MUSCAT: The Capital Market Authority (CMA) has formally joined the XBRL International — a global not-for profit organization which develops and maintains the XBRL standards and related specifications.
At the same time, the Authority announced the launch of the XBRL platform as part of its strategy to enhance the investment appeal of capital market and insurance sectors in line with the digitalization objectives of the Oman Vision 2040.
XBRL International is a global consortium of approximately 650 public and private organisations working together to support the collection, sharing and use of financial data based on XBRL language to upgrade the efficiency of disclosure process in the capital markets to enhance the accuracy of financial date and avail to the investors on timely basis.
The CMA had earlier organised introductory sessions on XBRL reports in collaboration with the IRIS Business Services Limited, the project contractor. The workshops were attended by capital market and insurance institutions and related parties such as the public joint stock companies, insurance companies, investment funds, the companies operating in the field of securities beside representatives of audit firms accredited by the CMA.
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