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Source: Business Wire / Digital Media Asia
Date published: 31 Jul 2008
Reporter: Parthajit

News Article:
The Taiwan Stock Exchange has informed that it is proactively constructing the eXtensible Business Reporting Language (XBRL) demonstration platform, which is scheduled to be completed by the end of 2008.

The construction of the platform is part of the Taiwan Stock Exchange's efforts to establish a system for the public disclosure of stock market information in line with international standards. The platform will also be aimed at enhancing the quality of the disclosure system, it was disclosed.

The Taiwan Stock Exchange said that at present it has the Market Observation Post System (MOPS), a platform for listed companies to make public information and investors to search for information.

The MOPS has Web sites in both Chinese and English. Its English Web site provides information on warrants, ETF, market information, listed company profiles, annual dividends, the structure of stakeholders, detailed process of capital formation, financial forecasts, financial statements, and financial analysis data.

In addition, when major events occur, listed companies that issue securities overseas are required to simultaneously provide relevant information and explanation in English. The MOPS also allows investors to learn about information updates of listed companies in Taiwan.

The XBRL enables listed companies to use a standard language to report financial statements and other related information. With the XBRL, the Taiwan Stock Exchange seeks to enhance the transparency and flow of information about businesses' financial statements as well as provide accurate, real-time, and complete information to investors around the globe.

Influences:
The extent of our reliance of ICT in our daily lives is incredible. From our finance to medical systems, ICT has played a huge role in increasing efficiency while providing stability. New technologies in ICT have been developing at a very quick pace where very advanced systems may well be redundant in just a decade. Nations and economies advance as a result of ICT development, but are the citizens and the general population benefiting as well?

Dilemmas:
Is this increase in pace beneficial for our lives? Does this constant advancement create a highly stressful lifestyle where competition is the norm? Is this intense competition for being the first to bring out new technology healthy for our society in the long run? People living and working in developed nations are constantly faced with a demanding lifestyle, with the distinction between private and work time getting confused as days pass by. Executives are now expected to carry their blackberries everywhere they go and be contactable, even on holidays. Our society advances, but is it at the cost of compromising our personal lifestyle?

Personal opinion:
I want to comment on the reporter for this article. The profile of the reporter is shown in the article itself. However, there was no attempt made by him to acknowledge that he was not the original writer of the article. The original source of this article seems to be "Business Wire". Not only that, Digital Media Asia goes on to acknowledge him as the writer of the article by citing his name along with the date published. To make matters worse, the reporter has removed the last line of the originally published article that reads "Please visit the MOPS at: emops.tse.com.tw/emops_all.htm." Was he trying to claim other people's work as his? I am not sure, but the integrity of this reporter is questionable.

I believe this is highly unprofessional as a reporter and I do not encourage this practice. Sources should be clearly cited because the original publishers deserves to be acknowledged.


References:
Taiwan Stock Exchange to complete XBRL platform by end of 2008 - http://www.digitalmediaasia.com/default.asp?ArticleID=32453
Accessed on 05 Nov 2008

Taiwan Stock Exchange to complete XBRL platform by end of 2008 - http://www.reuters.com/article/pressRelease/idUS117449 31-Jul-2008 BW20080731
Accessed on 05 Nov 2008

1 Comment

  1. This could be a boon for investors who rely alot on gathering the right market information.