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基金XBRL分类标准介绍
2008-09-25 来源:Shanghai Stock Exchange 编辑: 浏览量:

Upon the great support by Information Center of the China Securities Regulatory Commission (CSRC), the application of the Shanghai Stock Exchange (SSE) for formulating China's Electronic Information Disclosure Standard for Funds (i.e., the industry standard) was unanimously approved at the National Conference of China Finance Standardization Technical Committee Securities Sub-Committee (CFSTCSSC) in Chengdu on April 12, 2007. In late May, the CFSTCSSC Secretariat required the SSE to launch the formulation in an official letter. In order to improve XBRL application in fund industry, CSRC published and maintained the original XBRL Fund Taxonomies by index specification in early June, 2008, which has achieved great effect.

I. Preparations

As soon as accepting the above task, the SSE started to study technology schemes, establish a drafting group and select technology service companies.

Upon study, XBRL was selected as the basic technology for the formulation of the industry standard. Under the guidance by the CFSTCSSC Secretariat, the SSE established the drafting group by inviting representatives from the CSRC, the CFSTCSSC, stock exchanges, fund management companies, custodian banks, as well as academic circles and the software industry.

II. Progress

The industry standard is formulated in accordance with the requirements and procedures of China's standard formulation, the regulations and formats of current fund information disclosure and new fund accounting standards, with the XBRL technology adopted.

The core of the industry standard is to formulate the Taxonomy, with the formulation progress as follows:

(I). From early June to late September 2007: the technology schemes were specified, with the framework design completed, the basic elements extracted and the articulations rationalized.

In this phase, the drafting group specified that the industry standard should aim at the fund information disclosure, conform to the XBRL2.1 and FRTA1.0 specifications and technically refer to the SSE's original XBRL taxonomies (internationally acknowledged) for listed companies and funds. Besides, the drafting group streamlined relevant laws and regulations and announcements in terms of the fund information disclosure, with reference to 40 laws and regulations and 1,142 documents of fund information disclosure. By the end of September, the element extraction and the articulation rationalization had been done on the whole, with 918 fields treated (including 433 financial fields) and 31 articulations rationalized. Therefore, the taxonomy technical documents had been generated on the whole.

On September 24, the meeting on formulating the industry standard was held in Shanghai. Attending the meeting were lots of experts from the CSRC, the SSE and the Shenzhen Stock Exchange (SZSE), fund companies, custodian banks, as well as accounting firms, academic circles and technology institutions. At the meeting, the SSE reported the background and basis of the industry standard formulation, relevant business and technical route as well as the achievements in the element extraction and articulation rationalization. Besides, the SSE’s businesses and technology schemes were approved in principle.

(II). From October 2007 to the end of January 2008: the Taxonomy was further improved, and the first exposure draft on the industry standard was completed on the whole.

After October 2007, the drafting group optimized the Taxonomy according to the experts' advices. Moreover, upon communication, it reached an agreement with the experts on supplementation of the businesses, the accounting regulations and the resources of industry guidance, optimization of the framework design and the chart saving scheme, the separate design and realization of interim announcements and other relevant solutions.

Meanwhile, the drafting group started to compile the exposure draft on the industry standard. Upon study and asking for the experts' advices, the draft's structure, outline and format were confirmed on the whole. The first draft was completed in middle and late December. On December 17, the SSE held an experts working meeting, with the experts from the CSRC, China National Institute of Standardization, the SSE, the SZSE, fund companies, custodian banks as well as accounting firms, academic circles and technology institutions. At the meeting, the SSE Information Center reported the exposure draft on the industry standard (i.e., the first draft) and the Taxonomy information. The SSE's high-quality and high-efficient work was recognized. Moreover, the draft should be submitted to the CFSTCSSC for examination after improvement.

At the meeting, it was also specified that the industry standard document should be divided into the text and the appendix. The text falls into three systems as follows:

1. the announcement system. According to relevant laws and regulations of fund information disclosure, the bulletins should be divided into the fund raising information bulletins, operation information bulletins and temporary bulletins, with 39 middle categories and 107 small ones.

2. the Taxonomy system. It consists of financial and non-financial information. The latter includes the global common document, fund general introduction, management reports, important events and accountants report.

3. the electronic process. Based on the Taxonomy, the process of generating bulletins into instance documents should be described. In addition, the appendix should specify the bulletin classification, the articulation and the element list.

After the meeting, the drafting group consummated the Taxonomy in accordance with the experts' advices.

(III). From February to the end of May 2008:

Verification and approval of the industry standard: upon further modification, the SSE officially submitted the "Exposure Draft" to the issuance industry of the CFSTCSSC for opinions in February 2008. By February 29, 39 return receipt sheets had been collected (on behalf of 40 commissioners) from 50 commissioners of the CFSTCSSC, and they unanimously agreed to work out a draft for examination. Thereinto, 32 had no modification opinions and 8 proposed 19 pieces of opinions on some specific problems. On April 25, the drafting group submitted the draft for examination to the CFSTCSSC based on commissioners' opinions and the XBRL application feedbacks. At present, relevant verification is under way.

About the taxonomy: after the Mobilization Meeting on Application and Promotion in Whole Industry held in Hangzhou at the end of January, upon improvement, the SSE published the basically mature taxonomy on the "xbrl-cn" website and the website of the CSRC’s project group for testing and perfection. The Technical Coordination Meeting on Trial Reporting in late March modified the taxonomy according to the feedbacks, with the final version for the trial reporting issued on April 9. The details of the elements and articulations were adjusted during the period. Afterwards, based on the trial reporting and the specific treatment to new accounting standards in annual reports, some adjustments were made to the taxonomy.

(IV). From early June till now:

Early June, the CSRC implemented maintenance and issuance on the original taxonomy in the taxonomy format and established a taxonomy work group under its guidance to better the XBRL application in the fund information disclosure. The formulation of the taxonomy has been remarkably improved by absorbing the opinions from all parties. In the phase, the priority was given to the shaping of XBRL taxonomy for the fund information disclosure (as the foundation of the phase II trial reporting) based on the system perfection. It mainly covered the closed-door work in early and middle June, such as the abstracts of quarterly reports and semi-annual reports, the template of net value daily reports as well as the collection of opinions by the issuance industry of the CSRC and the taxonomy work group's constant modification according to the feedbacks. On June 25, the meeting on deploying the phase II trial reporting specified some requirements, and the CSRC defined the issuance form of the taxonomy at the following taxonomy work group meeting, with the technologies and templates of the taxonomy to be issued as main contents. At present, the taxonomy has already been released. 

III. Application

With high concern about the progress of the industry standard, the CSRC's departments including the Investment Fund Supervision Department and the Information Center conducted sufficient communication with all the relevant parties for its early application in the industry.

On January 21, 2008, the Mobilization Meeting on XBRL Application and Promotion in Funds, sponsored by the CSRC's Investment Fund Supervision Department and Information Center and held by the SSE in Hangzhou, officially launched the promotion. Attending the meeting were approximately 140 people from the CSRC, the Securities Association of China, the SSE, the SZSE, all fund companies, as well as custodian banks and some software providers. The CSRC highly praised the SSE's high-quality and high-efficient performance in formulating the industry standard and approved to promote the XBRL application in line with the above draft. Meanwhile, it required the SSE and information companies to coordinate the promotion and boost the system construction, respectively. The meeting also made a detailed deployment and preliminarily selected 7 fund companies and 2 pilot custodian banks to launch the trial reporting of their 1st quarter reports.

The trial reporting was successfully completed on April 30, though some problems still needed to be solved later. Furthermore, the CSRC put forward the requirement of accelerating the phase II trial reporting, and worked out guiding documents such as the specification and information disclosure templates. So far, the phase II trial reporting has almost completed, and relevant work such as the data cleansing and project summarization are under way.

 
 
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