MCI Announces Launching the Program of Electronic Input of the Financial Statements "qawaem"
The Project would contribute in Promoting Transparency and Serving the Commercial Institutions in the Saudi market, as Confirmed by MCI
MCI has launched the Electronic Platform "qawaem" which will greatly serve both the public and private sectors, through promoting transparency and serving the Commercial Institutions in the Saudi market, by facilitating and organizing the process of inputting the financial statements of the Commercial Institutions working in the Kingdom. MCI announces the start of this service on Thursday, 10/03/1435 AH, 01.01.2015 AD, in the Consolidated Financial Statements Input Center, via MCI website as an initial phase, where the paper financial statements will no longer be received as from the above mentioned date.
H.E. the Minister of Commerce and Industry, Dr. Tawfiq Bin Fawzan Al Rabiah has issued a decree for the adoption of the electronic input program of the financial statements via the electronic platform "qawaem" as a Consolidated Program for the Electronic Input. Accordingly, a decree has been issued by H.E. the Minister, Chairman of the Board of Directors of the Saudi Organization for Certified Public Accountants to amend Article IX of the Implementing Regulations of the Chartered Accountants Law, stipulating that the one enrolled in the Chartered Accountants Registration should be committed to provide the Ministry with the financial statements and reports by inputting them via the electronic input program "qawaem".
All the companies, working in the Saudi market, are requested by MCI regulations to provide their financial statements on an annual basis, where it passes through series of stages, starting by preparing the company's financial statement in the form of paper and then to be audited and approved by a chartered accountant, then to be handed over manually to MCI officials. All these procedures have become electronic through the e- platform “ qawaem".
It is noteworthy that the program, which has been carried out by MCI in partnership with the Saudi Organization for Certified Public Accountants and the Department of Zakat and Income, change the paper financial statements to electronic, through using (XBRL) language, which is universally used in the disclosure of financial reporting process, as well as the automatic input of the financial statements will support the company`s credibility towards the beneficiaries. The program of “qawaem” will provide information on the financial results of the commercial institutions working in the Saudi market, in addition to developing accurate and important economic data base that may help the planners.
MCI emphasizes that the electronic platform "qawaem" represents an important economic tributary for decision-makers, pointing out that the program has undergone several stages and the development work in this platform will continue even after launching this program, through other stages to be followed. The services to be provided by the electronic platform "qawaem" have great economic feasibility, which is varied in helping the institutions to conclude contracts among each other and with all government or non-governmental organizations, “qawaem” is distinguished in providing accurate financial information about the Commercial Institutions, this will develop confidence among the concerned parties.
Through the program of “qawaem”, MCI is trying to provide assistance to Accounting and Auditing Offices to promote and develop this profession and to contribute in the preparation of National cadres in such profession, to be trained to the highest levels, as befits the economic status of the Kingdom, MCI is also keen on providing multiple options for all sectors, whose works require the access to the financial statements of an institution working in the Kingdom.
MCI draws the attention that the information provided by "qawaem" will help those working in the areas of economic classifications, whether Local, Regional, Arab or Global, to put the Saudi firms in the correct classification befitting the strong economic status of the Kingdom, which will enable such firms to get more advantages out of this classification, and that may bring the desired benefit financially and economically.
During the process of designing the program “qawaem” , MCI did not overlook putting precise control on the financial statements of the institutions, and to be followed up regarding the financial aspects, and did not overlook as well the importance of the economic feasibility of the project, contributing the activation of what is known in the business as "Corporate Governance", where the financial statements, audited by chartered accountants, allow accuracy in providing information before inputting into the electronic platform, in addition to the commitment to the Rules and Regulations of the Ministry, especially adhering to the dates of inputting the financial statements, and follow the Saudi Accounting Standards, where such procedures may achieve the greatest economic feasibility.
MCI calls on those interested in the e-platform for the financial statements "qawaem", after launching, to access the link: qawaem.sa