فارسی

 Project History

In order to develop and maintain a fair and efficient capital market which is the major mission of Securities and Exchange Organization (SEO) as the regulatory body of Iran capital market, Comprehensive Database of All Listed Companies (CODAL) has been created. This electronic platform fulfil the process of collection, control, and dissemination of financial information of all listed companies as well as the other individuals who are supposed to submit their financial information based on the Securities Market Act of Islamic Republic of Iran.

To address the needs of improving preparation, exchange, extraction, and comparison of information, providing more data reliability and enhancing the business reporting process which finally leads to a fair and more transparent market, SEO decided to adopt XBRL as the reporting standard for financial information in Iran capital market.

The XBRL project started from 2010. In the first phase, the strategic plan of XBRL implementation in Iran capital market was developed which based on it, XBRL implementation project was defined in two phases. In phase I, manufacturing companies, around 253 companies which covers near 51 percent of the whole industry, are taken into consideration as the project scope. Also, Quarterly financial reports including balance sheet, Income statement and cash flow statement as well as Projected Earnings Per Share would be covered to transform into XBRL.

For this purpose, developing a national taxonomy based on IFRS 2013 along with domestic requirements and enabling CODAL to create, validate and process data in XBRL were considered as the main steps.

Successful creation of SEO taxonomy and XBRL instances for manufacturing companies, supporting development of useful tools, formation a professional XBRL working group, and providing in-house XBRL knowledge can be considered as the most important achievements of the project first phase.

Currently, SEO is working on phase II. The objective of XBRL phase II is completion of SEO full taxonomy to cover all reported information and listed companies in different sectors. For this purpose, a new taxonomy architecture is developed which benefits from a central schema and related labels and references containing all the elements regarding to various industries. In this architecture, a separate entry point is designated for each industry. Each entry point refers to specific presentation and calculation linkbases. It is notable that the new architecture is based on IFRS taxonomy 2015 architecture.

Currently, this taxonomy covers manufacturing, services, construction and banking industries and consolidated reports of them, as well. The taxonomy is in the testing step and will be published for comments as soon as it’s completing. Moreover, the other industries such as leasing, investment and insurance are being added to the taxonomy.

Alongside the taxonomy development activities, a great effort is dedicated to enable XBRL filing from listed companies. For this purpose, developing new tools for filing and providing many artifacts like filing manual are under consideration. In addition, some meetings have been held with different parties including filers and software vendors and also new data models have been suggested in order to cover filing of disclosure notes and facilitating this process.

In addition to all of these efforts, SEO is supporting developing various tools such as, Instance viewer, XBRL analyzer, XBRL Pie chart was provided to different stakeholders for utilizing XBRL outputs and enhancing capital market transparency.

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