The Colombo Stock Exchange (CSE), in partnership with the Securities and Exchange Commission (SEC) and Chartered Accountants (CA) of Sri Lanka, has introduced the eXtensible Business Reporting Language (XBRL) for listed companies.

XBRL, a global digital standard for financial reporting, is set to enhance accuracy, streamline submissions, and improve market transparency in Sri Lanka’s capital markets.

A contract with India’s Microvista Technologies has been signed to develop the system, with an initial rollout of XBRL-based Interim Financial Statements targeted for 2026.

Annual Reports and Sustainability Reports are expected to follow in 2027 and 2028, respectively, under a phased implementation plan.

This move is expected to reduce compliance costs, enable better analytics, and attract global investors through improved comparability and data accessibility.