The first introductory workshop on XBRL portal was conducted on Tuesday. The workshop organised by the Capital Market Authority (CMA) for the regulated entities was conducted via Zoom on implementation of XBRL (Extended Business Reporting Language) for disclosure of financial and non-financial information and data of the issuers of securities and insurance companies and brokers.
Mohammed Said al Abri, Vice President for Capital Markets, said: “The workshop emphasises our interest to prepare for sound implementation of the XBRL portal, hence the idea of training the employees of accounting and finance in the regulated entities as part of the establishment phases of the XBRL portal and incorporating the same in the contract with the contractor which is a practical exercise on the use of the portal and to acquaint with it to ensure sound and reliable use by all the relevant parties to launch the XBRL portal by the middle of this year.”
Al Abri added that XBRL is considered standard language used globally for disclosure of both financial and non-financial information and data of the listed companies and funds which would reflect positively on the standards of transparency and efficiency of the financial markets and consequently enhancing the confidence of participants inside and outside Oman.
The XBRL portal would provide safe and fast technology for disclosure reports as it standardizes the concepts of financial information and disclosure elements for easy access by all the parties to furnish accurate, reliable and timely financial information providing the ability to conduct the required comparison, studies and analysis in an efficient electronic way.
XRBL transfers financial statements and data using IFRS Taxonomies and coding readable by both reader and computers for easy access to the information therein and to compare the contents.
Last year, the CMA concluded a contract to set up the XBRL portal.