CMA planning to launch XBRL disclosure portal

Muscat: The Capital Market Authority (CMA) is preparing to launch XBRL disclosure portal through organising introductory workshops for the regulated entities about the XBRL portal to enhance the regulatory infrastructure related to disclosure of issuers of securities, insurance companies and brokers in line with the Oman Vision 2040 to provide quality services through digital transformation.

XBRL is a globally recognised system for disclosure of financial and non-financial statements of the listed companies and funds to enhance transparency and efficiency in stock markets which reflects positively on the confidence of market participants.

The portal provides fast and safe disclosure technology as it provides unified concepts for financial information and disclosure elements allowing fast, accurate, timely and effective exchange of information in a comparable manner and provide the ability to conduct the required comparison, studies and analysis in an efficient electronic way and reduce audit period. 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.

CMA, in collaboration with IRIS Business Services Limited, will organise nine introductory workshops from February 8-14, 2021 for capital market institutions, pubic joint-stock companies, insurance companies and brokers, investment funds and the companies operating in the field of securities in addition to accredited audit firms.
CMA concluded the XBRL contract last year.