Title: The Capital Markets Authority Announces Joining XBRL International

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Kuwait, November 23, 2015 – As part of CMA's efforts to play its full role, achieve the principles of transparency and integrity, and to keep up with the best international practice and international developments related to its work, the CMA has announced joining XBRL international, which is concerned with setting standards of disclosure using XBRL language, preparing and issuing standards and specifications of such language, in addition to developing it in order to promote and improve the disclosure process in the capital markets. The XBRL organization is considered a not-for-profit organizational. It includes about 600 entities and organizations from public and government sectors around the world. These entities and organizations cooperate to benefit from and improve the XBRL language in order to enhance the efficiency of the disclosure process in the capital markets, which would eventually improve the accuracy and reliability of the financial data, and make them available to investors and concerned persons in a timely manner.
Joining the organization would provide the CMA with the opportunity to benefit from the experiences and services offered by the Organization in the field of electronic disclosure of financial and nonfinancial information and data in the XBRL language, and communicate with experts of this field around the world. It also allows contacting, cooperating, and exchanging experiences with related global entities and organizations, in addition to participating in courses, technical workshops and conferences organized by the Organization.
It is worth mentioning that the CMA has applied the electronic disclosure system using XBRL language, which is one of the most important strategic projects that would allow the CMA to achieve its aims and to practice its supervisory role. The XBRL language is a digital standard especially developed to support disclosure and exchange of information among the different business parties and users of financial information and statements. It provides flexibility in dealing with information and data. It uses standardized tags in order to deliver computer readable financial information. This project would enhance the principles of transparency and disclosure in capital markets through providing an automated system at the CMA to receive the disclosures of financial and nonfinancial information from listed companies and licensed persons in order to unify the formats of financial statements. Eventually, dealing with and analyzing such information would be easier. It would also guarantee the accuracy of the published information and data which would be provided to a larger number of interested persons and concerned parties. Additionally, it would lessen the burden of obligations of entities required to disclose.
Thus, the CMA emphasizes that this project is part of its continuous attempts to improve the financial sector, achieve sustainability, increase the capital, regulate and develop the capital market, and protect the rights of investors in Kuwait through providing a supervisory system which would create an attractive and competitive investment environment based on the principles of fairness, transparency, and integrity according to the best international practice.

The Organization's website:
https://www.xbrl.org/news/continued-growth-for-the-xbrl-consortium/         

Clarification to Editors
The Capital Markets Authority was established pursuant to Law No. 7/2010, approved by the Kuwaiti Parliament in February 2010, and amended by Law No. 108/2014. Pursuant to the Law, the Authority shall regulate and supervise the securities activities, achieve transparency and fairness, observe listed companies execution of Corporate Governance Regulations, and protect investors from unfair practices which violate the Authority's Law.

Furthermore, the Law's provisions stipulate the supervision of merger, acquisition, and disclosure operations. The Authority also aims to provide awareness programs related to securities activities.
  
For more information kindly contact
Public Relations & Media Office
Tel: 22903062
Fax: 22410169
Email: pr-media@kuwaitcma.org

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