A Roadmap to XBRL Adoption in Canada Gord Beal, CICA Geoff Zakaib, XBRL Canada

 XBRL Canada is the jurisdictional organization that is responsible for the coordination of XBRL activity in Canada  Geoff Zakaib is Chairman of XBRL Canada  The Canadian Institute of Chartered Accountants (CICA) has encouraged and supported XBRL Canada from the beginning  Gord Beal is Director, Guidance and Support at the CICA and provides liaison between XBRL Canada and the CICA

 CICA and XBRL Canada have worked together on a variety of projects ◦ Submission to the Red Tape Commission of the Canadian Government ◦ Preparation of the strategy document – Roadmap to Adoption of XBRL in Canada

 Arose out of a desire of the government to cut costs of unnecessary processes  It’s clear that SBR-XBRL could cut costs for both the government and for those who file information with the government  We recommended SBR be adopted  Cited the experience in Netherlands and Australia in particular

 The Roadmap document follows up on the Red Tape Submission  With a detailed summary of how to implement SBR in Canada  It also is consistent with other government programs and policies, such as:  The Open Data Project  The “Tell us Once” Policy  The new Data Center Consolidation Project

 Focus efforts in three areas: refocusing government and cutting costs; modernizing operations; and making it easier for Canadians to do business with government  Government will tap into technology to transform its “back office” and modernize and automate the “nuts and bolts” of business processes

 Will be a “huge effort” that will affect all corporate services and operations across government  Departments will use more electronic documents and reduce their reliance on paper. The government will overhaul its web presence to save money

 The federal government must cut the administrative burden that businesses have to deal with by:  Cutting the burden of regulatory requirements on businesses;  Cutting the information demands on businesses; and  Enhancing the use of electronic services to reduce compliance costs.

 The federal government must cut the hidden burden created when individual businesses have to contend with the demands of many different federal regulators by:  Getting the federal regulatory house in order;  Adopting “Tell Us Once” initiatives within departments that, with consent and appropriate protection of privacy, will allow the recycling and reuse of information already provided; and  Increasing the use of electronic “single windows” for information on regulatory requirements.

 Open Data - offers government data in more useful formats to enable citizens, the private sector and non-government organizations to leverage it in innovative and value-added ways.  Open Information - is about proactively releasing information to Canadians on an ongoing basis and making government information easier to find and more accessible.

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

1. create supportive environment 2. develop and maintain technical infrastructure 3. implement projects

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 Fact Finding / Study Potential Changes Proposals and Impact Analysis Review and Market Feedback

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 Consolidation Create individual taxonomies Publish and utilize taxonomies Conduct public market awarenes s programme Publication

CONSUMPTION Credit rating agenciesMarket analystsInvestorsGovernmental bodies COLLECTION, PROCESSING, REGULATION StatscanCDICOSFI Securities Commissions Stock ExchangesSECCRA REPORTING CompaniesBanksInsurance Funds (investment/pension) BrokersAuditors

Banking BanksCredit 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 firmsLeasing companies Pension funds management companies Insurance Insurance companiesInsurance brokersOSFIInsurance agents Public sector Municipalities Government Owned Entities Public companiesCRA Federal and Provincial Governments Not-for- Profits Political partiesFoundationsCivil Associations Religious groups and associations Foreign associationsForeign NFP's Charitable organizations and associations

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

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

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

Establish an official Standard Business Reporting Office 3 months Establish a Metadata Repository and National XBRL Taxonomy 12 months Implementation of specific XBRL taxonomy extensions and projects 18 months

 As a practical solution in a number of key government initiatives obtain support for a comprehensive SBR program using XBRL across as many departments and agencies as possible  Establish a core group to manage the project from inception to implementation (Standard Business Reporting Office)

 Encourage and engage the departments and agencies to collaborate in the development of the SBR program  Initiate discussion with market intermediaries and suppliers, including software developers, to build the SBR filing requirements seamlessly into their products

 Deliver the Roadmap Document to key decision makers in government and regulators  Create an Ottawa-based Working Group that will serve as a catalyst to support and participate in the SBR initiative within the Canadian Government  Formulate an Action Plan that defines roles, responsibilities, tasks and schedules