The 4th XBRL Asia Roundtable Suzhou

The 4th XBRL Asia Roundtable and XBRL National Conference: 23-24 May in Suzhou, China

The first XBRL Asia Roundtable Conference was initiated by XBRL International and XBRL Japan in 2010,to push forward the applications of XBRL in the Asia-Oceania Region and build a community for sharing the experiences in developing and implementing XBRL standards.

The 4th XBRL Asia Roundtable is hosted by XBRL China.Nearly 200representatives from other XBRL jurisdictions in the region,SASAC,CBRC,CSRC,MoF and enterprises are invited to attend the meeting.The main topic of the roundtable is cohesion and harmonization,interactive and communication.The purpose of this meeting is to further promote the application of XBRL in the Asia-Oceania Region and China.XBRL China is a non profit organization jointly established by the MoF,CBRC,CSRC,CIRC,SASAC,NAO,PBOC,SAT and other departments. More

The 4th XBRL Asian Roundtable Forum Held in Suzhou

On May 23and 24,the 4th XBRL Asian Roundtable Forum was held in Suzhou.Mr.Yu Weiping,member of the Party Leadership Group and assistant minister of Ministry of Finance (MOF),and Mr.Fang Xiang,member of the Party Leadership Group and vice director of Standardization Administration of the People's Republic of China (SAC),attended the conference and gave speeches.

XBRL is an emerging standard for company’s electronic format reporting,and in recent years,it is promoted rapidly across the world.XBRL Asian Roundtable Forum was founded by the XBRL jurisdictions from Asian-Oceanian region and XBRL International.It is an important forum for national regulatory authorities,XBRL organizations,and accounting professional organizations in Asian-Oceanian region to promote application of XBRL.This forum was hosted by MOF and XBRL China.More

XBRL ASIAN (ASIAN-OCEANIAN)ROUNDTABLE JOINT STATEMENT

The region (Asian-Oceania region),as an important engine for global economic growth,has played and will continue to play an important role in response to the international financial crisis and in restoring the global economy.XBRL jurisdictions in the region shall,in the public interest,coordinate their positions and strengthen cooperation with constituents to contribute to the capital and financial markets transparency as well as facilitate business reporting in the region.More

In recent years,many jurisdictions in the region have adopted or applied the Extensible Business Reporting Language and many others are also preparing to introduce XBRL.In the context of increasingly globalized information technology,XBRL jurisdictions in the region have continued and will continue to cement relationships.It is appropriate for XBRL jurisdictions in the region to consider establishing a mechanism more systematic and institutional to discuss problems,share experiences in applying XBRL and make a contribution to a set of high quality global XBRL specifications issued and maintained by XBRL International (XII).More

The region features a large population,abundant resources,as well as co-existing developed and emerging economies.A regional coordination in participations in XII’s specifications development will help the XII to realize the various kinds of requests relating to technical and specification matters in the region and enhance the XII’s leadership as a global IT standard development organization.More

In view of this,participants discussed issues related to enhance cooperation and coordination of XBRL in the region and the possible establishment of XBRL Asia (tentatively named).Participants agreed that further dialogue and negotiations are needed in establishing a more robust mechanism,such as XBRL Asia,to promote the application of XBRL in the region,share XBRL application experiences among jurisdictions and members of the region,facilitate improved transparency in business reporting,coordinate positions of jurisdictions and members in the region in participations in XII’s specification development and support XII’s effort to establish a set of high quality global XBRL specifications.More

Past Asian Roundtables

2010 - Tokyo, Japan

The Bank of Japan hosted the 1st XBRL Asia Workshop on 10-11 March 2010. The two-day XBRL Asia Workshop was a roundtable discussion attended by representatives from Japan, China, India, Iraq and Singapore from the region as well as International guests from the IASB, XBRL- US and XBRL International, Inc.

Highlights of the event:

——The XBRL Jurisdiction leaders shared updates on local projects & activities

——The Bank of Tokyo presented a Case Study on the use of XBRL for Credit Analysis and Tax Filing

——The Tokyo Stock Exchange and JFSA provided updates to their projects as well as plan to adopt XBRL and IFRS

——An update of assurance considerations related to XBRL filings in Japan More

2011 - Mumbai, India

The Securities and Exchange Board of India (SEBI), jointly with XBRL India and Institute of Chartered Accountants of India, hosted the 2nd XBRL Asian workshop February 17th and 18th, 2011.

The closed door workshop with over 50 participants from Japan, Singapore, Poland, Iran, USA and Europe, also had representatives from the Ministry of Corporate Affairs, Reserve Bank of India, Insurance and Regulatory Authority of India. The workshop served as a platform to share experiences of financial sector regulators. In the workshop the participants showcased how XBRL enhances ‘Data Accuracy’, ‘Efficiency of Reporting Process’ and `Information Democracy’. The participants also stressed on the importance of participation and involvement of stakeholders in taxonomy building. The other uses of XBRL filings for banks, tax authorities and corporate action and the ability to translate and display data in various languages were also highlighted. At the end of the workshop, need for further cooperation amongst Asian jurisdictions in areas such as spreading awareness about XBRL and developing expertise in the subject through certification programmes was identified. More

2012 - Singapore

The Accounting and Corporate Regulaltory Authority of Singapore hosted the 3rd Asia Roundtable from 10-11 May 2012. Discussion topics included——Updates on Projects/Activities in the Region by country, including statistics, implementation advice and other best practice guidance

——Strategic discussions on how to identify new opportunities for using XBRL in each country

——Breakout Sessions on Jurisdiction management, including membership recruitment and retention; governance and building a stakeholder community.

——Insight and results from the Taxonomy Summit held at XBRL24, including best practice guidance, IFRS, translations and the development of “non-traditional” taxonomies such as the Islamic taxonomies under development in UAE and Malaysia. More

Mr.Yu Weiping noted,as a joint product of IT network technology and accountancy,XBRL provided strong support to standardization and sharing of financial reporting data.In recent years,MOF has focuses on implementation of General Purpose Taxonomy of Chinese Accounting Standards,has aggressively promoted adoption of XBRL in China and has made remarkable achievements.He stressed that accounting informatization was one important aspect of accountancy reform and development during the 12th “five year plan”period.Next goal is ,in accordance with “scientification,standardization and informatization”,to improve the standard system of accounting informatization,accelerate implementation of accounting informatization standards in companies and take constant efforts to achieve “data unification and information sharing”.Chinese government hopes XBRL Asia Roundtable Forum can keep on playing an effective role in deepening cooperation in XBRL among countries,gathering strength,achieving consensuses,and creating a rosy future for XBRL application.More

During the conference,the director of Accounting Department of Ministry of Finance Mrs.Yang Min reported progress in implementation of General Purpose Taxonomy of Chinese Accounting Standards,summarized XBRL application model in China,and defined main tasks in next stage.Responsible persons from State-owned Assets Supervision and Administration Commission (SASAC),China Securities Regulatory Commission (CSRC),China Banking Regulatory Commission (CBRC),China Insurance Regulatory Commission (CIRC)introduced implementation progress and future plans of XBRL respectively.Representatives from companies and local accountancy authorities shared their experiences and insights in implementation of General Purpose Taxonomy.In addition,representatives from XBRL jurisdictions of Asian-Oceanian region introduced their latest progress in XBRL.More

23-24 May 2013

Suzhou, China