Research On Application Of XBRL Network Financial Report In Chinese Enterprises

XBRL technology has been widely recognized and applied worldwide since 1998,when Charles Hoffman,a certified public accountant in Washington,USA,first proposed the concept of XBRL.October 2010,China's National Standardization Management Committee and the Ministry of Finance promulgated the XBRL technical specifications series of national standards and corporate accounting standards common taxonomy.The petrochemical industry,represented by PetroChina and Sinopec Corp.,actively promoted the implementation of the XBRL project in the industry.It not only completed the XBRL extended taxonomy on the basis of the general taxonomy,but also independently developed the XBRL system and generated the system automatically Financial Report Example Document.As China's first to participate in XBRL implementation and the first to develop XBRL extended classification standards of the industry,it is of great theoretical and practical significance to study the concrete process and practice of XBRL network financial report in the petrochemical industry,to sum up its successful experience and shortcomings,to further improve the general classification standard of our country,and to promote the smooth promotion of XBRL technology in other industries.In recent years,although the XBRL application of the growing research,but specific to a particular industry research is relatively small.Research results are not targeted.This article uses normative research method and case study method research method.Firstly,based on the basic theoretical analysis of XBRL,this paper analyzes the basic concepts and technical framework of XBRL,namely XBRL specification,XBRL taxonomy and XBRL instance document,so as to further analyze the theoretical basis of XBRL application.Secondly,the petrochemical industry as the research object,its XBRL application background,application profiles and key processes in-depth analysis,focusing on the successful experience of petrochemical industry taxonomy expansion,using the combination of hierarchical structure of member element expansion and monetary element expansion,the industry extension taxonomy expands to the enterprise expansion taxonomy.Then,from the technical talent,government support,business applications and stakeholders to explore the internal and external constraints of petrochemical industry,the main issues are that industry taxonomy are still to be improved,lack of relevant technical personnel,lack of government research and development promotion,inadequate network security mechanism and lack of guidance on information users.Finally,the paper puts forward some suggestions on how to improve the XBRL application level of the petrochemical industry,including the continuous improvement of the XBRL industry taxonomy,the emphasis on the skills cultivation of the practitioners,the support of relevant government departments,the construction of multi-level network security system and the popularization of information users.Through the petrochemical industry XBRL application case analysis can draw the following conclusions: First,the application of XBRL can bring advantages for the enterprise.Because XBRL can not only reduce the cost of enterprise information processing,but also can improve the accuracy and timeliness of financial reporting information disclosure,in addition,the application of XBRL to facilitate enterprise financial analysis and business management.Second,the quality of the classification criteria has a significant impact on the level of XBRL application.XBRL network financial report generation depends on the development of classification standards,as a pioneer in the domestic application XBRL,petrochemical industry in the classification of standard expansion has accumulated valuable experience.Third,government support and guidance is a key factor in the successful application of XBRL.Whether it is the development of classification standards or XBRL application promotion,are inseparable from the relevant government departments to help and guide.In summary,the petrochemical industry XBRL project implementation is successful,XBRL can bring advantages for the enterprise,the petrochemical industry successfully applied XBRL experience can also provide some reference for other industries.