The Capital Market Authority will conduct trial sessions in preparation for the launch of XBRL portal for filing financial and non- financial information in August. To this end, CMA will organize a second set of introductory workshops on the XBRL during the period 3-5 August to ensure the representatives of the targeted companies   are aware of the system and will be acquainted with detailed knowledge on how to enter and file the data and reports.

The workshops will be conducted for listed companies and funds who disclose their financial statements through the website of Muscat Stock Exchange, and insurance companies, brokers and reinsurance companies not listed on the stock exchange as well as the companies operating in the field of securities and investment funds who disclose their financial data through the CMA’s portal. The workshops will be conducted via video conferencing.

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 had conducted 10 introductory workshops during the past period for the capital market and insurance sector institutions as well as meetings to acquaint all the stakeholders with the XBRL portal.