WorldStage Newsonline– Dangote Cement has adopted the eXtensible Business Reporting Language (XBRL) format, according to its Chief Executive Officer, Mr Michel Puchercos.
Puchercos in a statement on Thursday in Lagos, said with the format, the company would be using the International Financial Reporting Standard (IFRS) taxonomy to present its financial information to investors.
Puchercos said the data contained in the company’s third quarter 2020, full year 2020 and first quarter 2021 financial statements were now available on XBRL format.
“We believe that adopting XBRL reporting will strongly benefit Dangote Cement’s existing and potential investors.
“It represents another step in Dangote Cement’s continuing efforts to modernise and enhance transparency of, and access to, companies’ disclosures,” he said.
According to Puchercos, the adoption of XBRL will enable the company’s publicly available financial information to be captured accurately and promptly, for uniformity of our results on all the platforms.
He added that this would ensure that investors and analysts who used these platforms had the correct information.
“Although XBRL reporting is not mandatory for companies listed on the Nigerian Exchange, it is becoming a universal format to exchange financial data and promotes the coordination of international reporting requirements.
“The implementation of XBRL demonstrates Dangote Cement’s strong dedication to reaching international reporting and corporate governance standards,” he added.
XBRL is a global framework of accounting standards used for exchanging business information, which enables companies standardise the preparation, publishing and exchange of financial information in a machine-readable format.
It is mainly used by publicly listed companies, required to use it by law, in the USA, Europe and South Africa.