Jordan Securities Commission mandates XBRL Disclosures
This week the Jordan Securities Commission (JSC) published draft details of their XBRL disclosure project, calling for feedback and comment from relevant stakeholders.
The Foundations Project obliges entities and agencies subject to the JSC’s control to solely disclose information in XBRL format via a new online system.
Designed to keep pace with international regulatory standards and best practices for disclosure and transparency, the project will improve confidence and access to information for investors, and strengthen the ability of the JSC to effectively monitor risk.
We, of course, fully support Jordan’s work in this area, joining with a rapidly growing number of peers around the world that have implemented digital, XBRL based disclosure reporting requirements. Jordan will not only make business data more accurate, transparent and usable for investors and regulators at home, but will also become more appealing for international investment via adherence to international best practice.
The JSC invites all concerned stakeholders to comment on the draft within two weeks of the publication date (7 June). Appropriate amendments may be made before the Foundations Project is adopted as final.
Details about the project can be found (in Arabic) here. Views and comments can be sent to Karasneh@jsc.gov.jo. Read more about the Foundation Project (in Arabic) here.