Qatar Stock Exchange Announces the Launch of the 1^st Training Course on the New Consolidated Electronic Disclosure System (XBRL) for the Listed Companies.

Qatar Stock Exchange announced the start of the first specialized training course to train the listed companies’ representatives on the new consolidated electronic disclosure system (XBRL). The system will electronically download all financial data along with companies’ disclosure reports on a consolidated electronic basis and will facilitate the access to all the needed data by the investors and the concerned.

It is worth-mentioning that the implementation of the new system came as an initiative supported jointly by Qatar Exchange (QE) and Qatar Financial Markets Authority (QFMA). QE is currently poised to operate this system which is based on the disclosure of the financial data being annual, semi-annual and quarterly results, and the non-financial disclosures, i.e. corporate announcements, corporate procedures and other corporate organizational announcements through the Q-Disclosure platform which is based on (XBRL) methodology.

Extensible Business Reporting Language (XBRL) methodology is the outcome of adopting an international consolidated standard for the preparation of financial reports electronically. It will enable the retrieval and the analysis of the financial data more efficiently. The standard has been developed by an international non-profitable consortium consists of more than 650 large companies and government bodies and has been adopted by the Accounting Standards Authorities, Regulatory Authorities and Banks all over the world.

HE Mr. Rashid bin Ali Al Mansouri, CEO of Qatar Stock Exchange commented “XBRL concept has been increasingly used both optional and compulsory by a growing number of international markets. Henceforth, and to meet the investor needs, QE recognizes the importance of friendly, flexible, efficient and analyzable disclosures for investors by the listed companies”.

Mr. Al Mansouri concluded saying “we believe that adopting to this system by the listed companies, will improve the transparency of the financial data of the Qatari listed companies and will also increase the benefits for investors as it will allow them to access to more creditable data and will facilitate the market analysis, market analytical coverage and market apprehension.

Mr. Abdulaziz Al Emadi, the “Listing Director” of Qatar Stock Exchange said “QE has complemented the development works and we are now in the preliminary stages of “Testing” and “demo operation” of the system which we expect to last till July 2020.

Consequently, the QE has launched the first bundle of the training courses on this system and that will include the training of all listed companies’ representatives to use the system”.   Al Emadi added “it is anticipated to start the qualifying exams with participation from the Listed Companies and Chartered Accountants Companies on a batch-basis candidates within the period from November 2019 till June 2020.  In line with the best practices of operating the new system, which aim at guaranteeing efficient use by all interested parties, we expect the Q-Disclosure may not be compulsory for all the listed companies before the start of the third quarter 2020”.

The system will be a set of solutions available on the internet in both Arabic and English and fully complying with the international standards for preparation of the financial reports. It will include specialized sectoral classifications for Banks, Financial Services, Insurance (commercial and Islamic), Real estates and other sectors (Consumer, Industry Telecom and Transport).