- July 16, 2021
- Posted by: adminer
- Category: Trade and Industry
Mr Michel Puchercos, Chief Executive Officer of Dangote Cement, said the company had adopted the eXtensible Business Reporting Language (XBRL) format.
Puchercos said, in a statement signed by him on Thursday in Lagos, that with the format, the company would be using the International Financial Reporting Standard (IFRS) taxonomy to present its financial information to investors.
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.
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.