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IDX targets to implement 'XBRL' in early 2015
The Indonesia Stock Exchange (IDX) expects to roll out Extensible Business Reporting Language (XBRL)-based financial reporting at the beginning of 2015
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he Indonesia Stock Exchange (IDX) expects to roll out Extensible Business Reporting Language (XBRL)-based financial reporting at the beginning of 2015.
'Currently, IDX is discussing public reviews submitted by publicly-listed companies. After that, we will carry out a recognition process with XBRL International [XBII] so that the procedure can be acknowledged internationally,' corporate listing director Hoesen in Jakarta on Tuesday, as quoted by Antara.
It is planned that the XBRL request proposal will begin in April and the solution ready for use by the beginning of 2015.
Hoesen explained that XBRL was an electronic communication language universally used for business information exchanges and transmissions.
'Currently, XBRL is a standardized method used in many countries [for] reporting processes in various sectors including banking, insurance, taxation as well as stock market regulators and data providers,' said Hoesen.
Among the advantages, he said, XBRL could trespass language boundaries so that the reports could be used internationally.
By using XBRL, Hoesen said both investors and share holders could access data quickly and accurately, therefore, this system was critical to the investment decision-making process.
'We believe Indonesia is an extraordinary market, however, obstacles impeding access to information can significantly reduce its attractiveness to investors. With the advantages offered by XBRL, including its standardization ['¦] investors can be more confident when investing in Indonesia,' said Hoesein.
Further, he added, the system would assist IDX, as well as regulators, monitor transactions and the flow of funds. '[Currently] a lot more resources are required to carry out monitoring activities,' said Hoesen. (ebf)
