8th XBRL Asia Roundtable held as a joint program with Asian Development Bank (ADB)
The 8th XBRL Asia Roundtable was held as a joint program with the Asian Development Bank (ADB) in Manila, Philippines in the second week of October. Day one of the program started with a launch of ASEAN+3 Bond Market Guide for Philippines and updates from ASEAN+3 Bond Market Forum (ABMF). The meeting deliberated on different facets of the development of bond markets like Asian Bonds Online, account structure and tax framework. Attendees also heard about a case study of ISO20022 implementation by Singapore Exchange.
At the XBRL Asia Roundtable, delegations from Reserve Bank of India, Indonesia Stock Exchange and Securities Commission Malaysia shared updates on their current XBRL implementations and future roadmaps. Mr Yoshiaki Wada presented the Japanese government’s POC on Environmental Report on XBRL. XBRL vendors talked about their offerings which included products, implementation services and consulting.
The Securities Commission in the Philippines reported that they have been evaluating the feasibility of implementing XBRL for their reporting and are now going to start the procurement of external technical expertise to help launch their XBRL project.
National Bank of Cambodia, shared that they are eager to start on XBRL implementation for their project, but are still working through the steps prior to launch, including addressing concerns regarding the technical expertise, size and timing of the project.
Prof Cindy Yoshiko Shirata from Education Committee XBRL Japan had shared her research paper on measuring profitability from Return on Equity (ROE) for Japanese Companies. She said that XBRL data is available in Japan for the last 10 years, which greatly simplified analysis. XART provided a platform to share ideas and updates in an open and informal way.
On Day 3 ABMF and XBRL Joint workshop on data exchange was organised. John Turner, CEO, XBRL International spoke about the role of XBRL International in standardization and global trends in data management. Mr Satoru Yamadera Principal Financial Sector Specialist, ADB emphasised the importance of standardization for efficient data exchange. Attendees heard about XBRL implementation case study from FDIC in the US , the Bank of England, the Reserve Bank of India, the Indonesia Stock Exchange and the Securities Commission Malaysia. They also heard about the different European mandates for standards-based data collection.
The three-day workshop was extremely useful, with a wider audience to whom XBRL was introduced. Thank you to everyone from ADB for making the event possible and to Yoshiaki Wada, Chair of the Asian Roundtable, for all of his work in making the event a success.
Members can access a detailed report of the three day program here