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China’s XBRL Reporting System: A Local Twist on Global Standards

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China has taken a unique approach to implementing the eXtensible Business Reporting Language (XBRL) system by basing it on local China Accounting Standards (CAS) rather than International Financial Reporting Standards (IFRS) taxonomy. Despite this deviation from global standards, China’s XBRL reporting system shares many similarities with international best practices.

Local Base Taxonomy

The Ministry of Finance (MOF) has developed a local base taxonomy that is partially based on the IFRS Taxonomy. This taxonomy is used by filers to submit their financial reports in XBRL format. The local base taxonomy includes:

  • Extension items for local legal and regulatory requirements
  • Reporting metadata

Linkbases Used

The IFRS Taxonomy files used in China’s XBRL reporting system include:

  • Taxonomy schemas
  • Reference linkbases
  • Formula linkbases
  • Label linkbases

Filers’ submissions import or refer to these linkbases when preparing their financial reports in XBRL format.

Scope of XBRL Filing/Tagging

China’s XBRL filing/tagging covers:

  • Face statements
  • Notes
  • Detailed tagging of all numeric facts

There are no plans to extend the coverage of XBRL filing/tagging in the future.

Guidelines and Submission Rules

The MOF has developed guidelines for filers, including rules for preparing XBRL financial reports and promoting best practices. The guidelines are based on the XBRL specifications released by XBRL International and the Standardization Administration of China (SAC).

Use of XBRL by Other Bodies

In addition to its use in general-purpose financial reporting, XBRL is also used by other bodies in China, including:

  • Shanghai Stock Exchange
  • Shenzhen Stock Exchange
  • State-owned Assets Supervision and Administration Commission (SASAC), which will make XBRL filing mandatory for certain companies

Primary Contacts

For more information on China’s XBRL reporting system, contact:

Ministry of Finance (MOF)