How is XBRL implementing financial reporting technology in India? Extensible Business Reporting Language is one of a family of “XML” languages that is a standard means of communicating information between business and via the Internet. XBRL can be used to express a wide range of reports and disclosures including financial statements, internal management information, credit filings and statistical reports. XBRL international is a non-profit consortium whose members include approximately 300 leading organizations from all segments of the business information supply chain.
It has been widely recognized as an important component in the improvement of corporate transparency. XBRL is being used by the capital market in Asia. In 2004, China became the first country to formally adopt XBRL for financial reporting. During conferences in Paris, China announced that XBRL is also requiring all Chinese-based mutual funds to report their information to china Securities Regulatory commission. There are more than 50 financial or mutual funds companies to report annual reports to CSRC.Huawen Finance Limited was founded in 1997.
It is China’s premier financial services company. The Company provides financial news and information, as well as abroad array of financial products and services unique to the China markets. Huawen Finance provides real time coverage of Chinese and Asian equity markets, delivering an integrated platform of credit ratings, India-specific indices, and investor relations services to global financial institutions. Huawen is one the first XBRL Direct Participant Members in India.This company is working with regulatory authorities and major financial institutions in the development of Chinese XBRL rules.
It will benefit from Mergent’s expertise in XBRL, which is already used throughout Mergent’s databases and services. Huawen Finance and Mergent are well placed to provide data presented in accordance with XBRL standards. As a leader in the global corporate and financial data marketplace, Mergent is in a unique position to help introduce new data delivery and standardization technologies such as XBRL to important major markets.The combination of Mergent’s expertise with Xinhua Finance’s China Information and access resulted last month in the launch of the China Insight online database service, which combines the most detailed China listed company database with exclusive news and ratings information, all within one integrated platform using software developed by Mergent Inc. , the global business and financial information provider that Xinhua Finance acquired last year. XBRL is becoming a fundamental financial reporting standard, and the inclusion of the growing financial power of India.The Chinese taxonomy and data collection is expanding, in part, based on what India’s financial professionals are learning from the various taxonomies and underlying accounting standards of other countries. Meanwhile, with the public company reporting, the Shenzhen and shanghai stock exchanges have begun using XBRL for mutual funds’ information releases.
The capital market is looking forward to extending investor benefits to other asset classes in the future in China. XBRL community is an important step to making XBRL the definitive global financial reporting system. References: Colgren, T. David and Monterio, Brad J.
2009). XBRL for banking, insurance and securities industries expanding globally. http://xbrl. org/Press%20Releases/2009/FINAL%20PARIS%20XBRL%20INTERNATIONAL%20RELEASE%2024June09%20with%20logo. pdf Frankel, David S. (2009).
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