Egyptian Exchange to Boost Financial Transparency with XBRL by 2025

Egyptian Exchange to Boost Financial Transparency with XBRL by 2025

By Prathamesh 23 January, 2024
news

The Egyptian Exchange (EGX) is preparing to launch a new electronic trading system that will introduce XBRL for electronic disclosure by 2025. This move is part of EGX’s efforts to upgrade its technological infrastructure and enhance financial transparency.

EGX is finalizing a collaborative agreement with Egypt for Information Dissemination (EGID) to implement an electronic disclosure system using XBRL. This system will enable companies to prepare their financial and non-financial statements electronically, streamlining the collection and categorization of information.

The adoption of XBRL is a clear indication of EGX’s commitment to fostering an environment that attracts more international investment by enhancing data accuracy and accessibility. This initiative aligns EGX with global best practices for financial reporting. The next steps for EGX include selecting a company to implement the new system. The modernization of EGX is expected to have a positive impact on the Egyptian financial landscape.

To find out more details please visit : https://www.xbrl.org/