ISA to apply new language code to attract foreign investment

Outgoing chairman says securities authorities around the world looking to ISA and learning from its experience in implementing new project.

By SHARON WROBEL
December 20, 2007 20:45
2 minute read.
money 88

money good 88. (photo credit: )

 
X

Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analysis from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later

In an effort to increase exposure of the local market to foreign investors, the Israel Securities Authority, will apply a machine-readable code, known as Extensible Business Reporting Language or XBRL, which enables investors anywhere around the world to analyze financial reports filed in Hebrew by Israeli companies in their own preferred language. "Israel is one of the first countries in the world to apply mandatory XBRL reporting requirements, to all public companies," said Moshe Terry, outgoing ISA chairman. "In order to attract foreign investors to Israel, we have to speak their language." Securities authorities around the world, including the US Securities and Exchange Commission, are looking to the ISA and learning from its experience in implementing this project and adapting it to local requirements, Terry added. Transition to reporting with the XBRL files does not entail any significant changes to the way the reporting is currently done on MAGNA - mandatory electronic reporting language - launched about four years ago by the ISA. MAGNA is an electronic filing system for collecting and distributing, via the Internet, financial reports required of all listed companies and entities under ISA supervision. The system handles all types of reporting, including prospectuses, annual financial statements, interim financial statements, immediate reports, reports of changes in interested parties' holdings and tender offers reports. Application of the XBRL, within the ISA computer system, will commence with the upcoming implementation of the international financial reporting standards, or IFRS, which will become mandatory for all public companies from January 1. As such, the use of the XBRL will be a by-product and a tool to attract foreign investors since the data submitted by the reporting entities in Israel will become accessible and understandable to investors all over the world, without them knowing Hebrew. "The ISA has initiated two crucial moves to enable international investment companies to read and understand financial reports formulated in Hebrew without the cultural or geographical distance being an impediment to investing decisions," said Terry. "First, to require Israeli companies to adopt the IFRS, the language currently spoken by more then 100 countries in the world and by doing so prevent Israel from being left behind. Second, a move in which Israel leads the way - reporting by means of the XBRL." Currently, public reports are immediately displayed on the MAGNA distribution site. A new page will be added to this site, presenting financial reports containing an XBRL file ready for download and public viewing. In addition, as part of the existing distribution system, the XBRL files will also be distributed to the Tel Aviv Stock Exchange, to information distributors and other interested entities both in Israel and abroad.

Join Jerusalem Post Premium Plus now for just $5 and upgrade your experience with an ads-free website and exclusive content. Click here>>

Related Content

The Teva Pharmaceutical Industries
April 30, 2015
Teva doubles down on Mylan, despite rejection

By GLOBES, NIV ELIS