Kuwait launches mandatory XBRL disclosure system
The Capital Markets Authority (CMA) of Kuwait has officially launched its mandatory Ifsah 2 XBRL Disclosure System as of 5 January 2025.
This marks the start of the system’s mandatory application phase, requiring all listed companies, licensed persons, auditors, collective investment schemes, and other regulated entities to submit financial and non-financial disclosures exclusively via the XBRL-based platform.
The system, developed to enhance transparency and accuracy in the Kuwaiti capital markets, simplifies disclosure processes through unified reporting formats across financials, capital adequacy, general assembly, and other reporting domains. CMA’s two-phase rollout began with a pilot phase in mid-2024, allowing entities to familiarise themselves with the system before today’s mandatory adoption.
To ensure a smooth transition, the CMA implemented an extensive awareness programme featuring webinars, guidance materials, and dedicated technical support. The new platform is expected to improve the efficiency of disclosure processes, reduce compliance burdens, and foster confidence in Kuwait’s financial markets by enabling high-quality, standardised data submission and sharing.
For further details, visit the CMA’s pilot phase announcement (in Arabic) here, and an update on this week’s implementation here.
