On 15 July 2024, KUW CMA issued circular regarding the transitional period for the mandatory application of the electronic disclosure system in XBRL.

• Concerns all listed companies, licensed persons, collective investment schemes, investment funds under liquidation, KUW CMA registered auditors and market dealers.
• Updated version of electronic disclosure system using XBLR launched on 14 July 2024.
• The mandatory implementation of the XBRL electronic disclosure system begins on 5 January 2025, allowing relevant parties time to prepare and adjust before this phase.
• All concerned must register users through the upgraded system by 1 August 2024.
• They must also download and install the iFile Tool program to submit financial statements and reports via the XBRL electronic disclosure system.
• And must submit annual, interim, monthly financial statements, reports via financial statements portal and capital adequacy reporting portal, disclosure via disclosure portal, applications/forms general assemblies via general assemblies portal.
• Comprehensive awareness materials, guides offered on system's introduction website.
• Additionally, training workshops will be conducted aimed at qualifying all relevant entities and individuals to use the system effectively during the pilot phase.