Colombo stock exchange to introduce XBRL for financial reporting
The Colombo Stock Exchange (CSE) has announced plans to implement XBRL for the digital reporting of financial statements by listed companies.
Speaking on the initiative, CSE Chairman Dilshan Wirasekara emphasised that the implementation will bring Sri Lanka’s financial reporting in line with international standards, making data more accessible and improving efficiency for both companies and investors.
By adopting XBRL reporting, listed companies on the CSE will benefit from a system that simplifies quarterly reporting while ensuring greater accuracy and comparability. Investors, analysts, and regulators will also gain from having financial statements in a structured, machine-readable format that allows for more effective data analysis and valuation.
With this implementation, Colombo aligns with global best practices, as stock exchanges worldwide are increasingly leveraging XBRL to enhance financial transparency and market efficiency.
For more details, read the full announcement here and see earlier plans from the CSE to implement XBRL here.
