QSE today announced the launch of a unified electronic disclosure system project using XBRL language (Extensible Business Reporting Language) in Qatar Capital Market. The project, which is aimed at facilitating the disclosure process and serving all related parties, will make a paradigm shift in the disclosure of financial and nonfinancial data of the companies and it will develop the process of accessing all disclosures, and thus will improve the disclosure and transparency level in the market and increase the speed of access to the required information by investors and other interested parties locally and internationally.
An official source at the QSE said that as soon as the listed companies upload the related data on the electronic disclosure platform available on QSE’s website, all recipients can obtain the information published at the same time without delay.
Format standardization of data dissemination process would make it easier for academics, analysts and the financial community to use such data in an organized and easy manner in the preparation of their reports and analyses in accordance with international accounting standards.
The official source said that the proper rules regulating the disclosure process between the listed companies, the QSE and the regulator will be issued once the project is officially adopted by the regulator, so that all listed companies would be able to provide the QSE and the regulator with all financial and non-financial disclosures through uploading them on this platform. The source added that the QSE and QFMA will jointly conduct awareness campaigns and training sessions to introduce the new platform to the market.
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