Project Scope

• CMA in this implementation has adopted the IFRS Taxonomy 2020 to design the Taxonomies for the different industries.
• All listed and licensed companies are required to report data using this new platform
• The Industry segments have been finalized IRIS and Deloitte Oman, It is now being made open to Audit firms and Companies for their comments and suggestion.  

The Scope of the taxonomy will be as follows:

• Reporting Entities – The reporting entities will be classified in following categories :
  
  • SAOG
  • SAOC/LLC/Branches of foreign entities
  • Investment Funds

• Filing Frequency
  
  • Annual: The Financial Statement including notes and report of auditors will be filed annually.
  • Quarterly: The Financial Statements in an abridged form with auditor’s review will be filed on quarterly basis.

• IFRS Taxonomy – The latest 2020 IFRS taxonomy is used as a base for developing the CMA taxonomy. 

Reference to the latest IFRS taxonomy can be accessed via the following link. https://www.ifrs.org/issued-standards/ifrs-taxonomy/ifrs-taxonomy-2020/

• Bilingual Taxonomy – The taxonomy contains the Arabic translations for labels and documentations for all concepts.
• Consolidated and Standalone Reporting – Using the taxonomy, the filers will be able to report the financial information at the consolidated level as well as Standalone level.

• The proposed solution consists of the following components included in the XBRL Implementation:

The Type of Entities those will be submitting their filings on XBRL E-Filing Platform are depicted below:

Authoring Tools

The tools that would be made available to the Filers of the Entities to create the XBRL File with the respective XBRL based Taxonomy templates specific to each Entity’s industry classification are as follows:

• Offline tool (iFile Client Tool) an Excel based Desktop Tool designed for generating the XBRL based taxonomy templates would be available for creating the XBRL file
• Online tool (iFile Web Tool) where in the forms consisting of the taxonomy elements in the templates would be populated as per the answers to the scoping questions filled by the Filer.
• API Integration with XBRL System : The entities using third party tools for preparing financial statements now can integrate with the XBRL system via API, thereby converting the their financial filing data into XBRL filing.

XBRL E-Filing platform (iFile Web Portal)

• The companies can access this website and upload the XBRL File (Instance documents) created using the Authoring tools or from the API integration methodology.
• The inbuilt validation engine would ensure the data submitted in the XBRL File (Instance document) is complied with XBRL and the Business rules as defined by the regulatory authorities.
• The audited Financials submitted by the filers will also be verified by the Auditor associated with the Company on this system.
• Rendering & data export is also available on the system, to achieve the visibility of the XBRL File in a human readable format.
• The option to submit the unaudited Preliminary Filing will also be available for the Filers.
• The Non-Financial Disclosures will be available on the portal in a standardized format. The filers can select the disclosure from the list and complete the disclosure submission by filling the mandatory details.

Users for the XBRL E-Filing platform

• Filers of the Entities Listed on MSM
• Filers of the Entities Licensed with CMA
• Auditors(Partners) of the Accredited Audit Firms
• Regulators (CMA, MSM)

Analytics Platform

• The data collated in the standardized format will be available for analysis to perform fundamental research on Listed and Licensed Companies
• This would also include Market Data from MSM categorized as per the sector , subsector classification
• Enhanced comparable reports with graphical representation will be available for better visibility of the data.