XBRL Asia (Asian-Oceanian) Roundtable Joint Statement
The 4th XBRL Asia Roundtable was held in Suzhou during which cooperation and coordination of XBRL in the region was discussed and the establishment of an organization, XBRL Asia (tentatively named), was proposed. The proposal was jointly supported by XBRL Australia, China, India, Japan, Korea and Singapore.
- The region (Asian-Oceania region), as an important engine for global economic growth, has played and will continue to play an important role in response to the international financial crisis and in restoring the global economy. XBRL jurisdictions in the region shall, in the public interest, coordinate their positions and strengthen cooperation with constituents to contribute to the capital and financial markets transparency as well as facilitate business reporting in the region.
- In recent years, many jurisdictions in the region have adopted or applied the Extensible Business Reporting Language and many others are also preparing to introduce XBRL. In the context of increasingly globalized information technology, XBRL jurisdictions in the region have continued and will continue to cement relationships. It is appropriate for XBRL jurisdictions in the region to consider establishing a mechanism more systematic and institutional to discuss problems, share experiences in applying XBRL and make a contribution to a set of high quality global XBRL specifications issued and maintained by XBRL International (XII).
- The region features a large population, abundant resources, as well as co-existing developed and emerging economies. A regional coordination in participations in XII’s specifications development will help the XII to realize the various kinds of requests relating to technical and specification matters in the region and enhance the XII’s leadership as a global IT standard development organization.
In view of this, participants discussed issues related to enhance cooperation and coordination of XBRL in the region and the possible establishment of XBRL Asia (tentatively named). Participants agreed that further dialogue and negotiations are needed in establishing a more robust mechanism, such as XBRL Asia, to promote the application of XBRL in the region, share XBRL application experiences among jurisdictions and members of the region, facilitate improved transparency in business reporting, coordinate positions of jurisdictions and members in the region in participations in XII’s specification development and support XII’s effort to establish a set of high quality global XBRL specifications.
Mr. Mike Willis, the representative of XII, acknowledged and Mr. Olivier Servais, director of XBRL activities of the International Accounting Standards Board (IASB), applauded the proposal of establishing XBRL Asia.