Muscat: The Capital Market Authority (CMA) joined the XBRL International concurrently with the launch of the XBRL platform as part of the CMA’s strategy to prepare for 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 in line with the 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 not-for-profit organisation that 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. It 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 the disclosure process in the capital markets to enhance the accuracy of the financial data and avail to the investors on a timely basis.
It is worth noting that 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 the 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 and representatives of audit firms accredited by the CMA.