Al-Saqer Development Holds Workshop on XBRL System
In joint cooperation between the Kuwait Chamber of Commerce and Industry and the Ministry of Commerce and Industry, the Abdulaziz Hamad Al-Saqer Center for Development and Development - the Chamber's training arm, held a workshop on the 11th of this month on the modern electronic XBRL system for uploading budgets to the website
Translated by Alqyas from Al-Jarida — Original source
In collaboration between the Kuwait Chamber of Commerce and Industry (KCCI) and the Ministry of Commerce and Industry, the Abdulaziz Hamad Al-Saqer Center for Development and Development—the training arm of the Chamber—held a workshop on the 11th of this month on the modern electronic XBRL system for uploading budgets to the Ministry’s website. The session aimed to train ministry staff on mastering the system’s operational mechanisms to ensure smooth implementation and rapid execution.
In a press statement, the Center clarified that, in its commitment to ensuring the smooth application of the new system within the Ministry, a one-day workshop was organized. The workshop summarized how to operate the XBRL system and provided a comprehensive procedural and technical guide detailing the submission mechanism and the system requirements specified by the Ministry.
The Ministry of Commerce and Industry, for its part, nominated specialized employees responsible for working with and monitoring the new system to attend the workshop, as part of its digital transformation plan and its commitment to enhancing the quality of financial disclosure, promoting transparency, and standardizing financial reporting criteria.
The XBRL system aims to standardize financial disclosure formats for all companies, improve the quality and accuracy of submitted financial data, facilitate oversight and financial analysis by relevant authorities, and align practices in Kuwait with international standards for electronic financial reporting.
It is worth noting that the voluntary implementation phase of the new system will take place in 2026, allowing companies and audit offices to submit budgets and financial statements via the XBRL system. The system will become mandatory starting January 1, 2027, and no budgets or financial statements submitted outside the system will be accepted after this date.
The Center indicated that it is holding periodic and intensive workshops on the XBRL system in response to growing demand from the private sector. The KCCI is keen to support these workshops, offering them weekly in the coming months until the end of 2026.
The Abdulaziz Hamad Al-Saqer Center for Development and Development is a non-profit entity specializing in providing short- and long-term training programs covering areas such as economics, commerce, management, technology, and insurance, alongside international programs with certifications recognized by Kuwaiti regulatory authorities, all aimed at supporting sustainable development and meeting the needs of the private sector.
