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- Dubai 04:12 05:34 12:18 15:43 18:57 20:19
The Emirates Securities and Commodities Authority (SCA) has signed an agreement with the Abu Dhabi Stock Exchange (ADX) and the Dubai Financial Market (DFM) to start implementing international financial reporting standards for listed companies, by using the eXtensible Business Reporting Language (XBRL).
Abdullah Al Turifi, SCA Chief Executive Officer, signed the agreement for his side, while Essa Kazim, DFM Executive Chairman and Rashid Al-Buloushi, ADX Deputy CEO and Director of Operations, also signed for their respective outfits.
The agreement is part of the efforts being made by the SCA, in collaboration with the two markets, to improve transactions by enhancing disclosure and transparency on the markets.
It is also in implementation of the SCA's strategic plan of applying advanced technologies on the local markets.
Based on the schedule for implementing the project in the UAE, the first provisional report of the new system will coincide with the time for release of the fourth quarter (Q4) report of 2011, which will cover twenty companies listed on each of the ADX and DFM.
The companies are to be selected according to market value and sector.
In a comment after the signing of the agreement, Al Turifi said the move will facilitate the smooth display, storage and use of financial data electronically, information delivery at the right time to match with investment developments on the markets and direct transaction of securities business.
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