XBRL Canada to Hold a Webinar on Mar 24 dealing with IFRS and XBRL Implementation
TORONTO, Feb. 19 /CNW/ - XBRL Canada is holding a webinar on this important topic on March 24th from 12:00 Noon - 1:00 PM.
The SEC Rule regarding XBRL contains a clause stating that "all foreign private issuers that prepare their financial statements in accordance with IFRS as issued by the IASB, will be subject to the same interactive data reporting requirements beginning with a periodic report on Form 10-Q, Form 20-F or Form 40-F containing financial statements for a fiscal period ending on or after June 15, 2011."
In Canada, all companies are required to adopt IFRS beginning with January 1, 2011. This means that IFRS must be applied to the first interim financial statements in 2011.
The end result is that all Canadian Cross-listed companies, which number approximately 350, will be required to adopt both IFRS and XBRL, using the IFRS taxonomy, in 2011.
For the rest of the press release, please follow this link.
posted by Gerald Trites @ 10:36 am
1 comments
1 Comments:
The blog entry on effective the date for Canadian foreign private issuers in the U.S. conflicts with Page 42 of the SEC XBRL rule. The rule indicates for foreign private issuers with financial statements prepared according to
IFRS-IASB, the rule is effective for "annual reports on form 20-F or 40-F for fiscal periods ending on or after June 15, 2011."
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