equity markets and is now the first to require XBRL reporting for all mutual funds.

‘The application of XBRL across additional asset classes and securities types, including futures and options, is currently being planned,’ says Yao Feng, director-general of the China Securities Regulatory mission.