CMA to raise its budget for implementing XBRL system

Muscat - 

Financial market watchdog, Capital Market Authority (CMA) has agreed to raise its budget for the implementation of extensive business reporting language (XBRL) filing system for disclosure of financial statements of listed and licensed companies.

‘The board agreed, in light of the government’s endeavours to implement e-government, to enhance the budget to implement XBRL filing system for disclosure of financial statements of listed and licensed companies’, the CMA said in a statement posted on its website.

The decision was taken in the recently held meeting, which was also the first board of directors’ meeting of 2019. The meeting was chaired by H E Yahya Said al Jabri, chairman of the Duqm Special Economic Zone Authority and chairman of the CMA.

The meeting also ratified the audited financial statements of the CMA, Investor trust fund, Insurance emergency fund and Fund for assistance of injured persons, heirs of deceased and compensation for damage incurred in traffic accidents for the year ended on December 31, 2018. The external auditors report and management letter as well as the estimated budget of Oman Centre for Governance and Sustainability (OCGS) for 2019 were also approved.

The meeting also ratified appointment of the external auditors of the CMA and Muscat Securities Market (MSM) for the year ending on December 31, 2019 as well as the issuance of the articles of Insurance Emergency Fund. The board reviewed the latest development in the implementation of the health insurance for the employees of the private sector, expatriates and visitors.

The board also reviewed the key activities and achievements of the CMA, OCGS, MSM as well as the performance of MSM.

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