The board of the Securities and Commodities Authority from United Emirates has suggested the implementation of XBRL by listed public joint stock companies and brokerage firms starting in 2014.
The board of directors of Securities and Commodities Authority (SCA) of United Emirates has approved a suggestion to make the implementation of XBRL compulsory on listed public joint stock companies and brokerage firms. They took this decision in view of the success recorded during the trial period and the benefits that the markets will be deriving from the implementation of the system.
United Emirates will implement this XBRL reporting system at the beginning of 2014. Therefore, in 2014 annual reports of the year 2013 will be announced in accordance with the new system. From this point brokerage firms will also be making disclosure of their:
- Financial statements
- Financial liquidity
- Segregation of accounts
- Financial liability reports.
All companies who will be subjected to the new system shall be notified in advance to give them enough time to prepare technically. Only by doing this, we can ensure successful implementation of the reporting system.
Source: SCA – Securities & Commodities Authority – United Arab Emirates
We remind that Reporting Standard software will be able to read and create reports on that taxonomy. We can ensure this since all XBRL software from Reporting Standard is 100% certified by XBRL International.