The Taxonomy and implemented reporting platform utilizes IFRS 2011 and Saudi local accounting laws. XBRL is used as the enabling reporting standard for companies listed on TADAWUL. The filing platform has been built using the IRIS iFILE desktop tool which has been adopted successfully by various jurisdictions around the world. In order to plan for a successful implementation, IRIS studied the reports filed by companies (quarterly and annual) to TADAWUL. Studies were conducted to understand the local reporting requirements and how they differed from IFRS reporting standards. The current reporting platform, SACP of TADAWUL was analysed and IRIS came up with the proposed platform. IRIS utilized the expertise of E&Y (Saudi Arabia) in an advisory role during the design phase of the taxonomy. The new Saudi taxonomy catering to different industries was categorized into 3 segments: Banks, Insurance and Saudi Joint Stock Taxonomy. The Taxonomies were developed using IFRS 2011 and Saudi Accounting Practices as the base and adding elements as per regulatory requirements. The taxonomy was reviewed by various regulatory bodies of Saudi e.g. SAMA, SOCPA and CMA to name a few.
iFILE is an Excel add-on tool. Once installed, data entry templates can be generated based on the selected entry point. It has been designed keeping in perspective the familiarity of Excel among the majority of filers, thereby enabling a smooth transition and greater acceptance rate.
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