As continuation of MCI efforts to facilitate and develop its services and to improve the business environment, as well as to innovate solutions to accelerates the application of e-government, taking into consideration the contribution for enhancing the National Economy, and for serving the customers in a better way, besides keeping up with the relevant international best practices and developments, the Ministry of Commerce and Industry announces joining the International Standards Development Organization as a Direct Member for submitting the Financial Statements Electronically, which was founded in 1999 by the efforts of the American Institute of Certified Public Accountants (AICPA).
XBRL International is a global, not-for-profit consortium, working through the XBRL standard to improve business reporting. This Consortium represents nearly 600 bodies from government and private sectors worldwide, and is working on the preparation and issuance of the classifications and specifications of (XBRL), besides implementing the necessary development. All that for upgrading and improving the disclosure, increased transparency and more efficient business reporting, through coordination among the members, and by promoting the exchange of expertise and sharing the business information in a machine-readable format within the Consortium.
MCI pointed out that its membership in such Consortium would contribute in strengthening and enhancing the opportunity to exchange expertise, information and services offered in the field of electronic disclosure for financial and non-financial data and statements, using (XBRL) digital language. This is besides communicating with the business reporting language experts all over the world, and having communication and cooperation with the relevant authorities and organizations and benefit from their experiences in this field, in addition to the participation in seminars, technical workshops and conferences organized by such Consortium.
The Extensible Business Reporting Language (XBRL) is considered the language of the electronic communication of the financial and non-financial information. It is a digital language developed specifically to support the disclosure and exchange of information among the concerned parties and beneficiaries. This computer Language provides also a consolidated electronic model to facilitate inputting the Financial Statements Process.
In order to apply the best practices towards e-government, the Ministry of Commerce and Industry had launched the program for submitting the Financial Statements Electronically “qawaem”, on the first of last January, in cooperation with the Saudi Organization for Certified Public Accountants. This program aims to provide the necessary information about the financial institutions, where this program enables such institutions and the auditing offices to submit their Financial Statements through the Extensible Business Reporting Language (XBRL).
MCI would like to emphasize its ongoing efforts for promoting the electronic services, as well as keeping up with the best relevant international practices and developments by using the latest technology that meet the commercial and industrial sector needs, and as befits the position and rank of the Kingdom of Saudi Arabia at the international and regional level.