2015 Version Of XBRL General Classification Standard Evaluation

The operation of the capital market is inseparable from the financial information disclosed by the company.However,the traditional PDF and HTML formats are not capable of marking unstructured languages.Moreover,these formats are not convenient for batching extraction and analysing data.As a result,it will reduce the efficiency regarding to users.Therefore,the XBRL format financial reports emerged which can be read,identified,processed,and analyzed in batches by computers.In 2010,the Ministry of Finance of the People’s Republic of China promulgated a standard application to the entire industry to regulate and guide enterprises in terms of the early preparation of financial statements of XBRL format.Additionally,the industry expansion taxonomy for the oil and gas industry and banking industry is also Promulgated in 2011.In 2015,the Ministry of Finance issued a new general classification standard.This article evaluates the 2015 general classification criteria from four aspects: inheritance and innovation,completeness,efficiency,and comparability.As regarding to Inheritance and innovation,this article evaluated by comparing the petroleum and natural gas components of the 2011 oil and gas industry’s extended taxonomy and the 2015 universal taxonomy.There are three differences to be concluded by comparing 2015 and 2011 editions: changes resulting from the revision;changes resulting from the revision of the IFRS taxonomy;and wether there are "general practice elements of financial reporting" included.In terms of completeness and efficiency,by comparing the financial reports of the three sample companies PetroChina,Sinopec and Shenneng and the 2015 general classification standard,the coverage of the 2015 general classification standard was 78.86%,indicating that the integrity needs to be improved,especially the notes,there are some elements that are relatively high in using corporation practices.The utilization rate of the 2015 general classification standards is identified as 48.56% which shows the exist of large number of redundant factors.In terms of comparability,the 2015 General Taxonomy and IFRS Taxonomy are basically the same regarding to information module design concepts,architecture design ideas,and element relationship design ideas.In the perspective of business logic level,the source of information,modular information,module integration,attributes,attribute ranges,and granularity of information are identified to be slightly different from each other.