General Purpose Taxonomy of Chinese Accounting Standards (CAS) Granted “Acknowledged” Status
XBRL International (XII) today announced that the General Purpose Taxonomy of Chinese Accounting Standards (CAS) has been granted “Acknowledged” status by the Taxonomy Recognition Task Force. XII’s multi-step Taxonomy Recognition Process validates the conformance of a taxonomy to the XBRL specification, determines that a taxonomy has been correctly authored, has had sufficient input from the public and meets the needs for which it was created.
The CAS Taxonomy, first released in 2010and first applied in 2011, defines the elements of XBRL and the basic requirements of preparing XBRL financial reporting based on CAS. In 2012, the Ministry of Finance and XBRL China expanded implementation of the CAS Taxonomy and required filing of 2011 annual financial reports in XBRL. Currently 82 large and medium-sized local state-owned enterprises in 17 provinces, autonomous regions and municipalities; 18 financial institutions in the banking sector (including all of China’s listed banks) and 14 large-scale central-administrated SOEs (of which 12 are listed on the US market) are using the CAS Taxonomy in their filings.
“Achieving Acknowledged status is an important recognition that highlights not just conformance to the XBRL Specification but also the dedication of the authors to the needs of the regulatory, filer and consumer communities,” said Anthony Fragnito, CEO of XII. “the Ministry of Finance and XBRL China continue to show leadership in the implementation of XBRL in one of the largest markets in the world”.
Extensions and modeling methods from the CAS Taxonomy also serve as the foundation for other XBRL taxonomies in China, allowing the MOF to take full advantage of XBRL for cross-jurisdiction regulatory information sharing for the securities and banking sectors.
The General Purpose Taxonomy of Chinese Accounting Standards may be accessed at:http://xbrl.mof.gov.cn/taxonomy/2010-09-30/cas_entry_point_2010-09-30.xsd
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