Which country just last Sunday, June 6, announced it will get on board with XBRL?
- Iraq
- South Africa
- United Arab Emirates
- Finland
- China
Check your answers!
The answer is 3, United Arab Emirates.
As reported in the country’s National newspaper Sunday, XBRL will be implemented by Abu Dhabi’s stock exchange by the end of the year. The company, called the Abu Dhabi Securities Exchange or ADX, has been considering XBRL for four years, the newspaper says.
ADX deputy director and national XBRL steering committee head Rashed al Baloushi noted that XBRL would provide manifold benefits to investors and regulators alike. The language, he said, allows traders “to even compare companies against other companies and sector by sector.”
(And for those who answered 5, China, this was the first country to adopt XBRL, in 2004.)
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