Banking Discounts for Businesses using XBRL

In a move that amplifies the increased efficiency with which financial statements formatted in XBRL form can be processed, ING Bank in the Netherlands has announced it will offer discounts to businesses applying for loans and credit if the financial statements in the applications are in XBRL form.

The Netherlands has implemented Standard Business Reporting (SBR), making XBRL statements more readily available. The announcement by ING serves as testimony to the success of the program.

XBRL Canada and CPA Canada have made several submissions to the Government of Canada recommending the adoption of SBR. Companies stand to save millions of dollars because of the enhanced efficiency with which government filings can be processed using XBRL. For some of the submissions made to the Government, check out the CPA Canada website.

New Canadian Legislation will Require XBRL Filings

The Government of Canada last week introduced legislation to implement the Extractive Sector Transparency Measures Act, following through on the announcement by Prime Minister Stephen Harper in June 2013 that Canada would be establishing new mandatory reporting standards for extractive companies directed at payments made to foreign and domestic governments at all levels, including Aboriginal groups. The Government of Canada has stated that the legislation is intended to be similar to that being implemented in the European Union, and is anticipated to be similar to that expected to be proposed by the United States Securities and Exchange Commission by March 2015.

It is anticipated that reports, in addition to being filed with the applicable Minister within 150 days of the applicable financial year end of an entity, would be posted by affected companies annually and on their corporate websites in XBRL. 

For further details, check out this website.