The Capital Markets Authority (CMA) has concluded its special awareness program entitled “Electronic Disclosure System XBRL using “ifsah” system”. The program included eight awareness workshops and had two main sections: in the first one the current work environment of disclosure processes and the obstacles faced were reviewed. It also introduced a definition of XBRL; its advantages and implications, in addition to the main aims of the project and the scope and mechanism of its implementation, and its various advantages and benefits to the business environment and Kuwait financial market in general. It also explained how it would enhance the transparency and disclosure elements by providing an electronic system for disclosing different data through unifying the forms of concepts and disclosure elements by all those who use the system, and ensuring the accuracy of such data while providing them on time for concerned persons. This shall reduce the burden of commitment and review of different stakeholders.

 

The second section reviewed the system’s electronic portal and its advantages and functions and the disclosure requirements and users’ registration mechanism according to their competences.

 

The events of the program were distributed on two weeks according to the targeted segments: the first week included five workshops for listed and licensed companies, four of which were in Arabic and one in English. The second week of the program included three workshops; one covered the investment funds and auditors registered in the CMA’s registers, and the last two were for the public in general. The first was in Arabic and the second in English.