ADX has announced today that it has developed and enhanced its electronic financial disclosure system for financial statements (XBRL). The development of this system will ensure that ADX has strong and effective procedures to support listed companies, investors and securities dealers, as well as to enhance the principles of transparency and disclosure.
The improvement and development of the electronic financial disclosure system for financial statements (XBRL) is in line with the latest international practices in this regard, which the Exchange strives to maintain.
ADX has updated the tags of financial statements (Taxonomy) so that it is now more in line with the latest amendments to the International Financial Reporting Standards (IFRS). This development will enable financial investors and analysts to analyse the data in a more rapid and more efficient manner due to the programme’s ability to classify financial data in a way that allows comparisons, both vertically and horizontally, to accurately access in-depth analysis. It will also enable the issuance of many electronic reports that can be built on this data and through this system.
Commenting on the new developed electronic disclosure system, H.E. Khalifa Salem Al Mansouri, Chief Executive of ADX said: “This step is just part of a comprehensive range of development initiatives for the Exchange planned for 2020. He also stated that ADX adopted this initiative to promote programming flexibility in the country, an approach initiated since 2006, within ADX’s framework and planning to upgrade the Exchange’s infrastructure in line with international best practice.” His Excellency also pointed out that ADX was a major supporter in the formation of the XBRL UAE Committee in 2006. Furthermore, the market coordinated with the relevant authorities in 2009 to unify the flexible programming system language for the local markets, in order to achieve the maximum benefit from this system’s use.
In addition, ADX dispatched a circular to the listed companies, requesting them to use the current updated and developed system, as of Tuesday 4th February 2020, all the while starting to fill in the forms for audited annual financial statements for the year 2019. From this date companies are required to use this updated matrix of financial statements and the Exchange will provide technical assistance and support to the companies in this regard, to solve any enquiries about the new system.