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.