Tuesday, April 11, 2017

Media Advisory – XBRL Canada to host Webinar discussing SEC Announcement requiring XBRL for IFRS Reporting Issuers

Toronto, Ontario - XBRL Canada will be hosting a webinar on May 24th, 2017 to discuss the United States Securities and Exchange Commission’s (SEC) announcement requiring Foreign Private Issuers (FPIs) that report using International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) to file their periodic reports using XBRL.
On March 1, 2017 the SEC published a taxonomy on its website to enable FPIs that prepare their financial statements in accordance with IFRS to tag those reports using XBRL.
FPIs that prepare their financial statements in accordance with IFRS as issued by the IASB may begin immediately to submit their financial statements in XBRL. Otherwise, all such FPIs must submit their financial statements in XBRL for fiscal periods ending on or after December 15, 2017.
XBRL Canada will host an information session providing an introduction to XBRL and provide an overview of the reporting requirements for SEC Reporting Issuers affected by this announcement.
The Webinar will be held on May 24, 2017 at 2 PM ET. Registration for the event is available at http://www.newsfilecorp.com/XBRL/ifrsXBRLWebinarXBRLCanada.php
About XBRL Canada
XBRL Canada is the Canadian jurisdiction of XBRL International and largely funded and administered by CPA Canada. The purpose of XBRL Canada is to provide support and encouragement for the adoption of eXtensible Business Reporting Language in Canada. XBRL is widely used around the world and recognized as the leader in advanced electronic business and financial reporting.

To strive towards its goals, XBRL Canada holds seminars and webinars and issues various publications, including its bi-monthly Newsletter. It also leads projects to test and explore XBRL usage in various settings.

For further information, please contact: XBRL Canada, Gerald Trites, Project Director, (416) 602-3931, Email: gtrites@cpacanada.ca

Monday, March 06, 2017

Some Thoughts for Canadian SEC Foreign Filers


XBRL Canada offers some thoughts for Canadian SEC Foreign Filers. 
  • Foreign Direct Filers using IFRS will be required to file their financial statements in XBRL for Year ends ending on or after December 15, 2017. See the release here.
  • The IFRS taxonomy (as well as the US Taxonomy) is available on the SEC website at  https://www.sec.gov/page/derataxonomies .
  • It is expected that during 2018, all filers will be required to use inline XBRL, (iXBRL). This means that the XBRL filing can be combined with the usual filing so that only one filing will be required.
  • iXBRL is explained here. It makes sense for Canadian filers to start with iXBRL rather than starting with XBRL and then having to switch in 2018.
  • The SEC developed an iXBRL viewer, which is illustrated here.

Thursday, March 02, 2017

Canadian Companies Filing with SEC To File in XBRL This Year

On March 1, the SEC released a notice to announce that it has posted the IFRS taxonomy on its website. This means that All Canadian companies who file with the SEC as a foreign direct filer and use IFRS must file their financial statements in XBRL format. There are over 300 such companies in Canada.

Some excerpts from the release follow:

On January 30, 2009, the Commission adopted rules to require domestic public companies and foreign private issuers that prepare their financial statements in accordance with U.S. generally accepted accounting principles (U.S. GAAP), and foreign private issuers that prepare their financial statements using International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), to provide their financial statements to the Commission and on their corporate websites, if any, in interactive data format using the eXtensible Business Reporting Language (XBRL). Among other things, the Commission adopted Rule 405 of Regulation S-T, requiring filers to prepare Interactive Data Files that comply with EDGAR Filer Manual requirements. Section 6.3.9 of Volume II of the EDGAR Filer Manual requires use of a taxonomy specified on the Commission’s website.

The Commission required foreign private issuers that prepare their financial statements in accordance with IFRS as issued by the IASB to begin their submissions in year three of a phase- in period. The Commission believed at that time that, by the phase-in date, the EDGAR system would be able to support an IFRS taxonomy and an IFRS taxonomy would be sufficiently advanced to require its use. Because the Commission had not specified on its website an IFRS taxonomy, foreign private issuers that use IFRS as issued by the IASB have not submitted their financial statement information to the Commission in XBRL. In recognition of the fact that it was not possible for foreign private issuers that use IFRS as issued by the IASB to comply with the Interactive Data File requirements until the Commission specified on its website a taxonomy for such use, in 2011 the Commission staff stated that foreign private issuers that prepare their financial statements in accordance with IFRS as issued by the IASB were not required to submit to the Commission and post on their corporate websites, if any, Interactive Data Files until the Commission specified on its website a taxonomy for use by such foreign private issuers in preparing their Interactive Data Files.

On March 1, 2017, the IFRS Taxonomy was specified on the Commission’s website, as provided by the EDGAR Filer Manual. Accordingly, foreign private issuers that prepare their financial statements in accordance with IFRS as issued by the IASB and are subject to Rule 405 may immediately begin submitting their financial statements in interactive data format.

Although existing Rule 405 would require foreign private issuers that prepare their financial statements in accordance with IFRS as issued by the IASB to submit financial data in XBRL upon publication of the taxonomy, the Commission is providing notice that such issuers may first submit financial data in XBRL with their first annual report on Form 20-F or 40-F for a fiscal period ending on or after December 15, 2017.

For the complete release, click here.

Wednesday, September 21, 2016

IFRS Foundation Releases Common Practice Guide.

Last month, the IFRS Foundation released a guide to the common practice content to the IFRS Taxonomy. The guide is directed to help users and those who comment on the taxonomy updates to gain a better understanding of the nature of that content and the objectives of the periodic updates. This guide is of particular interest to Canadian companies and organizations that may have to use the IFRS Taxonomy and are monitoring its developing content.

The Guide to Common Practice Content helps readers make informed contributions to the IFRS Taxonomy consultation process. The guide clarifies:

  • IFRS Taxonomy common practice content;
  • why the IFRS Taxonomy includes common practice content;
  • the process followed to identify common practice elements; and
  • the criteria used to propose identified common practice elements for inclusion in the IFRS Taxonomy.
The guide can be obtained at this link.

Monday, September 19, 2016

SBR Savings in Australia expected to exceed 1 Billion

The latest figures issued by the Australian Tax Office show that savings to government and business are expected to reach 1.1 billion for the 2015-16 fiscal year. This exceeds the budgeted amount of $800 million for the same period. A real success story for other governments to consider. For more, click this link.


Tuesday, August 02, 2016

Data Coalition Recommends Structured Data to the SEC

The Data Coalition has recently released a report in which it recommends to the SEC that structured data be used for all of its filings. The Coalition points out that a system of disclosure has evolved under existing legislation and under a paper regime in which numerous documents are required to be filed by registrants. This is inefficient and involves much duplication. It points out that these documents are formatted with the presumption that they will be printed and read on paper, while most users read and analyze them in digital format.


This approach is consistent with the concept of standardized Business Reporting (SBR) with which governments can save large amounts of money by requiring filings using structured data rather than paper based forms.

Friday, July 29, 2016

New XBRL Canada Website

XBRL Canada has launched a new website that features more up-to-date news (in handy carousel format) as well as more on upcoming and recent events and blog entries. The site is attractive and consistent with the overall image of XBRL International. The site also ties more closely with the International site. The new site will be a much improved source of current information about the impressive and continuing growth of XBRL in business and financial reporting and filing. Check it out at xbrl.ca.