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上证所基金XBRL应用情况介绍
2008-09-26 来源:Shanghai Stock Exchange 编辑: 浏览量:

I. Formulation of XBRL taxonomy for funds

(I). General introduction

● The Shanghai Stock Exchange (SSE) initiated the formulation of XBRL taxonomy for fund information disclosure in 2005 to facilitate XBRL application in fund industry, and the formulation was accomplished in 2006. In the very year, the XBRL International granted the “Acknowledged” status to the SSE’s XBRL taxonomy later, which was the first of its kind in the world and a great honor for China.

● In order to promote the taxonomy’s application, upon great support by the China Securities Regulatory Commission (CSRC), the SSE applied for formulating China’s Electronic Information Disclosure Standard for Funds (i.e., the industry standard) at the National Conference of the China Finance Standardization Technical Committee Securities Sub-Committee (CFSTCSSC) on April 12, 2007. At the Conference, the application was unanimously approved.

● The core technique of the industry standard is to formulate the taxonomy, which is based on the SSE’s work in 2006. After considering the latest development of the fund industry, China’s current laws and regulations for fund information disclosure, the new accounting standards for business enterprises and China’s relevant requirements and procedures for formulating industry standards, a brand-new XBRL-based industry standard for fund information disclosure has been created.

● Currently, the taxonomy is only for public disclosure of fund information, while it reserves interface for non-public regulatory information.

(II). Major progress

After accepting the task, with the assistance of the CFSTCSSC, the SSE established a drafting work group by inviting representatives and experts from parties concerned. The drafting work group consulted over 40 laws and regulations, 1000-odd files for the fund information disclosure, and compiled 1,741 fields including 1,177 financial fields, with 20 articulations rationalized. The major process is as below:

①            Early June to the end of September 2007: the technique plan, framework design, basic element extraction and rationalization of articulations were all completed.

②            October 2007 to the end of January 2008: the taxonomy was improved, and the exposure draft on the industry standard was almost done.

③             February to the end of May 2008:

■ The approval of the industry standard: the exposure draft was submitted and the draft for examination was completed for further approval after soliciting opinions;

■ The taxonomy: it was officially put into use with constant improvement, and the 1st quarter trial reporting was in good standing.

④            June 2008 till now: the core content of the taxonomy has been published by the CSRC in the mode of taxonomy to better the application, while the SSE still takes charge of the core technique.

(III). System and architecture

 

(IV). Other important technical elements

● Namespace: according to international practice, all of the technical documents (including Discoverable Taxonomy Sets, DTS) are stored on the XBRL China's official website (www.xbrl-cn.org, its updating is under way), with its domain name taken as basic namespace;

● Naming rules: named after their Pinyin;

● Data type: defined in the XBRL 2.1 Specification;

● Use of context elements and unit elements.

(V). Adherence to new accounting standards and international specifications

● The taxonomy has been modified in view of new accounting standards and relevant accounting practice in fund industry, with 707 elements added, 34 ones renamed, 43 Chinese labels changed, 12 types changed as well as adjustment to the hiberarchy relations of some elements.

● The taxonomy can meet the demand of fund information disclosure under the new accounting standards; based on the new accounting standards, it was well used in the 1st quarter report of 2008.

● The taxonomy adheres to XBRL 2.1 and FRTA1.0 specifications and uses the internationally acknowledged UBMatrix software to verify various modules, with no error and warning information.

II. Building XBRL-based demonstration platform

(I). Project Outline

① Goal: to build an efficient, convenient platform for fund information reporting, disclosure and XBRL demonstration and promotion by making full use of the XBRL technique.

② Scope: to create a set of foreground and background systems capable of receiving, checking, saving, transferring, cleansing and presenting XBRL-based fund information. XBRL-based fund information will gradually cover periodical reports, interim announcements and regulatory information.

③ Participants in the reporting: fund management companies, custodian banks, and accounting firms (brought in step by step)

(II). Business and Technique Requirements

① Business Sub-module

● Data Reporting Sub-module

● Data Cleansing Sub-module  

● Information Disclosure Presentation Sub-module

● Data Saving and Maintenance Sub-module

● Background Management Sub-module

● CA Sub-module

② Typical Business Process

General Reporting and Uploading Process

 

Check Process by Adding Custodian Banks

 

③ Sample for Receiving XBRL Instance Document

Login

A fund management company’s user logs onto the website, and then enters username, password and check code to sign in the CSRC XBRL Information Reporting System for Funds;

CA user certification finally accomplished

 

Uploading Files

 

Business Transaction Inquiry

 

④          Sample for XBRL Instance Document Presentation

Presentation Theme for Major Financial Indicators and Net Value

 

Comparison among Multiple Instance Documents

 

Horizontal Comparison among Major Financial Indicators

 

3.  XBRL Information Reporting Test and Trial Reporting

① Outline

● Market-oriented reporting software

— Open competition is available for all software vendors, and fund companies are free to choose qualified products.

● Merits and Demerits of Open Competition

Merits:

1.  Several vendors participate in the competition based on their understanding of funds and XBRL business, and their software products and services can catch up with the rapid growth of fund business and XBRL, thus providing important business and technique support.

2 .  Active participation and competition bolster the XBRL technique and service and promote the openness, integrity and rapid promotion of the taxonomy.

3.  The taxonomy will be constantly improved and updated under the mechanism of all parties’ participation.

4.  Fund companies can get high-quality products as well as better services (such as function, support, value-added services) under the competition mechanism.

Demerits:

1.  Complete opening-up might lead to vicious competition. Therefore, regulators must enhance coordination and improve the supplier certification mechanism.

2.  Higher cost for communication, unsteady data quality may disturb the follow-up application; therefore, project mangers need to optimize technique support.

● Test Tool for Client Reporting

—  UBMatrix (the third party) (only in the first testing phase)

    —  Shanghai New Lido Data Technology Co., Ltd. (the partner) XBRL Verifier

● Verification Standards

—  XBRL 2.1 Specification

—  XBRL Taxonomy for Funds

② 1st Quarter Fund Report in 2008

● Participants: 7 pilot fund companies, 2 pilot custodian banks and 5 software vendors.

● Tests of two phases were completed: testing via E-mail from March 10 to 21; testing via online unloading from April 15 to 22.

● The official trial reporting of the 1st quarter fund report in 2008 was completed: online uploading from April 23 to 30, 7 pilot fund management companies succeeded in reporting the instance documents of 33 funds, all of which passed verification according to the principle of reporting one fund (all types) at least for each type of fund.

③ 2nd Quarter Fund Report in 2008

● Participants: 59 fund management companies, 2 pilot custodian banks and 6 software vendors.

● Test of one phase is completed: testing via online uploading from July 3 to 31.

● The official trial reporting of the 2nd quarter fund report in 2008 will be completed: from August 4 to 13, by online uploading, 7 companies completed the 2nd quarter report in 2008 (all), and the remaining 53 ones completed the 2nd quarter report in 2008 (all types).

④ Short-term Plan

● By April 2009, XBRL fund information reporting for the abstracts of semi-annual reports, the 3rd quarter reports, the 4th quarter reports, the abstracts of annual reports as well as daily net value of funds will have be completed, and a CSRC sub-website will have be preliminarily built for fund information disclosure.

● To optimize periodical report templates, the fund taxonomy and the specification for compilation of relevant instant documents.

⑤ Long-term Plans

● In the future: to complete XBRL information reporting for all periodical fund reports, interim announcements and regulatory information to complete the construction of the above CSRC sub-website.

● To optimize the fund taxonomy for various periodical reports, interim announcements, and regulatory information and the specification for compilation of relevant instant documents.

 
 
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