Friday 17 August 2018

ADGM starts e-prudential reporting system

ABU DHABI, September 24, 2017

Abu Dhabi Global Market (ADGM), a major international financial centre, has signed up CoreFiling, one of the world’s most influential suppliers of financial reporting and XBRL compliance technologies, to implement its electronic prudential reporting system.

The e-prudential reporting system was part of the ongoing initiatives by its financial services regulatory authority to better address the needs of stakeholders, as well as, to advocate international financial reporting practice and compliance in the marketplace, said a statement from ADGM. 

CoreFiling was selected based on its track-record and international expertise in the field of XBRL compliance to support financial regulations, create taxonomies and utilise the True North data processing and validation technology to provide the latest, efficient and comprehensive online reporting platform, it stated.
The ADGM e-reporting system is also a flexible platform that allows different reporting formats (XL, CSV or XBRL) which firms can apply fittingly to submit their financial reports on time and easily.  

Thomas Hirschi, the executive director of banking and insurance, said: "The ADGM electronic financial reporting tool is set up to support our authorised firms in meeting their regulatory obligations and satisfying compliance standards."

"Local and international ADGM firms can file their prudential financial reports effectively and in a timely manner regardless of their locations," noted Hirschi.

"This e-prudential financial reporting system is one of the numerous initiatives that the FSRA will continuously put in place to enhance the framework.  As the Financial Services Regulator of the International Financial Centre, the FSRA is committed to maintain an open, sustainable and well-regulated environment that adheres to the international financial and banking regulatory standards and best practices," he added.

Commenting on the new venture, Phillip Allen, the executive chairman of CoreFiling, said: "We are proud to be supporting the ADGM in its mission to introduce stringent financial regulations to the region."

"At CoreFiling, we have been involved with developing the world’s most heavily used taxonomies. Our tools offer a truly automated solution trusted by governmental bodies and regulators around the world, including the UK’s HMRC," he added.-TradeArabia News Service

Tags: Abu Dhabi Global Market | electronic prudential reporting |

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