Oman announces XBRL Disclosures Platform

Posted on August 28, 2020 by Editor

Oman is gearing up to join the many markets around the world who have embraced digital, machine-readable disclosures.

In August, Oman’s Capital Market Authority (CMA) and the stock exchange, the Muscat Securities Market (MSM), announced that they have commissioned a new XBRL disclosure platform in order to introduce XBRL reporting of financial and non-financial information. The planned XBRL implementation will be based on the International Financial Reporting Standards (IFRS) taxonomy and will apply for all issuers listed on the MSM.

The CMA is hoping to enhance investing by building a portal into the disclosure platform that will allow analysts to take a deep dive into the newly available digital data. The platform will enable comparison across categories such as companies and sectors, and it will be possible to generate custom reports that can help investors make decisions.

It’s great to see Oman introducing XBRL disclosures. As we’ve seen in past implementations, mandating machine-readable data is a fantastic way to increase local business transparency and encourage international investment.

Further details will be released in due course. Read more here.

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