Local Business

SCA highlights features of XBRL

Staff Report
Filed on June 6, 2013

The Securities and Commodities Authority (SCA) has highlighted the features of the XBRL system to boost corporate governance and transparency.

XBRL (eXtensible Business Reporting Language) is a freely available and global standard for exchanging business information.

Speaking at a workshop for representatives of market regulators from GCC, Mohammed Al Hadari, SCA deputy CEO for organisation and support services, called for the setting up of a special XBRL committee at the GCC level and offered the UAE’s services to share its experience.

The SCA showcased its rich experience in XBRL during the workshop, which was attended by representatives of the GCC secretariat as well as those from the Qatar Financial Center Regulatory Authority and the central banks of Qatar and Bahrain.

The workshop highlighted how the XBRL system, which is being used by many of the advanced international markets, can add value to GCC markets, in terms of enhancing their transparency by facilitating the release of financial statements and boosting corporate governance, to attract long-term corporate investments.

Al Hadari, who is the chairman of XBRL–UAE, said in his keynote address that the aim of organising the workshop is to gather research and analyse the vital role XBRL plays in enhancing transparency in financial markets and in facilitating sound decision making.

He said its vitality was not limited to the financial markets alone but goes further to include monetary markets, banking and all other bodies related to preparing and analysing financial statements, like the central banks, banks and auditing firms.

Tony Fragnito, CEO of the XII, said XBRL is the predominate standard in business information processes which communicate economic information by 2015.He noted the UAE was the first in the region to adopt and implement the XBRL system, to issue reports on financial adequacy and corporate governance.

— haseeb@khaleejtimes.com

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