The first introductory workshop on XBRL portal was conducted yesterday.  The workshop organized by the Capital Market Authority for the regulated entities  was conducted via  Zoom on implementation of XBRL (Extended Business Reporting Language) for disclosure of financial and non-financial information and data of the issuers of securities and insurance companies and brokers in line with the objectives of Oman Vision 20410 to provide quality services  through digital transformation.

Mohammed Said Al Abri, Vice President for Capital Market said the workshop emphasizes our interest  to prepare for sound implementation of the XBRL portal, hence the idea of training the employees of accounting and finance in the  regulated entities as part of the  establishment phases of the XBRL portal and incorporating the same in the contract with the contractor  which is a practical exercise on the use of the portal and to acquaint with it to ensure sound and reliable use by all the relevant parties to launch the XBRL portal by the middle of  this year.

Al  Abri added that  XBRL  is considered  standard language  used globally for disclosure of both financial and non-financial information and data of the listed  companies and funds which would reflect positively on the standards of transparency and efficiency of the  financial markets  and consequently enhancing the  confidence of participants inside and outside Oman. The XBRL portal would provide safe and fast technology for disclosure reports as it standardizes the  concepts of financial information and disclosure elements for easy access by all the parties to furnish accurate, reliable and timely  financial information providing the ability to conduct the required comparison, studies and analysis in an efficient electronic way. 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 concluded last year XBRL portal contract and the work team is currently conducting training programs on the system.