TEMPO.CO, Jakarta - The Indonesia Stock Exchange (IDX) will implement a reporting system that uses extensible business reporting language (XBRL), which will mandate listed companies to provide multilingual financial statements. This system will allow foreign investors to read issuers' reports in their respective languages.
IDX president director Ito Warsito said the implementation of the XBRL is aimed at making Indonesian companies' financial statements acceptable globally.
"The XBRL-based reporting will improve the quality of information stated in listed companies' financial statements," he said in Jakarta yesterday.
The system is also expected to improve data integrity through the availability of a validation function, providing comprehensive financial data in various formats to be directly used and processed, improving the comparability of financial data, facilitate its use in Indonesian and English, as well as increase the attractiveness of the Indonesian capital market.
He added that the implementation of XBRL will allow for accurate business information that can be distributed efficiently through the internet and immediately processed in accordance with investors' needs as well as other data users around the world.
Ito said the system implementation will take effect in 2016.
ANDI RUSLI | ANTARA