The Qatar Stock Exchange (QSE) has rolled out its ‘Q-Disclosure’ platform in a move towards single global electronic financial reporting standard, allowing more efficient retrieval and analysis of financial information.
The XBRL (Extensible Business Reporting Language) system is expected to be mandatory for the listed companies after the third quarter of 2020.
Qatar, through an initiative supported jointly by the QSE and the Qatar Financial Markets Authority, is preparing to implement an XBRL-based reporting and disclosure system, covering both financial statements (annual, semi-annual and quarterly) and non-financial disclosures (including but not limited to corporate announcements, corporate actions and other regulatory announcements).
XBRL is the result of a move towards a single global electronic financial reporting standard, allowing more efficient retrieval and analysis of financial information. The standard was developed by an international non-profit consortium of over 650 major companies, and government agencies and adopted by accounting standards bodies, regulators, and banks around the world.
"QSE intends that over time our listed companies will meet the growing need for investor-friendly data that is machine-readable to ensure our market provides information on an equivalent basis to leading global exchanges," its chief executive Rashid bin Ali al-Mansoori told the first training session for listed firms on using XBRL system.
He highlighted that XBRL is either in mandated or in voluntarily use in an increasing number of countries like Australia, Canada, China, France, Germany, Korea, Spain, Sweden, Singapore, the UK, India, Brazil, Japan and the US.
In line with the XBRL adoption, the QSE has developed an integrated solution within its Q-Disclosure platform that standardises the information provided in face financial statements and also non-financial disclosures.
The system will be a web-based solution, available in Arabic and English, fully aligned with IFRS and designed with sector specific taxonomy for banks and financial services, insurance (commercial and Islamic), real estate and other (to cover consumer, industrials, telecoms and transportation).
The QSE has completed the development work and are now in the early stages of the ‘testing’ and ‘pilot’ phases, which we expect to run through until July 2020.
"We have begun the training and it is envisaged UAT (user acceptance testing) will take place with listed companies and auditors in batches between November 2019 and June 2020," QSE listing director Abdul Aziz al-Emadi said.
In line with roll-out phases around the world, to ensure all stakeholders are ready to use the Q-Disclosure platform and in the meantime ensure ongoing market-integrity," we expect the Q-Disclosure Platform will not become mandatory for all listed companies until Q3 2020," he added.
Al-Mansoori said adoption (of Q-Disclosure) by listed companies will improve the transparency and utility of companies’ financial information whilst investors will have access to more reliable information in a form that is beneficial to the analysis, analytical coverage and understanding of the market.
Qatar, through an initiative supported jointly by the QSE and the Qatar Financial Markets Authority, is preparing to implement an XBRL-based reporting and disclosure system, covering both financial statements (annual, semi-annual and quarterly) and non-financial disclosures (including but not limited to corporate announcements, corporate actions and other regulatory announcements).
XBRL is the result of a move towards a single global electronic financial reporting standard, allowing more efficient retrieval and analysis of financial information. The standard was developed by an international non-profit consortium of over 650 major companies, and government agencies and adopted by accounting standards bodies, regulators, and banks around the world.
"QSE intends that over time our listed companies will meet the growing need for investor-friendly data that is machine-readable to ensure our market provides information on an equivalent basis to leading global exchanges," its chief executive Rashid bin Ali al-Mansoori told the first training session for listed firms on using XBRL system.
He highlighted that XBRL is either in mandated or in voluntarily use in an increasing number of countries like Australia, Canada, China, France, Germany, Korea, Spain, Sweden, Singapore, the UK, India, Brazil, Japan and the US.
In line with the XBRL adoption, the QSE has developed an integrated solution within its Q-Disclosure platform that standardises the information provided in face financial statements and also non-financial disclosures.
The system will be a web-based solution, available in Arabic and English, fully aligned with IFRS and designed with sector specific taxonomy for banks and financial services, insurance (commercial and Islamic), real estate and other (to cover consumer, industrials, telecoms and transportation).
The QSE has completed the development work and are now in the early stages of the ‘testing’ and ‘pilot’ phases, which we expect to run through until July 2020.
"We have begun the training and it is envisaged UAT (user acceptance testing) will take place with listed companies and auditors in batches between November 2019 and June 2020," QSE listing director Abdul Aziz al-Emadi said.
In line with roll-out phases around the world, to ensure all stakeholders are ready to use the Q-Disclosure platform and in the meantime ensure ongoing market-integrity," we expect the Q-Disclosure Platform will not become mandatory for all listed companies until Q3 2020," he added.
Al-Mansoori said adoption (of Q-Disclosure) by listed companies will improve the transparency and utility of companies’ financial information whilst investors will have access to more reliable information in a form that is beneficial to the analysis, analytical coverage and understanding of the market.