House of Commons Standing Committee on Finance Recommends XBRL

Encouraging news among the recommendations issued by the House of Commons Standing Committee on Finance following its pre-budget hearings.

One recommendation calls for the federal government to explore the possibility of standardizing business reporting (SBR) and specifically XBRL, to reduce compliance costs for taxpayers and enhance federal data collection. SBR was as one of three main issues profiled by CPA Canada earlier this year during a presentation to the finance committee and in a co-branded pre-budget submission with the Certified General Accountants Association of Canada (www.cpacanada.ca/2013Pre-Budget).

Hopefully, the federal government listens and moves to adopt XBRL in its next federal budget expected to be delivered this coming spring.