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Taiwan Stock Exchange’s XBRL Project

Taiwan Stock Exchange’s XBRL Project. Li-Ning Chen Taiwan Stock Exchange 2009/06/24. Agenda. About TWSE Overview of Electronic Disclosure System Why XBRL Project Implementation Future Issues Taxonomy Development. About TWSE. About TWSE. Founded in 1961

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Taiwan Stock Exchange’s XBRL Project

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  1. Taiwan Stock Exchange’s XBRL Project Li-Ning Chen Taiwan Stock Exchange 2009/06/24

  2. Agenda • About TWSE • Overview of Electronic Disclosure System • Why XBRL • Project Implementation • Future Issues • Taxonomy Development

  3. About TWSE

  4. About TWSE • Founded in 1961 • TWSE is the primary equities market in Taiwan • Products : • Stocks, Warrants, ETFs, TDRs and Corporate Bonds • MSCI upgraded Taiwan to its watch list for Developed Market • One of the world’s most active securities markets

  5. About TWSE • Competitive edges: • Good P/E Ratio: 9.8x(2008), and 15.31x(2007) • High Share Turnover Velocity: Market turnover rate is 145.55%(2008), ranked 11th worldwide and 4th in Asia • Excellent Dividend Yield: 9.83%(2008) • Foreign Investment: Foreigners are major shareholders of many companies, such as TSMC(72.57%)*, Delta Electronics(67.27%)* * Data shown in parentheses were at the end of April, 2009

  6. Overview of Electronic Disclosure System

  7. Overview of electronic disclosure system Aim to reduce reporting burden and to enable data-sharing One-Stop Portal Investors Listed Companies

  8. Requirements of disclosure Filing via PDF, word copy of financial report with account items of 3 statements: Balance sheet Income Statement Cash Flow Statement(Summary)

  9. Why XBRL?

  10. Why XBRL?

  11. Project Implementation

  12. Pre-Project Milestone

  13. Organization of XBRL Steering Committee

  14. Road Map of XBRL Project The key is to promote wider understanding and acceptance of XBRL among investors, companies and public step by step

  15. Introduction of XBRL Service Demo Site • Cooperation with • Number of Companies：77 • 46 of companies from commercial & industrial industry: electronic, cement, food, plastic, textile and steel • 31 of companies from financial industry: banking and insurance • Year covered：2001~2008 • Financial Statements： • Balance Sheet • Income Statement • Cash Flow Statement • Implementation：By Converting existing data into XBRL format

  16. Function- Inquiry of Statements

  17. Function- Ratio Analysis

  18. Function- Multiple Companies Comparison

  19. Project Milestone The key is to reduce the cost and obstacles of listed companies by providing a free and user-friendly tool

  20. Future Issues

  21. Future Issues

  22. Taxonomy Development

  23. TW Taxonomy Development Process Financial Report Preparing Standard TW-GAAP Standardize Accounts & Account No. MOPS Other successful cases XBRL Team Feedback Conferences - taxonomy working group With accounting academics Public hearings Consult with CPA Firms

  24. Taiwan Taxonomy C&I Taxonomy Fh Taxonomy Basi Taxonomy Ins Taxonomy Bd Taxonomy Mim Taxonomy TW Taxonomy Framework

  25. Current Taxonomy Scope Balance Sheet multi-industry Income Statement multi-industry Statement of Stockholder’s Equity multi-industry Statement of Cash Flows multi-industry XBRL Specification v.2.1 & Dimension 1.0 Instance documents

  26. In the near future… • Already applying for taxonomy recognition and will be posted shortly • Footnotes – relatively simple now • Related-party transactions • Mortgaged assets • Endorsement disclosure • Accountant’s reports and other complementary disclosures • Company Extensions • Prepare for IFRS adoption in 2013

  27. Lessons Learned (1) • Key Successful Factors: Project Continuance Education & Communication Organization & Budget Taxonomy Technology Planning Elaboration Construction Inception 2006~2008 2008~2009 2009~2010 2004~2006

  28. Lessons Learned (2) • Pros and cons of “Free tools”: • Will reduce the preparer’s adoption cost • Will reduce software company’s incentive of investing in XBRL as well • Should be considered as a short-term vehicle

  29. Taiwan seeks for your supports… • Taiwan seeks to participate in XBRL International in order to both promote the adoption of XBRL in Taiwan and further contribute to the development of global reporting specifications and taxonomies. • We need your great supports, especially our friends from China.

  30. Li-Ning Chen Email: 1003@twse.com.tw Chi-Chun Chou E-mail：ccchou412@gmail.com Taiwan Stock Exchange http://www.twse.com.tw/en/ For further information:

  31. Taiwan Stock Exchange http://www.twse.com.tw/en/ For further information: Li-Ning Chen Email: 1003@twse.com.tw CCChou E-mail：ccchou412@gmail.com

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