Colombo, 19 March 2025 – The Colombo Stock Exchange (CSE) is set to introduce the eXtensible Business Reporting Language (XBRL) system to automate the reporting of financial statements by listed companies, aligning with international standards.
Dilshan Wirasekara, Chairman of the CSE, stated that this initiative aims to streamline financial reporting, making it more efficient for companies and more accessible for investors.
“We are working to implement XBRL, a reporting system that will automate financial statement submissions by listed companies. Since companies must report their financials quarterly, this standardised system will ensure consistency with international norms. It will not only ease the reporting process for companies but also enable investors to analyse data and conduct valuations more efficiently,” Wirasekara explained.
XBRL is a globally recognised digital business reporting standard, designed to enhance the accessibility and accuracy of financial data. The new system will improve transparency and efficiency in Sri Lanka’s capital market.
Expansion of CSE Depository Services
In addition to the XBRL initiative, Wirasekara revealed plans to expand the CSE’s depository services, currently operated as a fully owned subsidiary.
“We are also looking at expanding our depository beyond its current role of handling securities, both equity and debt,” he said.
A depository is a financial institution that holds securities in electronic form, facilitating trading while enhancing market security and liquidity. The planned expansion will strengthen the CSE’s role in managing equity and debt securities, further supporting Sri Lanka’s capital market growth.
