[ISN] ADSM endorses XBRL technology

[InfoSec News]

http://www.itp.net/business/news/details.php?id=21007

By David Ingham
13 June 2006

Abu Dhabi Securities Market (ADSM) has recently taken further steps to
boost market transparency and improve its information technology
systems. ADSM has declared its aim to become ISO 17799 compliant and
has thrown its weight behind the XBRL information reporting standard.

EXtensible business reporting language (XBRL) enables computer-readable 
tags to be applied to individual items of financial data in business
reports. This helps to turn them from blocks of text into information
that can be understood and processed by computer software.

"XBRL complements ADSM's programme to adopt international best
practise standards of regulation and governance throughout the UAE
markets," said Rashed Al Baloushi, acting director general of ADSM.  
"It will give investors better access to a company's financial
information, allowing them to make more informed decisions.

"Furthermore, analysts will be able to compare detailed data more
efficiently and with increased accuracy. Under the current system, it
can be difficult to benchmark data efficiently." ADSM said it will
encourage all listed companies to adopt the technology, which it says
can reduce data processing costs in addition to improving
transparency.

It has already held one educational seminar, which was attended by
listed UAE companies and representatives from other markets in the
region.

Separately, ADSM has said that it plans to become the first UAE bourse
to achieve ISO 17799 certification. ISO 17799 is a set of procedures
designed to help companies improve their level of information
security. It covers ten aspects of e-security, including policies &
procedures, access control and business continuity. Company and
Cybertrust have been appointed to help ADSM benchmark its systems
against the ISO 17799 requirements.

"Since ADSM was established, we have been constantly reviewing and
updating our security systems in line with our growth," said Khalfan
Al Mazrouei, IT manager of ADSM.

"But, in order to bring our systems up to an international standards
we need ISO 17799 certification."