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采用XBRL格式披露信息,推进基金业三项改革
2008-09-26 来源:Shanghai Securities News 编辑: 浏览量:

XBRL standard for disclosure of fund information, which seems professional and complicated, in simpler terms, refers to some changes to the format, which is then made into an electronic form, without any change to the original fund information disclosure system. The most tangible result is that unified identification and classification of data can be achieved by the application of XBRL. Such data can be retrieved and further processed by users or some other software without a second input.

Experts, however, have pointed out that XBRL in fund information disclosure may prove to be of much more profound significance. The application of XBRL in fund industry will help improve the overall management of the fund industry in three aspects, and contribute to the development of the entire industry.

Firstly, the disclosure of fund information with XBRL will be far more standardized, transparent and electronic. The efficiency and quality of information in the process of compilation, conveyance and application can be enhanced. Moreover, the cost of collection of social information can be reduced, and fewer mistakes may result. In addition, it solves the problem of frustration on the part of a third party evaluation organization in its collection of the first hand information for analysis. In this sense, it aids the third party evaluation organization in its development.

And the advancement of a third party evaluation organization tends to present a restriction to a fund management company, helping to stabilize the stock selection and time selection system and the investment style, and better regulate the behavior of the listed companies and further improve the managerial structure of the listed companies.

On the other hand, with the increasing number of fund products, management is likely to be more and more complicated and intense. And fund companies and trustee banks are inevitably to suffer more pressure in their back-stage services, resulting in higher possibility of mistakes and risky operations, if the conventional human management method is still followed.

“But the application of XBRL is expected to restructure the working process of a fund company,” said the experts. It helps to form a unified platform for the investment decision-making system, the evaluation system, the consultation system and the auditing system, making it possible for the fund managers to collect, check, supervise and audit data, for the trustees to check the data collected, and for the accounting firms to develop their corresponding software for auditing. In this way, companies are able to boost their internal regulation.

In addition, regulators have now formulated a legal framework and a financial accounting principle for information disclosure, which prove to be relatively stable after years of application and observation. But how the authenticity and accuracy of information can be assured has long been a tough regulatory problem, which is characterized by the unsmooth and inefficient flow of information. And the application of XBRL will help regulators further reengineer the process of fund information disclosure and facilitate more timely and effective regulation of information disclosure.

Insiders believe that the application of XBRL enables regulators to conduct examination and approval of products, regulation of information disclosure, and information exchange between a stock exchange and a trustee bank through electronic means, and to ensure an effective check and inspection procedure. The regulators can thus achieve a process-oriented regulation within the organization, and check and adjust between various departments and positions so that any act of violation of regulations may be spotted and handled in time.

Meanwhile, the establishment of the work process in line with data analysis, penalty on facts and approval by law can best guarantee that fund managers perform their fund contracts and are trustworthy, and that they are working to safeguard the fund holders’ legitimate rights. What is more, there will be no such problem as investors having insufficient knowledge in fund operation due to their inadequate use of data.

 
 
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