July 16, 2024

ABU DHABI Securities Exchange (ADX) Builds up an Electronic Financial Disclosure System For Financial Statements (XBRL)

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The improvement and advancement of the electronic money related revelation framework for fiscal reports (XBRL) are per the most recent global practices right now, the Exchange endeavors to keep up.

ADX has declared today that it has created and upgraded its electronic budgetary revelation framework for fiscal reports (XBRL). The improvement of this framework will guarantee that ADX has solid and successful systems to help recorded organizations, financial specialists and protections sellers, just as to upgrade the standards of straightforwardness and exposure.

The improvement and advancement of the electronic budgetary exposure framework for fiscal summaries (XBRL) are following the most recent universal practices right now, the Exchange endeavors to keep up.

ADX has refreshed the labels of fiscal summaries (Taxonomy) so it is presently more in accordance with the most recent alterations to the International Financial Reporting Standards (IFRS). This advancement will empower money related speculators and examiners to break down the information in a progressively fast and increasingly productive way because of the program’s capacity to group budgetary information in a manner that permits correlations, both vertically and on a level plane, to precisely access top to a bottom investigation. It will likewise empower the issuance of numerous electronic reports that can be based on this information and through this framework.

Remarking on the new evolved electronic exposure framework, H.E. Khalifa Salem Al Mansouri, Chief Executive of ADX stated: “This progression is simply part of a thorough scope of improvement activities for the Exchange made arrangements for 2020. He likewise expressed that ADX embraced this activity to advance programming adaptability in the nation, a methodology started since 2006, inside ADX’s system and intending to redesign the Exchange’s foundation under universal best practice.”

His Excellency additionally called attention to that ADX was a significant supporter in the development of the XBRL UAE Committee in 2006. Besides, the market facilitated the significant experts in 2009 to bring together the adaptable programming framework language for the nearby markets, to accomplish the most extreme profit by this present framework’s utilization.

Likewise, ADX dispatched a roundabout to the recorded organizations, mentioning them to utilize the current refreshed and created a framework, as of Tuesday fourth February 2020, at the same time beginning to fill in the structures for evaluated yearly budget summaries for the year 2019. From now, organizations are required to utilize this refreshed framework of fiscal summaries and the Exchange will give specialized help and backing to the organizations right now, explain any inquiries about the new framework.

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