On July 20, 2009, the web of the China Securities Regulatory mission (CSRC) for securities investment fund information disclosure () was officially launched, which was the first time CSRC publicly display its achievements in XBRL adoption through a work platform since its initiative in securities investment fund information disclosure using XBRL in early 2008. As a web especially designed for publishing XBRL documents of securities investment fund, the fund information disclosure web will offer the publicly disclosed securities investment fund information including the latest Daily NAV Reports and Quarterly Reports to the investors by taking advantage of  XBRL technology, which enables investors to aess the useful and high quality fund information in a more efficient and easier way.

An Overview of Securities investment Fund Information Disclosure in XBRL

The eXtensible Business Reporting Language (XBRL) is a puter mark-up language for definition and electronic munication of business and financial information. Its underlying principle is to label each basic financial data or other information element with a standardized electric tag and then define the relations among these elements so that the puter is able to read and exchange the documents posed of those elements such as financial statements. In recent years, XBRL has gradually appeared as a new solution to improve the quality of information disclosure on the capital market. Firstly, XBRL can realize the standardization of the electric information and the synchronization of the information processing, thus securing the information quality from the very beginning and enhancing the credibility of the information. Sendly, XBRL can realize the automation of the information processing, namely input once and use many times, thus avoiding the repetition and improving the work efficiency. Thirdly, XBRL can realize the information interaction. Through in-depth exploration and value-added services, investors and various anizations on the market are able to exploit and employ nsiderable information in an easier way, thus improving the market transparency and increasing the social benefits.

As an important measure to boost the fundamental system nstruction of the capital market, the CSRC officially initiated the securities investment fund information disclosure in XBRL in early 2008. After all ncerned parties’ one and a half years’ efforts, the securities investment fund information disclosure using XBRL has been carried out in an all-around way, with real and remarkable achievements in relevant technical specification, hardware platform, software development and application , and operative mechanism . Firstly, in terms of the technical specification and legislation nstruction, since September 2008, documents including the XBRL taxonomy for  securities investment fund information disclosure and the XBRL templates of the Daily NAV, Quarterly, semi-annual and Annual reports for information disclosure have been released in suession, standardizing both the business rule and the technology side. Sendly, a number of technical innovations in the application of XBRL in software have been realized. The filing quality of the XBRL documents was secured thanks to the introduction of the CA certification and the mechanism of signing after review by the custodian banks. Besides, the filing efficiency of the XBRL documents was improved and the probability of refilling due to error was decreased thanks to the introduction of the real-time verifier and the most advanced formula linkbase technology. Thirdly, in terms of the hardware platform nstruction, all hardware facilities from the filing end to the displaying end were put into real operation and have run smoothly for over half a year. The securities investment fund information disclosure web, lead by the CSRC and nstructed by SSE Info Ltd., ,prises the filing platform and the information disclosure platform. Since the 3rd quarter of 2008, the whole industry has filed the XBRL-Formed Quarterly Reports on trial through the web. From January 1, 2009, the whole industry formally filed the XBRL-Formed Daily NAV Rrports and the Quarterly Reports through the web. So far, the web has aumulated over 50,000 XBRL documents, synchronized the displaying with the filing , and realized the uninterrupted monitoring and maintenance in 24 hours a day and 7 days a week. Fourthly, in terms of the XBRL operative mechanism, the business mode of “open standard, open front-end, centered back-end service” was established. Through publishing the plete technical supporting material and introducing the fully petitive software supplier by pliance test, the quality of the XBRL technical service was improved greatly.

Based on the efforts of the previous work and in order to make a breakthrough in the securities investment fund information disclosure in XBRL from filing to application and displaying, on July 20, 2009, the CSRC web for securities investment fund information disclosure was officially launched. The web, a sub-web of the CSRC, has its own special domain name and is independent of the CSRC web. The basic orientation of the web is “a specialized web for filing and publicly disclosing the  information in XBRL-Formed Reports to the CSRC aording to laws and regulations by the securities investment fund information disclosure obligors”.  

Main Information Published in Securities investment fund Information Disclosure Web

So far, the XBRL instance documents, filed and displayed by the securities investment fund management panies through the securities investment fund XBRL filing platform and published in the securities investment fund information disclosure web, have mainly been the Daily NAV and Quarterly Reports. Through this web, investors can inquire about all securities investment fund’s XBRL-Formed Daily NAV Reports since January 1, 2009, some securities investment fund’s XBRL-Formed 2008 3rd Quarterly Reports and all securities investment fund’s XBRL-Formed  Quarterly Reports since the 4th quarter of 2008. With the help of the display tools especially designed for XBRL, investors can quickly browse the securities investment fund reports in any chapters and sections, and visually examine the graphs generated aording to the data of all kinds of fund. With the advancement of the project of securities investment fund information disclosure in XBRL, investors in the future will be able to inquire about the XBRL-Formed Annual and semi-annual Reports, and Securities investment fund’s Action Report, prospectuses and ntracts through this web. By taking advantage of relevant analysis tools, investors will be able to pare and analyze relevant data in both apple to apple way and time series way in future.

Besides the XBRL documents, the securities investment fund information disclosure web also published the introduction to XBRL, the securities investment fund XBRL business and technical documents, the milestones in the XBRL promotion in the securities investment fund information disclosure, the basic information of securities investment fund related institutions, the PDF documents of some fund’s periodic reports, etc. for investors’ reference.

Objective of Establishing the Securities investment fund Information Disclosure Web

The launch of this web, as an integral part of XBRL application in securities investment fund information disclosure, will facilitate the breakthrough from filing to large scale application and pave the way for the in depth analysis and exploration of the open data in the future, thus helping improve the transparency of the overall securities investment  fund industry.

The securities investment fund information disclosure web aims to:

provide a standardized platform for disclosing the securities investment fund information in XBRL for the fund information disclosure obligors including the fund management panies;

offer an online channel for investors to easily inquire information about the securities investment fund, the mutual  fund management panies and the whole securities investment fund industry;

furnish the securities investment  fund analysis and nsulting institutions and the securities investment fund sales panies with the standardized and open securities investment fund data to drive the scientific development of the securities investment fund evaluation system;

assist the securities investment fund management panies in improving the quality of the disclosed information, strengthening the nsciousness of operation with credibility and boosting the reengineering of the internal processes.