The board of directors of Securities and Commodities Authority (SCA) has approved a suggestion to make the implementation of XBRL compulsory on listed public joint stock companies and brokerage firms in view of the success recorded during the trial period and the benefits the markets will be deriving from the implementation of the system.   

The XBRL system will be implemented from beginning of 2014, when the annual reports of the year 2013 will be announced in accordance with the system, while brokerage firms will also be making disclosure of their financial statements, financial liquidity, segregation of accounts and financial liability reports. All companies who will be subjected to the new system shall be notified early to allow them enough time to prepare technically for successful implementation of the system.

Source: SCA – Securities & Commodities Authority – United Arab Emirats