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Satyendra Pathak
Doha
All Qatar Stock Exchange (QSE) listed companies will be required to use the Q-Disclosure platform for their financial and non-financial disclosures with effect from October 1 this year.
According to a statement posted by QSE on its website, disclosure of financial
results by all listed firm through Q-Disclosure platform will begin with the third quarter results.
The financial and non-financial disclosures by listed firms through Q-Disclosure platform will be in addition to having to report the same information through the existing channels of company news, the QSE statement said.
“The company news service will remain a back-up mechanism until further notice,” it said.
According to the statement, Qatar through a joint initiative of QSE and the Qatar Financial Markets Authority (QFMA) is all set to implement an XBRL-based reporting and disclosure system to facilitate financial and non-financial disclosures as currently required from QSE listed companies under the QSE Rulebook.
The Q-Disclosure platform is an integrated web-based solution, available in Arabic and English, it said.
With the introduction of the Q-Disclosure platform, QSE said, the submission requirements for financial disclosures like annual, semi-annual and quarterly reports and non-financial disclosures like corporate announcements, corporate actions and other regulatory announcements will change.
The changes will consist of the amendments to the QSE Rulebook, it said adding that the introduction of the Q-Disclosure platform does not entail any material changes to the reporting obligations themselves. “What will change is the way in which submissions are made,” the QSE said in the statement.
“QSE has taken the opportunity to reword QSE Rulebook to clarify and emphasise the baseline obligation for Issuers to timely disclose complete and accurate information that enables securities holders to exercise their rights,” it said.
Financial disclosures on the Q-Disclosure platform will be made under IFRS, with a sector specific taxonomy for banks and financial institutions, insurance companies (commercial and Islamic) and real estate and other companies including consumer, industrial, telecom and transport businesses.
For non-financial disclosures, a range of web forms and templates will be made available on the Q-Disclosure platform for standard corporate actions like dividends, rights issues, issuance of bonus shares, capital changes and company announcements like board meetings, AGMs, EGMs, changes to the board, ownership limits, disclosure dates of financial information and others.
“Issuers of ETF and REITs and similar non-corporate entities will be exempted from using the Q-Disclosure platform for their financial disclosures (not for their non-financial disclosures) and should continue to use the existing company news mechanism for financial disclosures until further notice,” it said.
“The use of the Q-Disclosure platform will be free of charge in first instance. However, QSE retains the right to impose service fees for the use of the platform in accordance with the QSE Rulebook,” it said.
Doha
All Qatar Stock Exchange (QSE) listed companies will be required to use the Q-Disclosure platform for their financial and non-financial disclosures with effect from October 1 this year.
According to a statement posted by QSE on its website, disclosure of financial
results by all listed firm through Q-Disclosure platform will begin with the third quarter results.
The financial and non-financial disclosures by listed firms through Q-Disclosure platform will be in addition to having to report the same information through the existing channels of company news, the QSE statement said.
“The company news service will remain a back-up mechanism until further notice,” it said.
According to the statement, Qatar through a joint initiative of QSE and the Qatar Financial Markets Authority (QFMA) is all set to implement an XBRL-based reporting and disclosure system to facilitate financial and non-financial disclosures as currently required from QSE listed companies under the QSE Rulebook.
The Q-Disclosure platform is an integrated web-based solution, available in Arabic and English, it said.
With the introduction of the Q-Disclosure platform, QSE said, the submission requirements for financial disclosures like annual, semi-annual and quarterly reports and non-financial disclosures like corporate announcements, corporate actions and other regulatory announcements will change.
The changes will consist of the amendments to the QSE Rulebook, it said adding that the introduction of the Q-Disclosure platform does not entail any material changes to the reporting obligations themselves. “What will change is the way in which submissions are made,” the QSE said in the statement.
“QSE has taken the opportunity to reword QSE Rulebook to clarify and emphasise the baseline obligation for Issuers to timely disclose complete and accurate information that enables securities holders to exercise their rights,” it said.
Financial disclosures on the Q-Disclosure platform will be made under IFRS, with a sector specific taxonomy for banks and financial institutions, insurance companies (commercial and Islamic) and real estate and other companies including consumer, industrial, telecom and transport businesses.
For non-financial disclosures, a range of web forms and templates will be made available on the Q-Disclosure platform for standard corporate actions like dividends, rights issues, issuance of bonus shares, capital changes and company announcements like board meetings, AGMs, EGMs, changes to the board, ownership limits, disclosure dates of financial information and others.
“Issuers of ETF and REITs and similar non-corporate entities will be exempted from using the Q-Disclosure platform for their financial disclosures (not for their non-financial disclosures) and should continue to use the existing company news mechanism for financial disclosures until further notice,” it said.
“The use of the Q-Disclosure platform will be free of charge in first instance. However, QSE retains the right to impose service fees for the use of the platform in accordance with the QSE Rulebook,” it said.
