CMA Joins XBRL International and launches XBRL Platform

The Capital Market Authority joined the XBRL International in concurrently  with the launch of XBRL platform as part of the CMA’s strategy to prepare  for appropriate investment environment to enhance the performance of the capital market and insurance sectors through continued development of the legislative and technological systems related to disclosure of the issuers of securities and insurance companies in line with the Oman  vision 2040  to reach digital transformation which is a requirement to ease the services for all the parties as an important part of the national priorities.

XBRL International is a global not-for profit organization which develops and maintains the XBRL standards and related specifications and prepare and issue XBRL taxonomies to upgrade and improve  disclosure processes in the financial markets. It is a global consortium of approximately 650 public and private organizations working together to support the collection, sharing  and use of financial data based on XBRL language to upgrade the efficiency of disclosure process in the capital markets to enhance the accuracy of financial date and avail to the investors on timely basis.

It is worth to note that the CMA had earlier organized introductory sessions on XBRL reports in collaboration with the IRIS  Business Services Limited, the project contractor. The workshops were attended by capital market and insurance institutions and related parties such as the public joint stock companies, insurance companies, investment funds, the companies operating in the field of securities beside representatives of audit firms accredited by the CMA.