The Study Of XBRL Taxonomy

The concept of XBRL which is based on the language of XML is firstly proposed in 1998 by Charles Hoffman who is a certified public accountants in the United States. XBRL compared with financial reporting means has certain advantages. Its advantages mainly reflected in four aspects. It can achieve interoperability and reuse of financial information. It can reduce the formation and transformation of financial information costs. It can improve the reliability of financial information and relevant. It can be a free exchange of financial information. It can achieve the financial information in different software freely switch.China was in touch with XBRL in 2003.The Shanghai Stock Exchange announced the start of the company’s information disclosure based on XBRL information. On October in 2008, the Ministry of Finance and the National Standardization Management Committee were released on Accounting Standards general taxonomy of XBRL and XBRL technical specifications national standards. On December 16 th in 2011, China’s Ministry of Finance according to the commonality of oil and gas industry in the financial reporting information, formulated the expansion of the oil and gas industry classification standard based on the general classification criteria.Standard Industrial Classification extended to improve the completeness, accuracy and comparability. It meets the demand for voluntary disclosure of corporate information. It can improve the quality of information disclosure. At present, the oil and gas industry has developed its own extension taxonomy. Other industries in order to improve the quality of reported accounting information to better meet the needs of internal and external users of information, the development of the industry extension taxonomy is imperative.This paper uses the methods of standard research and case studies. Firstly the paper analyze the basic theory of XBRL, XBRL taxonomies, taxonomy hierarchy extensible framework and methods for analysis. Then the paper compared the taxonomy of oil and gas industry with the general extension taxonomy. Secondly the paper has studied the extended frame and extended methods on oil and gas industry. The extended frame on oil and gas industry is indirect expansion method with the mode of common priority. The extended methods are expansion elements and extended between elements.Finally, the paper get the conclusion that it is necessary to extend the industry classification standard. Then combined with the findings of research findings and the status of implementation of XBRL, the paper proposed some suggestions on the XBRL taxonomy in more industries, such as establishing the XBRL organization by industry and developing a reasonable selection criteria.