Wednesday, October 04, 2006

As Canada is moving to IFRS over the next several years, Paul Roy of the CICA has started a blog on Migrating to IFRS. The migration will create challenges for XBRL Canada, as the taxonomies will need to follow the migration path. His blog sometimes mentions XBRL issues, such as the posting summarized below Migrating to IFRS: "It is noteworthy that 17 out of the 20 XBRL Jurisdictions in the world are IFRS-based (85%). They are Australia, Germany, IASB/IASC Foundation, Ireland, Korea, Netherlands, New Zealand, Spain, United Kingdom, XBRL Europe, Belgium, Denmark, France, Poland, South Africa, Sweden and United Arab Emirates. Other XBRL Jurisdictions are Japan, Canada and the United States. Of these, Canada and the US are in the process of converging their GAAP with IFRS. To see how IFRS and XBRL work together, see the IASB Education Series. Also, Ernst & Young has prepared an IFRS Convergence demo that provides a walkthrough of how XBRL facilitates IFRS reporting."

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