Egyptian Exchange revolutionises financial transparency with XBRL

Posted on January 19, 2024 by Editor

The Egyptian Exchange (EGX) is set to roll out an ambitious new electronic trading system – not only to upgrade EGX’s technological infrastructure, but also introducing XBRL for electronic disclosure by 2025.

EGX is in the final stages of solidifying a collaborative agreement with Egypt for Information Dissemination (EGID) to introduce an electronic disclosure system leveraging the power of XBRL. The new approach will allow companies to prepare their financial and non-financial statements within the electronic platform.

The system will streamline the collection and categorisation of information, and introducing standards to build consistency and clarity in financial reports.

Next steps for EGX include selecting a company to implement the new system.

Adopting XBRL signals EGX’s commitment to fostering an environment that attracts more international investment by enhancing data accuracy and accessibility. Through this initiative EGX aligns with global best practice for financial reporting, and we look forward to seeing the positive impact of EGX’s modernisation on the Egyptian financial landscape.

Stay tuned for further updates as EGX’s XBRL evolution unfolds. Read more here.

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