On October 19, the National Standardization Administration and Ministry of Finance of China held the Release Ceremony for the Chinese National Standards on Extensible Business Reporting Language (XBRL) Specifications and General Purpose Taxonomy of Chinese Accounting Standards (CAS) in Beijing. The national standards and general purpose taxonomy have defined the elements of XBRL and the basic requirements of preparing XBRL financial reporting based on CAS, thus laying a solid foundation for building a scientific, sophisticated and universal accounting information standards system. The national standards and taxonomy have become a milestone and starting point of China’s accounting information undertaking. Vice Finance Minister Wang Jun and Administrator Ji Zhengkun of National Standardization Administration attended the ceremony and delivered an address.
Wang Jun said that XBRL has effectively enhanced the accuracy and timeliness of information disclosure. It is helpful to conduct profound and meticulous information processing from various perspectives and levels, thus significantly scaling up the width, depth and accuracy of information usage. XBRL can not only be applied in the financial accounting sector, but also be extended to fiscal management, taxation, financial regulation, state-owned assets management, risk management and internal control. He pointed out that the establishment of the national standards and general purpose taxonomy is a trail-blazing cause.
The formulation and implementation of the standards and taxonomy demonstrate inclusiveness, consistence and authority. The design of the standards and taxonomy is in line with the development trend of XBRL, which is forward-looking, flexible and open. In the next step of implementation, it is imperative to continue playing the synergy effect of the Accounting Information Committee, improve the coordination mechanism, and ensure proactive and orderly implementation.
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