Bayanat (XBRL-extensible Business Reporting Language) is the open international standard for digital business reporting that has been especially developed to support the communication and exchange of information and data (both financial and non-financial) between the different entities (Listed and License Companies) in the economy. Entities submits their financial result quarterly and yearly then verified by approved Auditors. System integrated with different Authorities like MSX and MCD and SSO implemented for all reporting entities. It ensure availability of accurate & reliable financial information in a timely manner to all the relevant stakeholders with support of analytical tool & dashboard (MSPowerBI).

https://bi.bayanat.gov.om/

• Oman

Yes it is replicable since it can be used by other entities in other industries/ Sectors, it can be implemented elsewhere.

XBRL systems contribute to sustainability by promoting efficient resource utilization, reducing waste, and facilitating better decision-making for a more sustainable future.

Environmental Sustainability:

Reduced Paper Usage: XBRL replaces paper-based reporting with digital tagging, significantly reducing paper consumption and associated environmental impact like deforestation and greenhouse gas emissions.
Efficient Data Storage & Transmission: XBRL's compact and standardized format reduces data storage requirements and transmission bandwidth compared to traditional text-based reports, lowering energy consumption.
Economic Sustainability:

Reduced Costs: Automating data extraction and analysis through XBRL saves time and resources for both preparers and consumers of reports, leading to cost reductions.
Improved Data Accuracy & Reliability: XBRL's tagging and validation features minimize errors and inconsistencies in reported data, enhancing data quality and reducing the need for rework or corrections.
Enhanced Transparency & Comparability: Standardized XBRL reports enable easier comparison and analysis of data across companies and industries, promoting transparency and informed decision-making by investors, regulators, and other stakeholders.

Transparency and Accountability: XBRL enables standardized reporting of financial and business data. This transparency enhances accountability and can benefit communities by providing clear insights into the financial health and performance of businesses, government entities, and nonprofit organizations. Access to Information: Accessible information helps community members make informed decisions. Efficient Data Analysis: XBRL makes it easier to analyze and compare financial data across different entities. This can be particularly valuable for communities when assessing the economic impact of businesses, tracking trends, and identifying areas for improvement or investment. Government Efficiency: In the public sector, XBRL can enhance the efficiency of financial reporting for government entities. This efficiency can lead to better allocation of resources, improved budgeting processes, and ultimately benefit the community through more effective public services. Investor Confidence: For communities with businesses seeking investment, XBRL can enhance investor confidence. Standardized financial reporting can make it easier for investors to assess the financial health of businesses, fostering a more attractive investment environment. Regulatory Compliance: Communities benefit from this as it helps maintain fair and transparent business practices, contributing to the overall economic stability and trust in the community. Innovation and Technological Advancements: Communities can benefit from the broader trend of digital transformation, leading to improved efficiency and effectiveness in various sectors. Reduction of Fraud and Errors: Standardized reporting through XBRL can reduce the likelihood of errors and make it easier to identify anomalies in financial data. This contributes to the prevention of fraud, ensuring that businesses operate with integrity, which is beneficial for the community.