KUWAIT, Jan 14 (KUNA) -- The implementation of the national project for e-filing of financial statements, (Qayd), is a significant shift in the mechanism of submitting and analyzing the financial statements, Minister of Commerce and Industry Khalifa Al-Ajeel said on Wednesday.
The project also seeks to boost oversight efficiency and the quality of financial data at the national economy level, Al-Ajeel added in a press statement on the announcement of this step.
The step depends on applying the global XBRL standard, thus enabling a shift from handling traditional documents to structured digital financial data that can be instantly analyzed, it noted.
It contributes to accelerating review and approval procedures, unifying disclosure standards, and easing procedural burdens on companies.
He noted that the optional implementation phase of the project began as of January 1, and it includes free-zone companies, single-person companies, simple limited partnership companies, and joint-stock companies.
It represents an expansion of a successful national experience in e-disclosure and aims to unify the mechanism for filing financial statements through a single digital platform, thus improving business environment, boosting transparency, and raising compliance efficiency Implementing the project will be done in line with transitional phases that ensure the readiness of firms and audit firms, with mandatory implementation of the system set to begin in 2027, the minister said.
He expected that the project would help lessen time required to approve financial statements, improve data quality, and establish a national financial database that boosts economic analysis and decision-making. (end) km.hm