XBRL - UAE
The Dubai Financial Market (DFM) implements international financial reporting standards for listed companies through the Extensible Business Reporting Language - XBRL.
XBRL is a language for the electronic communication of business and financial data which is revolutionizing business reporting around the world. It provides major benefits in the preparation, analysis and communication of business information. It offers cost savings, greater efficiency and improved accuracy and reliability for all involved in supplying or using financial data.
XBRL improves transactions by enhancing disclosure and transparency on the market and applies advanced technologies which facilitate the smooth display, storage and use of financial data electronically, with information delivery at the right time to match investment developments on the market and direct transactions of securities.
Moreover, this system allows investors and financial analysts to quickly and accurately analyze data due to its ability to arrange and categorize financial data in a way that facilitates comparison vertically and horizontally, leading to high quality and accurate in-depth analysis.
XBRL provides companies a mechanism for releasing all types of information, including financial statements and corporate disclosures, which saves time and efforts, and further increases accuracy and authenticity of data for all concerned parties, including issuers and users of the data.
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