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.

Forthcoming XBRL Events

2010 is shaping up to be a big year for XBRL in Canada. XBRL adoption driven by the SEC rules has already started and will escalate between now and mid 2011. Other organizations are showing an interest in XBRL for internal purposes. As a result, XBRL Canada is planning a series of events:

March 24, 2010. There will be a Webinar featuring Paul Cherry, veteran of International Accounting Standard Setting, discussing IFRS adoption, along with Wasim Thaha who will comment on the related XBRL implications. This webinar will be the first of a series.

April 7, 2010 will see a seminar in Calgary devoted to the relationship between IFRS and XBRL adoption for the Oil and Gas Industry.

Further information about these events will be forthcoming shortly. Other events are in the early planning stage.

And from April 20 - 22, the 20th XBRL International Conference will be held in Rome with a theme of "Linking Businesses, Public Regulators & Citizens." This event will be of particular interest to those who are considering XBRL adoption for governmental purposes beyond securities regulation, an area where Europe has been a leader.

Stay tuned to this blog and the XBRL Canada Website for further details and additional events.