Emirates Securities and Commodities Authority (SCA), UAE plans to build the first end-to-end XBRL-based electronic filing platform (FIX) for the UAE market with the help of Fin-X Solutions (A wholly owned subsidiary of IRIS Business Services Ltd., India.). The FIX platform has been built using the IRIS iFile desktop tool which has been adopted successfully by various jurisdictions around the world.
UAE Taxonomy developed using IFRS 2011 taxonomy is probably the first Taxonomy to be published that is based on IFRS 2011 Taxonomy (by the time it is released for public review). This solution will help SCA collect financial information from companies, analyze the data, make regulatory recommendations, and enforce financial integrity in the UAE markets. Probably for the first time Corporate Actions and Governance are brought in by regulators as part of the filing requirements in XBRL based filing platform. Probably for the first time Capital Markets Regulator has made active use of Arabic labels in Taxonomy as well as the XBRL filing platform.
