ECONOMYNEXT – Interim result of Sri Lanka’s publicly traded companies will be available on machine-readable EXtensible Business Reporting Language (XBRL), from early 2026, the Colombo Stock Exchange said.
The adoption of XBRL brings a multitude of benefits to listed entities and market stakeholders.
“XBRL enables listed companies to switch resources away from costly manual processes, typically involving time-consuming comparison, assembly and re-entry of data,” a CSE statement said.
“Built-in validation tools help identify inconsistencies or omissions, while the automated system facilitates faster and streamlined financial reporting.
“Tagged data can be reused across multiple platforms and reports, reducing duplication in data entry and significantly lowering compliance costs.”
An XBRL taxonomy would be developed jointly with Sri Lanka’s Institute of Chartered Accountants (CA Sri Lanka) and the Securities and Exchange Commission.
CSE plans to convert interim financial statements into XBRL based digital financial reporting from early 2026. XBRL based financial reporting will be applied to Annual Reports by 2027 and Sustainability Reports by 2028.
The CSE signed an agreement with Microvista Technologies (Pvt) Ltd, India on April 09 2025, to develop the XBRL system.
Microvista Technologies (Pvt) Ltd is a compliance platform provider in India with experience in implementing XBRL based financial reporting.
The CSE had demonstrated the proposed system for 30 selected listed companies, representing the banking, insurance, and other sectors.
More awareness sessions will be conducted for listed companies. (Colombo/Apr24/2025)
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