Source: Xinhua Finance
Xinhua Finance (Tokyo Mothers: 6399), China's premier financial services and media company, is set to play a major role in the expansion of the international business reporting language XBRL (eXtensible Business Reporting Language) to the China market through its U.S. subsidiary Mergent, Inc.
Xinhua Finance is to become the first XBRL Direct Participant Member in China and will be working with regulatory authorities and major financial institutions in the development of Chinese XBRL rules. It will benefit from Mergent's expertise in XBRL, which is already used throughout Mergent's databases and services.
XBRL is becoming a fundamental financial reporting standard, and the inclusion of the growing financial power of China within the XBRL community is an important step to making XBRL the definitive global financial reporting system.
Jonathan Worrall, Mergent's CEO, said Xinhua Finance and Mergent are well placed to provide data presented in accordance with XBRL standards. "As a leader in the global corporate and financial data marketplace, Mergent is in a unique position to help introduce new data delivery and standardization technologies such as XBRL to important major markets," Mr. Worrall said. "In the case of China, thanks to our unique access to that market, we in fact have a particular responsibility to do so."
The combination of Mergent's expertise with Xinhua Finance's China information and access resulted last month in the launch of the China Insight online database service, which combines the most detailed China listed company database with exclusive news and ratings information, all within one integrated platform using software developed by Mergent Inc, the global business and financial information provider that Xinhua Finance acquired last year.