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Circular of the Ministry of Finance Concerning Implementation of General Purpose Taxonomy of CAS in Year 2013
2013-05-20 Author:张翔 Editor:无忧草 Views:

Circular of the Ministry of Finance Concerning Implementation of General Purpose Taxonomy of CAS in Year 2013

CaiKuai [2013]No.4

March 20,2013

The Public Finance Departments (Bureaus),State-owned Assets Supervision and Administration Commission (SASAC)or Bureaus,China Banking Regulatory Commission (CBRC),China Insurance Regulatory Commission (CIRC)in all provinces,autonomous regions,municipalities directly under the Central Government and cities listed separately;the Public Financial Bureau and SASAC of Xinjiang Production and Construction Corps;relevant enterprises,banking financial institutions and insurance companies:

In order to accelerate the implementation of the General Purpose Taxonomy of CAS (hereinafter referred to as “General Purpose Taxonomy”),improve financial accounting informatization and enhance overall accounting management ability;in accordance with the Accounting Law of People’s Republic of China,Circular of the Ministry of Finance Concerning Release of General Purpose Taxonomy of CAS (CaiKuai [2010]No.20),Circular of the Ministry of Finance on Implementation of General Purpose Taxonomy of CAS (CaiKuai [2010]No.23),Circular of the Ministry of Finance on Release of Extension Taxonomy for Oil and Natural Gas Industry (CaiKuai [2011]No.22)and Circular of the Ministry of Finance and CBRC on Release of Extension Taxonomy for Banking Industry (CaiKuai [2012]No.23),the Ministry of Finance (MOF)together with SASAC,CBRC,CIRC,Standardization Administration of the People's Republic of China (SAC)have decided to implement the General Purpose Taxonomy mandatory for the named enterprises under supervision of SASAC,banking financial institutions as well as insurance companies effective in year 2013(Namelist is attached).

I.Implementation Scope

Eleven large enterprises are mandated to implement the General Purpose Taxonomy and three large enterprises are required to implement the General Purpose Taxonomy and Extension Taxonomy for Oil and Natural Gas Industry.

Eighteen banking financial institutions are required to implement the General Purpose Taxonomy and Extension Taxonomy for Banking Industry.

Five insurance companies are mandated to implement the General Purpose Taxonomy.

The Public Finance Departments in all provinces,autonomous regions except Tibet,municipalities directly under the Central Government and Cities listed separately and Xinjiang Production and Construction Corps (hereinafter abbreviated as Provincial Public Finance Departments)are requested to select a number of local large or medium enterprises to implement the General Purpose Taxonomy.As for provinces which began implementation in 2012,are encouraged to extend to more enterprises under the prerequisite that keep the same numbers of enterprises as in 2012,while other provinces shall ensure at least 3local enterprises will join implementation.

Three principles shall be followed for selecting a qualified enterprise:(1)which has adopted the Accounting Standards for Business Enterprises;(2)whose financial reporting does not involve state secrets;(3)which has sound accounting informatization basis and capable staff.

Under guidance of MOF,Provincial finance departments are encouraged to collaborate with local relevant authorities to promote implementation of the General Purpose Taxonomy and adoption of National Standards for Technical Specifications of Extensible Business Reporting Language (XBRL)(GB/T25500).

II.Implementation Requirements

General Purpose Taxonomy,relevant industry extension taxonomy and the following requirements shall be followed when preparing and filing 2012XBRL financial reporting to MOF.

1. Working mechanism

Implementation of the General Purpose Taxonomy is an important component of accounting informatization ,also an important measure to standardize corporate financial reporting.As it concerns the integrity,completeness and availability of accounting information,the corporates shall pay great attention to it.An implementation working team shall be set up,in order to coordinate finance,information and technology departments,make feasible implementation plans with consideration of the informatization level,and ensure successful implementation of the General Purpose Taxonomy.

Local large and medium-sized enterprises shall file the members of the implementation working team to the local accounting administrative authority;others shall file to the Accounting Department of MOF,both no later than April 15,2013.

2. How to implementation

When preparing 2012XBRL financial reporting,enterprises shall follow the General Purpose Taxonomy and guidelines,the Compilation Rules for the General Purpose Taxonomy of CAS and Explanation for the General Purpose Taxonomy of CAS.Out of actual needs,an enterprise can choose appropriate advisory bodies and software at its own discretion to carry out implementation.To ensure implementation quality,an enterprise shall choose the software which has been passed the compliance test set by National Standards for Technical Specifications of Extensible Business Reporting Language (GB/T25500).

The enterprises,implementing the General Purpose Taxonomy before 2013,shall initiate the study to integrate XBRL filing capability into the corporate financial information system or other information systems as soon as possible,fulfilling automatic embedded filing that means XBRL financial reports can be prepared automatically based on data directly from the existing information system without any manual re-entry.If planning to file through the embedded way in 2013,enterprises shall notify the Accounting Department of MOF in written.

Enterprises that implement firstly the General Purpose Taxonomy in 2013are encouraged to use software with the embedded XBRL filing capability.

3. Explore internal application

As a worldwide standard for corporate reporting data,using XBRL can enjoy the advantages such as cross-platform,independent of the application,and broad application prospects in internal operation and management.Enterprises qualified are encouraged to explore XBRL application in internal management,taking active study and fulfilling progressively implementation of the General Purpose Taxonomy as well as standardization of internal management information.

4. Make long-term planning

While making overall planning for accounting informatization,enterprises shall include XBRL in the plan to reach standards unification and information sharing among different information systems,and to satisfy the growing various needs of the users.

5. Carry out calibaration

XBRL financial reporting is prepared in accordance with National Standards for Technical Specifications of Extensible Business Reporting Language (GB/T25500)and provides standardized electronic information in line with CAS.Before formally filing,enterprises shall review XBRL financial reporting by themselves to ensure it satisfies requirements set by National Standards for Technical Specifications of Extensible Business Reporting Language (GB/T25500),the General Purpose Taxonomy and guidelines and the Compilation Rules for the General Purpose Taxonomy of CAS.At the same time,MOF will deploy an online system to provide review service,which only serves as supplementary and cannot replace self-review by enterprises.

For XBRL financial reporting received,MOF will calibrate it first and return the financial reporting to the enterprise if it fails.According to implementation progress,MOF will select certain provinces and cities to pilot calibration and provide necessary guidance and support to provincial finance departments involved.

6. Complete the filing on time

The timetable is set as follows:

A. For 14large enterprises

They should submit the instance documents and extension taxonomy of their XBRL financial reporting to MOF by July 31,2013.MOF will calibrate them from August 1to August 31,then enterprises shall revise and improve their filings in accordance to the feedbacks of MOF and complete final submission before September 15.

B. For banking financial institutions and insurance companies

They should submit the instance documents and extension taxonomy of their XBRL financial reporting to MOF by August 15,2013.MOF will calibrate them from August 16to September 15,then banking financial institutions and insurance companies shall revise and improve their filings in accordance to the feedbacks of MOF and complete final submission before September 30.

C. For local large and medium-sized enterprises

They should submit the instance documents and extension taxonomy of their XBRL financial reporting to MOF by August 31,2013.MOF will calibrate them from September 1to September 30,then local enterprises shall revise and improve their filings in accordance to the feedbacks of MOF and complete final submission before October 15.

7. Exemption of responsibilities

For 2012XBRL financial reporting,the preparer is exempted from accounting responsibilities,the accounting firms and CPAs are exempted from auditing responsibilities associated with the instance documents.

III.Organizations in charge

MOF is responsible to coordinate implementation of the General Purpose Taxonomy nationwide,and in cooperation with relevant organizations to study and fulfill compliance tests and certification of software on the third-party platform in line with National Standards for Technical Specifications of Extensible Business Reporting Language (GB/T25500).

SASAC will guide central enterprises in implementation of the General Purpose Taxonomy,together with MOF and based on the General Purpose Taxonomy,create extension taxonomy for supervision of state assets financial statements,promote XBRL application in central enterprises which are under supervision of SASAC.

CBRC will take a lead in implementation of the General Purpose Taxonomy in the banking financial institutions,cooperate with MOF to update XBRL extension taxonomy for banking supervision statements,and constantly improve application performance of XBRL in the banking industry and supervision.

CIRC takes responsibilities for guiding insurance companies in implementation of the General Purpose Taxonomy.

SAC coordinates implementation,publicity and training of National Standards for Technical Specifications of Extensible Business Reporting Language (GB/T25500).

Provincial financial departments,together with provincial SASAC (bureaus),guide local enterprises in implementation of the General Purpose Taxonomy.

Provincial financial departments shall attach great importance to implementation of the General Purpose Taxonomy,and arrange funds to ensure smooth progress.Provincial accounting regulatory authorities shall establish a staff team to organize and coordinate implementation of the General Purpose Taxonomy,summarize implementation experience timely,actively explore the benefits of XBRL for corporate operation and management,and ensure implementation results.Meanwhile,Provincial accounting regulatory authorities shall designate a person as a liaison,responsible for communication and contact,and file the lists of local implementation enterprises as well as personal of liaison both from enterprises and Provincial Finance Department to the Accounting Department of MOF by April 15,2013.

IV.Other Issues

The ultimate goal for implementation of the General Purpose Taxonomy is to achieve information sharing and communication of corporate financial reporting between governments and regulatory authorities,to provide standardized accounting information to other users in the market,to help enterprises avoid duplicate filings,release them from the burden of reporting and guide them to improve standardization of internal accounting information and management information.Implementation enterprises shall carefully study and compare elements defined by the General Purpose Taxonomy and the extension taxonomy for specific industry,avoid duplicate definitions,and enhance the comparability of information contained in XBRL financial reporting.Accounting concepts in CAS shall not be re-defined or extended by implementation enterprises if they have been defined by the General Purpose Taxonomy and the extension taxonomy for specific industry.Large enterprise groups,or enterprises operating in several industries can choose part or all industry extensions defined by the General Purpose Taxonomy.XBRL software shall be developed by software companies in strict accordance with National Standards for Technical Specifications of Extensible Business Reporting Language (GB/T25500),satisfying requirements set by the General Purpose Taxonomy and its guidelines and compilation rules,helping enterprises avoid duplicate definition of elements.

Training for enterprises first implementing the General Purpose Taxonomy in 2013is on MOF’s agenda,specific training time and arrangement will be released in near future.

In order to collect and report problems encountered in implementation timely,one person shall be designated by enterprises as a liaison,responsible for communication and contact.the Contact information of the Liaison of local large and medium-sized enterprises and shall be filed with local provincial accounting regulatory authorities,Others should report the information to the Accounting Department of MOF and relevant regulatory authorities respectively by April 15,2013.

If there is any question associated with implementation of the General Purpose Taxonomy,please make timely feedback to MOF and relevant regulatory authorities.

校对:曹宇红

中国会计视野2013年5月20日11:47发布,转载请注明来源和作者。

 中文新闻:关于做好2013年企业会计准则通用分类标准实施工作的通知

 
 
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