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XBRL in Canada Status XBRL Canada.

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Presentation on theme: "XBRL in Canada Status XBRL Canada."— Presentation transcript:

1 XBRL in Canada Status XBRL Canada

2 Presenters Geoff Zakaib, Chair, XBRL Canada
Gerald Trites, FCA, XBRL Canada Project Director ASK each participant to briefly introduce themselves ASK them what questions they want answered or particular expectations for the course 2

3 Today’s Agenda Proposals for a widespread adoption of XBRL by the Canadian Government using SBR Status of the IFRS Taxonomy with the SEC Adoptions by Canadian companies and organizations Implications of the extensive worldwide adoption for Canada

4 Proposals for SBR

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 Authority The Australian Securities & Investments Commission The Australian Taxation Office The State and Territory government revenue offices, and The Australian Bureau of Statistics.

8 pro’s and con’s of existing Canadian environment
Opportunity to create a strategic vision for e-government Insufficient data quality and analytics Lack of comparability of Canadian to international financial data Administrative burden on business filers Costly individual "sea of redundant data" in different institutions

9 4 pillars for successful XBRL implementation
LEGAL Analysis of legal state-of-the-art reporting obligations Proposal of legal changes Analysis of legal impact Continuous revision of results Users and adopters feedback OrganizationAL Analysis of the structure of the reporting organisations Requirements for organisational structure Roles and responsibilities Involvement of Canadian institutions and organisations Communication Data Analysis of the scope of data reported by / to various entities Proposal of data sets and redundancy elimination Proposal of taxonomies Continous data update Update and maintenance of taxonomies TechnologICAL Analysis of reporting technical solutions Proposal of technical solutions Analysis of technological impact Technical solutions introduction Technical monitoring and changes control

10 XBRL Implementation Process
Define and tag all data items and forms subject to filing Define all data owners and receivers Define all information filing frequencies Identification Identify and remove redundant information items Identify specific taxonomies Draft supporting legislation Approximation Create individual taxonomies Publish and utilize taxonomies Conduct public market awarenes s programme Publication

11 Affected entities by sector
Banking Banks Credit Unions Business Regulated Companies with special reporting obligations Companies listed on the Stock Exchanges Taxpayers Capital markets Stock Exchanges Securities Commissions Securities brokerage companies Investment funds management companies Financial services Money transfer service providers Currency exchange offices Audit firms Leasing companies Pension funds management companies Insurance Insurance companies Insurance brokers OSFI Insurance agents Public sector Municipalities Government Owned Entities Public companies CRA Federal and Provincial Governments Not-for-Profits Political parties Foundations Civil Associations Religious groups and associations Foreign associations Foreign NFP's Charitable organizations and associations

12 Organizational Concept for SBR Implementation
Standard Business Reporting Roles Management Create and update legal framework Coordinate project activities Implementation Establish and maintain technical framework Meta data definition Development Development of taxonomies Define and promote standards and legislation

13 Where Information Will be filed
various business and financial regulatory data Information filers processing: label, presentation, reference, formula, context, calculation Departments and Agencies collecting Data

14 How the XBRL information will be disseminated
XBRL metadata repository CRM: Register of annual accounts SEC: Register of companies with special reporting obligations Statscan Stock Exchanges and Securities Commissions Other relevant agencies Regulator X: System X Market Analyst X: Analytics systems

15 Timeframe Establishment of Canadian SBR Strategy 3 months Development and Implementation of Canadian National XBRL Taxonomy 12 months Implementation 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 2012 Subsequent Information confirms this is their position Canadian cross-listed Companies should prepare

18 Changes between 2011 and 2012 IFRS Taxonomies

19 IFRS Taxonomy Changes There were no significant architectural amendments between IFRS Taxonomy 2011 and IFRS Taxonomy 2012 There were some technical improvements © 2012 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK.

20 IFRS Taxonomy – content changes
Changes relating to new and revised Standards issued by the IASB during 2011: IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements, IFRS 12 Disclosures of Interests in Other Entities, revised IAS 27 Separate Financial Statements, revised IAS 28 Investments in Associates and Joint Ventures IFRS 13 Fair Value Measurement Presentation of Items of Other Comprehensive Income – Amendments to IAS 1 Revised IAS 19 Employee Benefits Mandatory Effective Date and Transition Disclosures – Amendments to IFRS 9 and IFRS 7 Disclosures – Offsetting Financial Assets and Financial Liabilites – Amendments to IFRS 7 © 2012 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK.

21 IFRS Taxonomy – content changes (cont.)
Changes relating to inclusion of common practice concepts (based on analysis of 200 IFRS financial statements of commerce & industry companies, financial institutions and insurers): Approximately 340 concepts from analysis of primary financial statements and block-tagging of notes and accounting policies Approximately 280 concepts from detailed analysis of notes to financial statements Minor changes relating to “annual improvements” to IFRS Taxonomy (removal of duplicate elements, increased precision of labels etc) © 2012 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK.

22 Proposed IFRS Taxonomy 2012 files
All files available at Review documentation Taxonomy files, including XSD entry points IFRS Taxonomy Illustrated xIFRS (IFRSs with XBRL) © 2012 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK.

23 Number of taxonomy items
Some statistics Number of taxonomy items Exposure draft 2012 taxonomy Final 2011 taxonomy Final 2010 taxonomy Total 3,770* 2,545 2,027 Full IFRS (excluding the IFRS for SMEs) (1) 3,658 2,426 1,936 IFRS for SMEs (2) 1,135 1,128 1,026 Disclosure requirements (part A of the Bound Volume) 2,259 1,851 1,688 Examples (part B of the Bound Volume) 399 281 2 Common Practices 694 112 114 *Includes also 418 technical elements without reference © 2012 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK.

24 Translations 10+ IFRS Taxonomy translations to date
Arabic, Chinese (simplified and traditional), Dutch, French, German, Hungarian, Italian, Japanese, Korean, Portuguese, Spanish Translated materials available: IFRS Taxonomy files IFRS Taxonomy Illustrated Arabic Spanish © IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK.

25 Invitation to comment Exposure draft comment deadline: 17 March 2012
Comments sought on the following aspects: Completeness: are all IFRS disclosure requirements represented in the exposure draft IFRS Taxonomy 2012? Granularity of detail: are all IFRS disclosure requirements represented with an appropriate level of detail in the exposure draft IFRS Taxonomy 2012? Appropriate use of XBRL components to represent IFRS disclosure requirements Compliance with XBRL Specifications Comments should be submitted in writing via the IFRS website: © 2012 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK.

26 Adoptions by Canadian companies and organizations

27 Limited Adoption in Canada so far
CSA waited for IFRS adoption to complete Several cross-listed companies using US GAAP have filed as foreign filers with SEC Deposit Insurance Corporation of Ontario (DICO) requires XBRL for filings by Credit Unions Sec 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 scale Now over 70% of the world Cap is covered by XBRL filings Eg. US, UK, Most of EU, Japan, Australia, China, Singapore, S Korea Potential to improve capital market efficiency PDF 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

31 Questions?

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