CSE launches XBRL system to enhance financial reporting for listed companies

THE Colombo Stock Exchange (CSE), in collaboration with the Securities and Exchange Commission of Sri Lanka (SEC) and the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), has embarked on a significant initiative to introduce the extensible Business Reporting Language (XBRL) for listed entities in Sri Lanka.

- 

This move is expected to transform the way financial data is submitted, analysed, and disseminated within the capital market.

XBRL is a global standard for digital reporting, specifically for financial business data. XBRL is the universal language for business data reporting and standardises communication of financial reporting. It enhances data accuracy, simplifies reporting, and allows for more effective analysis and faster comparison of financial information by businesses, regulators, researchers, investors, and other stakeholders.

The primary objective of this initiative is to streamline the submission of financial and non-financial information of listed companies set out in the interim financial statements and annual reports by listed companies in compliance with the XBRL taxonomy, ensuring a more efficient and effective dissemination of financial data to the market. The XBRL taxonomy would be developed jointly with CA Sri Lanka and SEC.