Introduction of XBRL disclosure in Oman progresses apace as stakeholders meet
In more implementation news, we bring you an update from Oman, where progress towards XBRL-based reporting is well advanced and a series of stakeholder meetings is set to offer valuable training, discussion and feedback.
Oman’s Capital Market Authority (CMA) and its stock exchange, the Muscat Securities Market (MSM), are preparing for the launch of an XBRL disclosure platform, commissioned in August 2020, for reporting of both financial and non-financial information. All issuers listed on the MSM or licensed with the CMA will be expected to use the new electronic filing system, which aims to be secure, easy and fast. The project has developed taxonomies for Oman’s different industry segments, based on the International Financial Reporting Standards (IFRS) taxonomy, which are now out for review by audit firms and reporting companies for their comments and suggestions.
During 8–14 February CMA will be holding a series of interactive sessions with different stakeholders to discuss the taxonomies and how the new system will work. This kind of engagement is a proven best practice, garnering feedback, fostering understanding and creating awareness in the shift to digital reporting.
Greater transparency and comparability of data will not only make life easier for companies and regulators but should also help boost the visibility of the market for international investment. We’ll be following Oman’s transition to XBRL with great interest as the year advances – watch this space!
Find out more here.