The Jordan Securities Commission and Amman Stock Exchange launch the XBRL electronic disclosure system

The Securities and Exchange Commission and the Amman Stock Exchange today launched the services and electronic disclosure system in the language (XBRL) as an electronic platform for submitting disclosures and requests for services from the entities subject to the supervision of the JSC and the Amman Stock Exchange. The JSC announced that the work of the traditional disclosure methods previously applied has been suspended, as the companies listed on the Amman Stock Exchange and the entities subject to the JSC’s supervision will be committed to applying this system exclusively through the platform (www.xbrljordan.jo).
On this occasion, the Chairman of the Board of Commissioners of the Jordan Securities Commission, Dr. Laith Al-Ajlouni, said that the JSC has been working in cooperation with the Amman Stock Exchange since 2017 to follow the steps of implementing the electronic disclosure system (XBRL) project, which will constitute an important and qualitative shift to enhance the levels of disclosure and transparency in the market, and will ensure accuracy and speed. Exchanging disclosed information and reports and assisting disclosure recipients in dealing with them by providing the necessary effort and time to analyze and evaluate their content. It also provides a unified mechanism and language for preparing and presenting financial and non-financial data in a way that is understandable and universally acceptable in accordance with international financial and accounting standards.
He added that the financial classifications (Taxonomies), which are the cornerstone of its application, have been built, as they include the financial and accounting terms used in accordance with international standards, and special forms have been prepared that include all items contained in the financial statements of companies, through which the requirements of all companies listed on ASE have been taken into account. Its different sectors, and the use of unified and globally agreed accounting and financial nomenclature and terminology, which were approved in coordination with the auditing companies.
The authorities concerned with the applications of this system are represented by the entities that issue and deal in securities, including public and private joint stock companies, financial services companies, mutual funds, special purpose companies, government agencies issuing securities, audit offices, auditors, the Jordanian Certified Public Accountants Association, and any other body that finds The JSC and the ASE are necessary to obligate them to use this system. The JSC and the Amman Stock Exchange have prepared a comprehensive plan to ensure its application in a flexible and smooth manner in order to avoid any technical or technical difficulties that may face its users. The importance of the system. As one of the most important strategic projects that will contribute significantly to achieving the objectives of the JSC and ASE and enhancing their capabilities to regulate and control the disclosure process in order to ensure the protection of the market and investors from potential risks, increase competitiveness in the national capital market and improve the local investment climate in general. The infrastructure required for the capital markets and what pushes towards continuing to raise Jordan's classification in the international business practice reports.
In turn, the CEO of the Amman Stock Exchange, Mazen Al-Wathifi, stressed that the system represents an important development in terms of developing the national capital market and adopting electronic systems and modern technology in the market, and in terms of enhancing market efficiency due to the important and necessary information it provides to investors and all parties to the trading process in the right form and time.
He added that in order to familiarize the listed companies and all relevant parties active in the Jordanian capital market, the concept of electronic disclosure and the importance of using it. He said that the Amman Stock Exchange and the Jordan Securities Commission held a series of sessions and training workshops for all parties using the system, and also tested the system technically and functionally at the levels of financial and non-financial disclosure, in order to ensure the accuracy of its work. And he indicated that ASE, in cooperation with the Jordan Securities Commission, issued the leaflet related to electronic disclosure using the XBRL language, where those interested can view the introductory leaflet "electronic disclosure using the XBRL language" on ASE's website and within the library and publications corner.
He stated that in accordance with the circulars issued by the  Jordan Securities Commission and the Amman Stock Exchange, all entities subject to the supervision of the JSC, members of ASE and the companies listed in it were obligated to use the electronic disclosure system in XBRL language in their dealings with ASE and the JSC when providing them with financial and non-financial disclosures according to the electronic forms prepared for this purpose, as The exchange of information and correspondence with ASE, the JSC and the entities using the system will only take place electronically. In accordance with the general rules set by the JSC and ASE for the use of the system by users.