Turkey Launches XBRL Based Public Disclosure System
Turkey’s Central Securities Depository has officially launched its updated Public Disclosure Platform (known by its Turkish acronym KAP) for the filing of IFRS based financial statements and other material facts by listed companies on the Borsa Istanbul stock exchange to the Capital Markets Board. The XBRL based system allows for more usable data, multi-language support, information on corporate actions and straight through processing, using electronic certificates.
In addition to Borsa Istanbul companies and ETFs, investment firms, mutual funds, pension funds, foreign funds and portfolio management companies may submit using the KAP. In total, the system covers over 600 companies. Information is shared in real time both online and through 19 data vendors. There is also an electronic archive which allows low cost access to historical information.
This is the evolution of a reporting system begun in 2011. A number of other Turkish Ministries have active XBRL projects and there is a planned move to SBR in the future. Collected data is available on the new KAP website www.kap.org.tr. There is full service in English as well as Turkish.