New: Canadian Roadmap for the Implementation of XBRL

The Canadian Institute of Chartered Accountants and XBRL Canada announce the publication of its complete publication in English and French entitled “XBRL Roadmap”, on implementing XBRL for electronic filing of information with the Government of Canada.

This comprehensive new study details how XBRL can be implemented specifically in Canada for government filings in a form often referred to as Standardized Business Reporting (SBR). Such implementation could save filers and the government many millions of dollars. Consequently, it is of interest to companies that must file information with the Canadian Government, such as Statscan forms, income tax returns, forms with regulators and information returns with various departments and agencies.

The study will be featured at the forthcoming annual conference or XBRL Canada in Ottawa on October 17 and 18 and copies will be available onsite. The Roadmap is available in electronic form at www.xbrl.ca.

For further information, or for a copy of the study, please contact Gerald Trites at gtrites@xbrl.ca.

Efficient and Effective Government Reporting October 17, 2012 

Have you registered for the XBRL Canada Annual Conference in Ottawa yet? The room block set aside for registrants at favourable rates at the Fairmont Chateau Laurier expires on October 3.

The program is an exciting one! Keynote Speaker will be Daniel Kelly, President and CEO of the Canadian Federation of Independent Business, who will speak on the needs of independent business for savings in the costs of compliance with government requirements.

Gianluca Garbellotto will explain how significant savings are being achieved in the Australian SBR Program. And David Blaszkowsky, of the US Dept of Treasury will outline key initiatives under way and planned within the US Government in this area.

Mark Montoya will describe how the Federal Deposit Insurance Corporation in the US has used XBRL to save millions of dollars in filing costs and achieved much greater effectiveness. And Bill Foster will describe the implementation of XBRL at Deposit Insurance Corporation of Ontario (DICO)

An afternoon panel will discuss the issues around Implementation of Standardized Data and will include many of these speakers as well as senior representatives of key government departments and agencies, such as CRA, Statscan and OSFI. The full program can be viewed at www.xbrl.ca. It includes a seminar on the morning of October 18th.

Register by going to the XBRL Canada website at www.xbrl.ca.

XBRL Canada is supported and administered by the Canadian Institute of Chartered Accountants.

EU Moving To XBRL for Listed Companies

Following is a communication from Piotr MADZIAR, Directorate General Internal Market and Services, European Commission:

The EU legislative process for transparency in financial reporting, to which XBRL amendments were introduced earlier in 2012, is going on. This week (18 September 2012) the Legal Committee (JURI) – leading committee for that legislation - adopted its reports on relevant draft directives:

In harmonisation of transparency requirements for listed companies JURI proposes:

1)    From 1 January 2018 all financial annual reports shall be prepared in a single electronic reporting format.
2)    European Securities and Markets Authority (ESMA) shall develop standards, such as XBRL by 31 December 2015.
3)    European Commission is empowered to adopt the standards.
4)    Before the adoption of the regulatory technical standards the Commission, together with ESMA, shall carry out an adequate assessment of possible electronic reporting formats and conduct appropriate tests in all Member States.'

In the recital of the directive for annual accounts/accounting regime for non-listed entities:

1)    The Member States are strongly encouraged to develop electronic publication systems that allow undertakings to file accounting data, including statutory financial statements, only once and in a form that allows multiple users to access and use the data easily.
2)    The Commission is encouraged to explore means for a harmonised electronic format for reporting such as preparing financial statements in XBRL, such systems should, however, not be burdensome to small and medium-sized undertakings.

You may search for the exact wording of the proposed amendments and their adoption status on the JURI web page:

Normally reports of the Committee are then negotiated with the Commission and the Council of the European Union, and subject to a vote in a plenary session.

Best regards from Brussels.
Piotr MADZIAR
European Commission
Directorate General Internal Market and Services

Ottawa Conference
Efficient and Effective Government Reporting
October 17, 2012
Venue – Fairmont Chateau Laurier
Program
8:45 – 9:00 AM – Opening Remarks and Introductions, Geoff Zakaib, Chair of XBRL Canada
9:00 – 9:30 – Daniel Kelly, President and CEO, Canadian  Federation of Independent Business
9:30 – 10:00 – Gianluca Garbellotto, The Australian SBR Program
10:00 – 10:30 – David Blaszkowsky, US Dept of Treasury
10:30 – 11:00 – Break
11:00 – 11:30 – Mark Montoya, FDIC
11:30 – 12:00 – Bill Foster, Deposit Insurance Corporation of Ontario (DICO)
12:00 – 1:00 - Lunch and networking
1:00 – 1:30 –The XBRL Roadmap – Gord Beal, CICA and Geoff Zakaib, XBRL Canada
1:30 – 3:00 – Panel on Implementation of Standardized Data – Gary Walker - OSFI, Mario Vella – Statscan, Ted Gallivan – CRA, Bill Foster - DICO, Paul Montoya - FDIC, Gianluca Garbelloto – Australian SBR, David Blazkowski - US Dept of Treasury
3:00 – 3:15 Break
3:15 – 3:45 Recap – Panel Gary Walker and Mario Vella
3:45 - 4:00 PM  Closing Remarks, Geoff Zakaib

Register now at www.xbrl.ca