Objectives of Implementing an XBRL Based Filing Platfrom
- Strengthening the concepts of transparency and fairness in the financial markets, by providing an electronic automated system for the reporting and exchanging of financial and non-financial information from different stakeholders, whether listed entities or licensed individuals.
- Defines a consistent and standardized format for the business reporting elements which will help streamline how the different stakeholder consume and interpret the reported data.
- Ensure the accuracy and reliability of the published filed information, and ensure its availability to all the relevant stakeholders and interested parties in a timely manner, which will help promote the effectiveness of conducting comparisons, studies and analysis of such information.
- Reduce both compliance and review burdens from the various stakeholders and parties dealing with the platform, which includes both the financial costs and human resources efforts, in addition to streamlining the processing of such filings along with enhancing the application of the required set of procedures in the local business environment.
