Kuwait is transforming the way companies submit their annual financial statements. Under the Ministry of Commerce and Industry’s new Qayd (قيد) platform, financial statements will be filed electronically using the international XBRL standard.

Electronic filing is optional throughout 2026, allowing companies and audit firms to test the new process while continuing with the existing submission method. According to the Ministry’s announced timeline, XBRL filing through Qayd will become mandatory for all legal entities from 1 January 2027. (Kuwait Times/KUNA announcement)

MicroSolutions Kuwait can help businesses prepare for this transition by configuring and developing an Odoo-based financial reporting solution aligned with the technical requirements of the Qayd platform.

What Is XBRL?

XBRL stands for eXtensible Business Reporting Language. It is an open international standard used to prepare and exchange financial and business information in a structured, machine-readable format.

A conventional PDF financial statement can be read by people, but its contents cannot always be automatically understood by software. XBRL assigns a standard digital tag to every financial figure, such as:

• Revenue

• Cash and bank balances

• Accounts receivable

• Inventory

• Fixed assets

• Liabilities

• Expenses

• Equity

• Profit or loss

These tags allow government systems, auditors and analytical tools to automatically read, validate, compare and analyse financial information. According to XBRL International, structured digital reporting improves the accessibility, consistency and comparability of business data.

Why Is Kuwait Introducing XBRL?

The Ministry of Commerce and Industry introduced the Qayd platform to move financial reporting from traditional documents to structured digital information.

The objectives include:

• Improving the quality and accuracy of financial data

• Standardising financial disclosure across companies

• Accelerating the review and approval of financial statements

• Strengthening regulatory supervision and transparency

• Reducing manual data entry and administrative procedures

• Detecting missing or inconsistent financial information

• Establishing a national financial database

• Supporting economic analysis and informed decision-making

The system is expected to make financial reporting more efficient for companies, auditors and government authorities.

When Will XBRL Become Mandatory in Kuwait?

Throughout 2026 – Optional Filing

During 2026, companies and audit firms may voluntarily submit financial statements electronically through Qayd using XBRL. The existing submission process remains available during this transition period.

Businesses should use this period to review their accounting systems, clean their financial data, map their Chart of Accounts and test the new filing process.

From 1 January 2027 – Mandatory Filing

Beginning 1 January 2027, electronic filing through the Qayd platform will become mandatory for all legal entities covered by the Ministry’s requirements. Financial statements submitted outside the new system are expected to no longer be accepted.

The Ministry has advised companies and audit firms to begin their technical and organisational preparations early. (Kuwait Chamber of Commerce and Industry)

Who Needs to Prepare?

The announced requirement applies to all legal entities in Kuwait, including categories such as:

• Private companies

• Single-person companies

• Simple partnerships

• Limited liability companies

• Public and closed joint-stock companies

• Other legal entities required to prepare and submit financial statements

Audit and accounting firms will also play an important role in preparing, reviewing, approving and filing their clients’ financial statements through the new system.

Listed companies, CMA-licensed entities and other regulated organisations may also have separate disclosure obligations through the Capital Markets Authority’s iFSAH XBRL platform. Companies should confirm with their auditor or regulatory adviser which filing requirements apply to them.

How Will XBRL Filing Work?

Although the final process will depend on the Ministry’s approved taxonomy and technical specifications, XBRL implementation will generally include the following stages:

1. Finalise the accounting records for the financial year.

2. Prepare the financial statements in accordance with the applicable accounting standards.

3. Map every relevant account and financial statement line to the approved Qayd XBRL taxonomy.

4. Generate the financial statements in the required XBRL format.

5. Validate the file against the Ministry’s technical and accounting rules.

6. Review and approve the information with the appointed auditor.

7. Upload the validated file to the Qayd platform.

8. Correct any validation errors or rejected information.

9. Complete the final electronic submission and retain the filing record.

How Can Odoo Help?

Odoo provides an integrated accounting environment where financial transactions and supporting information can be maintained within one system.

With the correct configuration and Kuwait-specific development, Odoo can support:

• A properly structured Chart of Accounts

• General Ledger and Trial Balance reporting

• Balance Sheet and Profit and Loss reporting

• Cash Flow and supporting financial schedules

• Multi-company and multi-currency accounting

• Account-to-XBRL taxonomy mapping

• Automated financial data extraction

• Validation of totals and financial relationships

• Generation of Qayd-compatible XBRL files

• Controlled review and approval workflows

• Complete audit trails and supporting documents

• Year-to-year reporting consistency

However, installing Odoo Accounting alone does not automatically make a company Qayd-compliant. A Kuwait-specific XBRL configuration or custom module may be required to map the company’s financial data and generate files according to the official Qayd taxonomy and technical requirements.

How MicroSolutions Kuwait Can Help

MicroSolutions Kuwait can support your organisation through the complete XBRL-readiness process.

XBRL Readiness Assessment

We review your existing accounting system, Chart of Accounts, financial reports, opening balances, historical records and closing procedures to identify gaps that may affect XBRL reporting.

Odoo Accounting Implementation

For companies that are not currently using Odoo, we can implement Odoo Accounting and migrate the required financial data into a properly structured ERP environment.

Chart of Accounts Review and Mapping

We help review and organise the Chart of Accounts and map the relevant accounts and financial statement lines to the approved XBRL taxonomy.

Kuwait-Specific XBRL Development

Subject to the final technical specifications issued for Qayd, we can develop or configure an Odoo module to extract financial data and generate the required XBRL output.

Automated Validation

Validation rules can be introduced to identify missing mappings, incomplete information, incorrect totals and inconsistencies before the file is submitted.

Qayd Testing and Filing Support

We can assist your finance team and auditor with test-file generation, technical validation, error correction and preparation for uploading through the Qayd platform.

Training and Ongoing Support

We provide practical training for finance teams on maintaining accurate data, generating XBRL reports and managing the annual filing process. We can also update the solution when the Ministry changes its taxonomy, validation rules or technical requirements.

Why Start Preparing Now?

XBRL compliance involves more than converting a PDF into another file format. The accuracy of the final XBRL report depends on the quality and structure of the underlying accounting data.

Starting early gives your organisation time to:

• Reconcile historical balances

• Correct Chart of Accounts problems

• Review financial reporting structures

• Coordinate with the external auditor

• Complete taxonomy mapping

• Test the XBRL output

• Resolve validation errors before filing becomes mandatory

Waiting until the 2027 deadline may create unnecessary pressure for finance teams, auditors and management.

Prepare Your Business for Qayd with MicroSolutions Kuwait

MicroSolutions Kuwait combines Odoo implementation experience, local accounting-process knowledge and custom development capabilities to help companies prepare for Kuwait’s new digital financial reporting requirements.

Whether you already use Odoo or need to modernise your existing accounting system, our team can assess your current position and develop a practical roadmap towards XBRL readiness.

Contact MicroSolutions Kuwait today to arrange an XBRL and Odoo readiness assessment before mandatory filing begins on 1 January 2027.

Regulatory requirements and technical specifications may be updated by the Ministry of Commerce and Industry. Final filing responsibilities should be confirmed with the company’s appointed auditor and the relevant authorities.