KUWAIT, April 30 (KUNA) -- Capital Markets Authority (CMA) will start applying an eXtensible Business Reporting Language (XBRL) to have an easier task practicing its supervisory role of the Kuwait Stock Exchange (KSE).
XBRL is a global standard for exchanging financial information between business systems, CMA said in a press statement on Saturday.
XBRL uses standardized tags in order to deliver computer readable financial information. These communications are defined by metadata set out in taxonomies. Metadata main purpose is to facilitate in the discovery of relevant information while the taxomonies classify data and find its roots.
Using XBRL will provide an electronic disclosure system that reveals, with transparency, all financial and non-financial disclosures of companies listed on the KSE.
Applying XBRL is part of CMA's continuous attempts to improve the financial sector, achieve sustainability, increase the capital, regulate and develop the capital market, and protect the rights of investors in Kuwait through providing a supervisory system.
XBRL will make it easier to unify all financial reports in a timely fashion, with utmost precision and fairness to all concerned parties.
The XBRL organization is considered a not-for-profit organization. It includes about 600 entities and organizations from public and government sectors around the world.
Last year, CMA joined XBRL international as part of its efforts to play its full role, achieve the principles of transparency and integrity, and to keep up with the best international practice and international developments related to its work. (end)