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MOF Released Final Report on Implementation of General Purpose Taxonomy of CAS
2014-03-18 Author:张翔 Editor:无忧草 Views:

Recently,The Accounting Department of Chinese Ministry of Finance (MOF)released 2013Final Report on Implementation of the General Purpose Taxonomy of Chinese Accounting Standards.This report is to summarize problems encountered and propose for future works.

With the experience gained in the past two years by implementing the General Purpose Taxonomy of Chinese Accounting Standards (hereinafter referred to as CAS Taxonomy),During the year of 2013,MOF continued to focus on implementing in three main areas:central state-owned enterprises,financial institutions and local state-owned enterprises.Among 14large-scale companies (10listed in the United States),5insurance companies (all listed)and 18banks (16listed),35of them took steps to promote embedded reporting and 7companies piloted XBRL for internal management.In addition,the territory of implementing the General Purpose Taxonomy continued expanding ,from 17provinces and municipalities in 2012to 34provinces,autonomous regions,municipalities directly under the Central Government and separately listed cities except Tibet,Guizhou and Qinghai.The involved local enterprises also increased from 82in 2012to 169in 2013.

After tremendous efforts in nearly 4months,all implementing companies prepared their 2012financial reports in XBRL format based on CAS Taxonomy and filed them through MOF’s General Purpose Taxonomy Reporting Platform as required by the Implementation Circular.Validation tests prove the overall implementation quality is better than 2012.Through implementation,multi-skilled talents are trained and reserved for promoting accounting informatization.Most implementing companies have developed XBRL in areas such as corporate financial reports,industry benchmarking and embedded technologies in an innovative manner and achieved positive progresses.

Meanwhile,in order to ensure the smooth implementation of CAS Taxonomy,MOF made active efforts,including revisions to the compilation rules for CAS Taxonomy,organizing stakeholders to develop the collection and validation system for XBRL financial data,establishment of the authentication mechanism for national standards for XBRL technical specifications,initiating construction of MOF’s comprehensive service platform for XBRL application,guiding researches in XBRL and accounting informatization,strengthening international cooperation and exchanges in XBRL.

Implementation stages of CAS Taxonomy

In 2013,CAS Taxonomy was implemented through 3stages:(1)companies file XBRL financial reports through the Reporting Platform;(2)MOF organizes experts to validate instance documents and extension taxonomies filed and send feedbacks to the reporting company through the Reporting Platform;(3)companies make corrections accordingly and complete the final submission .

On March 20,MOF,State-owned Assets Supervision and Administration Commission of State Council (SASAC),China Banking Regulatory Commission (CBRC),China Insurance Regulatory Commission (CIRC)and Standardization Administration of the People's Republic of China (SAC)jointly issued a notice to clarify implementation scope and requirements.

May 6to 8,MOF held 2013implementation meeting for CAS Taxonomy in Yantai,Shandong Province,summarizing implementation work in 2012.

On May 29,MOF released the revised Compilation Rules for CAS Taxonomy.

In June,MOF fulfilled development of the collection and validation system for XBRL financial data.

From late August to November,XBRL reporting and validation was completed.

Analysis of validation results

Companies shall prepare financial reports in XBRL with reference to standards and specifications in 3levels:(1)national standards for XBRL technical specifications,including the basic specifications,dimensions and formulas,ensuring XBRL financial reports in line with the basic technical requirements for XBRL and can be correctly analyzed by different XBRL software;(2)CAS Taxonomy and guidelines,ensuring XBRL financial reports has tagged concepts in the way as required by Chinese Accounting Standards;(3)the compilation rules for CAS Taxonomy,ensuring CAS Taxonomy has been applied consistently and correctly.

Validation results for large-scale companies

In general,there are 189errors from 37large-scale companies,an average of 5errors per report,all arisen from compilation rules level.

Compared with 2012,XBRL financial reports filed in 2013are substantially improved,errors per report from 37dropped to 5(the analysis data of 2012was concluded from the first round manual validation,while the analysis data of 2013was from the second round.Although the comparability may be impaired,the overall trend is still referable).Moreover,no errors were found in 18companies’XBRL financial reports.It is because of:(1)after several years of implementation,companies has learned more about XBRL technology;(2)in 2012,MOF initiated compliance tests for XBRL technical specifications with international standards,standardizing development of XBRL implementation software as well as enhancing software quality;(3)the Reporting Platform was put into service in 2013and can perform automatic validation,helping companies find errors and omissions before filing and eliminating errors from the technical specifications level.

Validation results for local companies

Among 169local medium-sized companies,except Guangxi Beibu Gulf Bank Co.,Ltd.,Henan Highway Engineering Supervision Consultation Co.,Ltd.and Henan Xupingnan Expressway Co.,Ltd.,all other companies made various errors in the financial reports.The frequent mistakes are such as mismatch of elements,omission of calculation relationships and mismatch of ELR,with frequency of 35%,57%and 33%respectively (frequency=the number of companies who made such errors ÷the total number of implementing companies).

Validation results vary among provinces:companies of Henan,Gansu,Anhui,Hainan and Xinjiang Production and Construction Corps filed financial reports with higher quality and fewer errors,while companies in Shandong,Yunnan and Sichuan made more errors.

Summary of 2013implementation

Implementation of CAS Taxonomy in 2013marked several achievements:industry extension taxonomies have been verified;XBRL reporting platform met its objectives;progress was made in manual validation pilot by local financial departments;XBRL technology for corporate internal application has been actively explored.

Problems faced by companies in implementation and proposals put forward are:to promote communication and share experience;to collect typical cases for reference;to improve validation approaches and filing efficiency;to establish an analysis platform and promote data application.

After summarizing and analyzing implementation experience,MOF plans to promote implementation by taking following measures:to take greater efforts to establish implementation mechanisms for CAS Taxonomy;to improve the standard system and supporting measures continuously;to expand breadth and depth of application of XBRL financial report;to encourage related companies to carry out internal application pilots persistently;to ensure steady implementation of CAS Taxonomy nationwide through coordination of relevant regulatory authorities.

校对:曹宇红

中国会计视野2014年3月18日15:29发布,转载请注明来源和作者。

中文新闻:财政部发布企业通用分类标准实施报告

 
 
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