Muscat – The Capital Market Authority (CMA) joined the XBRL International in concurrently with the launch of XBRL platform.
XBRL International is a global not-for profit organisation which develops and maintains the XBRL standards and related specifications and prepare and issue XBRL taxonomies to upgrade and improve disclosure processes in the financial markets, a statement published on the CMA website said.
XBRL (extensible business reporting language) is the open international standard for digital business reporting.
This new partnership is part of CMA’s strategy to prepare an appropriate investment environment to enhance the performance of the capital market and insurance sectors through continued development of the legislative and technological systems related to disclosure of the issuers of securities and insurance companies.
It is in line with Oman vision 2040 to reach digital transformation which is a requirement to ease the services for all the parties as an important part of the national priorities.
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 firms, investment funds, the companies operating in the field of securities beside representatives of audit firms accredited by the CMA.