Taiwan’s Capital Market Embraces XBRL Technology
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The Taiwan Stock Exchange Corporation (TWSE) has implemented an electronic filing system for listed companies to submit their financial statements in a standardized format, using eXtensible Business Reporting Language (XBRL). This system aims to provide timely and transparent information to investors, while also reducing the complexity of financial reporting.
Required Documents
To file with the TWSE’s XBRL system, listed companies must submit instance documents in XBRL or Inline XBRL formats, accompanied by a PDF version. The required schema files include:
- Extension schemas
- Presentation linkbases
- Definition linkbases
- Calculation linkbases
- Label linkbases
- Reference linkbases
- Formula linkbases
Publicly Available Data
The financial data provided in XBRL format is publicly available, allowing investors to access and analyze the information easily.
IFRS Taxonomy
The TWSE’s XBRL reporting system is based on the International Financial Reporting Standards (IFRS) taxonomy issued by the International Accounting Standards Board (IASB). The local base taxonomy is partially based on the IFRS taxonomy and has been adopted in a way that is consistent with locally endorsed IFRS.
Scope of Coverage
The scope of XBRL filing/tagging covers various aspects of financial reporting, including:
- Face statements
- Notes and footnotes
- History and organization
- Date and procedures of authorization for issue of financial statements
- Disclosure of changes in accounting policies
- Summary of significant accounting policies
- And more
Future Plans
There are no current plans to extend the coverage of XBRL filing/tagging or implement IFRS for Small and Medium-sized Entities (SMEs) in the TWSE’s reporting system.
Contact Information
The Taiwan Stock Exchange Corporation and the Accounting Research and Development Foundation are primary contacts for further information on the TWSE’s XBRL reporting system.
Use by Other Bodies
At present, bodies in Taiwan do not use XBRL for purposes other than general-purpose financial reports.