2 Presenters Geoff Zakaib, Chair, XBRL Canada Gerald Trites, FCA, XBRL Canada Project DirectorASK each participant to briefly introduce themselvesASK them what questions they want answered or particular expectations for the course2
3 Today’s AgendaProposals for a widespread adoption of XBRL by the Canadian Government using SBRStatus of the IFRS Taxonomy with the SECAdoptions by Canadian companies and organizationsImplications of the extensive worldwide adoption for Canada
5 Standardized Business Reporting (SBR) Across the board adoption of XBRL in a government or across numerous departments and agencies.
6 Numerous countries around the world have adopted SBR in whole or in part. For example, The Netherlands, Denmark, New Zealand, Australia, Japan, Singapore, Ireland, Poland, the United Kingdom, India, Belgium, Estonia, Luxembourg and Italy.
7 Government agencies included in the Australian SBR program: Treasury (as the lead),the Australian Prudential Regulation AuthorityThe Australian Securities & Investments CommissionThe Australian Taxation OfficeThe State and Territory government revenue offices, andThe Australian Bureau of Statistics.
8 pro’s and con’s of existing Canadian environment Opportunity to create a strategic vision for e-governmentInsufficient data quality and analyticsLack of comparability of Canadian to international financial dataAdministrative burden on business filersCostly individual "sea of redundant data" in different institutions
9 4 pillars for successful XBRL implementation LEGALAnalysis of legal state-of-the-art reporting obligationsProposal of legal changesAnalysis of legal impactContinuous revision of resultsUsers and adopters feedbackOrganizationALAnalysis of the structure of the reporting organisationsRequirements for organisational structureRoles and responsibilitiesInvolvement of Canadian institutions and organisationsCommunicationDataAnalysis of the scope of data reported by / to various entitiesProposal of data sets and redundancy eliminationProposal of taxonomiesContinous data updateUpdate and maintenance of taxonomiesTechnologICALAnalysis of reporting technical solutionsProposal of technical solutionsAnalysis of technological impactTechnical solutions introductionTechnical monitoring and changes control
10 XBRL Implementation Process Define and tag all data items and forms subject to filingDefine all data owners and receiversDefine all information filing frequenciesIdentificationIdentify and remove redundant information itemsIdentify specific taxonomiesDraft supporting legislationApproximationCreate individual taxonomiesPublish and utilize taxonomiesConduct public market awarenes s programmePublication
11 Affected entities by sector BankingBanksCredit UnionsBusinessRegulated Companies with special reporting obligationsCompanies listed on the Stock ExchangesTaxpayersCapital marketsStock ExchangesSecurities CommissionsSecurities brokerage companiesInvestment funds management companiesFinancial servicesMoney transfer service providersCurrency exchange officesAudit firmsLeasing companiesPension funds management companiesInsuranceInsurance companiesInsurance brokersOSFIInsurance agentsPublic sectorMunicipalitiesGovernment Owned EntitiesPublic companiesCRAFederal and Provincial GovernmentsNot-for-ProfitsPolitical partiesFoundationsCivil AssociationsReligious groups and associationsForeign associationsForeign NFP'sCharitable organizations and associations
12 Organizational Concept for SBR Implementation Standard Business Reporting RolesManagementCreate and update legal frameworkCoordinate project activitiesImplementationEstablish and maintain technical frameworkMeta data definitionDevelopmentDevelopment of taxonomiesDefine and promote standards and legislation
13 Where Information Will be filed various business and financial regulatory dataInformation filersprocessing:label, presentation, reference, formula, context, calculationDepartments and Agencies collecting Data
14 How the XBRL information will be disseminated XBRL metadata repositoryCRM: Register of annual accountsSEC: Register of companies with special reporting obligationsStatscanStock Exchanges and Securities CommissionsOther relevant agenciesRegulator X: System XMarket Analyst X: Analytics systems
15 TimeframeEstablishment of Canadian SBR Strategy3 monthsDevelopment and Implementation of Canadian National XBRL Taxonomy12 monthsImplementation of specific XBRL projects
16 Download the XBRL Canada Roadmap Executive Summary XBRL Canada Website at
17 Status of the IFRS Taxonomy with the SEC At Montreal Conference, SEC officials confirmed that foreign filers using IFRS will have to file during 2012Subsequent Information confirms this is their positionCanadian cross-listed Companies should prepare
26 Adoptions by Canadian companies and organizations
27 Limited Adoption in Canada so far CSA waited for IFRS adoption to completeSeveral cross-listed companies using US GAAP have filed as foreign filers with SECDeposit Insurance Corporation of Ontario (DICO) requires XBRL for filings by Credit UnionsSec Foreign Filers rule for companies using IFRS will affect about 350 Canadian companies
28 Implications of the extensive worldwide adoption for Canada
29 Why Canada should care about Global XBRL Adoption XBRL Gaining momentum on a worldwide scaleNow over 70% of the world Cap is covered by XBRL filingsEg. US, UK, Most of EU, Japan, Australia, China, Singapore, S KoreaPotential to improve capital market efficiencyPDF information – “static”Canada stands to be left out of the global data availability scene
30 XBRL Canada Contacts Jerry Trites Web site 416-602-3931 firstname.lastname@example.org
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