The Business Case for Membership in XBRL Canada

Membership in XBRL Canada costs $7500 per year for the largest firms, scaling down to $250 for individuals. (Full details are in the schedule at the end of this article.)

A question often asked by those considering membership is – what is the business case for this expenditure? This document outlines the business case for membership in XBRL Canada.

The Business Case

XBRL is an internationally recognized standard for reporting financial and business information in an electronic form that is platform independent and scalable. It enables information to be processed automatically without human intervention. It also enables users to download the information and present it and analyze it in their own tools and according to their own needs. At the same time, it allows a company to present its information in a standard instantly recognizable around the world, while still providing sufficient flexibility to enable it to “tell its own story”.

XBRL is a game changer. It provides a clear break from the past of reporting financial and business information on paper in a form that is designed for reading but not for analysis. Most users today are more interested in analysis than in reading. It sets the stage for a new era where corporate reporting is based on data rather than traditional paper forms - an era that is consistent with our environment of big data and data analytics. This has huge implications for the development of financial and business reporting standards in general.

XBRL has been adopted in most countries around the world. The SEC has required it for several years in its reporting rules as have many other regulators in other countries. All of the G-8 countries except Canada require it. Therefore XBRL is a growing force in international capital markets. Ultimately, the availability of data in XBRL format will be a determining factor in global securities markets.

Although the capital market regulators in Canada do not require XBRL, CPA Canada has recommended to the Minister of Finance for the past two years that Standard Business Reporting (SBR) be implemented using XBRL. Under SBR, all government filings and returns would be done in XBRL, to facilitate processing and sharing (within legislative restrictions) of the information.

Despite lack of a Canadian mandate, some 300 Canadian companies presently file in XBRL with the SEC, either as foreign or domestic filers. Moreover, the SEC will soon be approving the use of the IFRS Taxonomy for its filings, bringing into play the foreign filer rule for all cross-listed Canadian companies, another 400 companies.

Therefore, the presence of XBRL in Canadian financial and business reporting is developing and growing.

Membership in XBRL Canada offers the following benefits:

1. The opportunity to network with others involved in the XBRL community
2. The opportunity to have “the inside track” on current developments in XBRL.
3. An opportunity to participate more fully in XBRL events, such as the annual conference, webinars and seminars.
4. Ability to receive a discount where events are held with an admission charge.
5. Direct linkages with a strong international XBRL community.
6. Invitations to private events held periodically
7. Listing on our website of your company together with your logo
8. Timely notice of important events/trends

The Membership Dues for 2014-15 are as follows:

Corporate/Organizational Memberships	XBRL CA Dues
Commercial organization over $100m revenue	$7500
Company that qualifies for XBRL filing with the SEC or other similar regulatory agency regardless of size	$1000
Other Commercial organizations	$1000
Government  department or agency	$1000
Individual memberships (Individuals who are employed by companies with revenues over $100 million are not eligible for individual memberships.)	$250/year
Faculty of academic institutions	$100/year
Student of academic institutions	$50/year

To Join XBRL Canada: email to  info@xbrl.ca or gtrites@xbrl.ca