1. XBRL and the CSA Andrew Lowe Accountant, Corporate Finance Ontario Securities Commission November 5, 2009

2. Corporate Finance 2 Disclaimer the views being expressed are my own and do not necessarily represent the views of the Ontario Securities Commission

3. Corporate Finance 3 Agenda  Background  The CSA’s XBRL filing program  Looking ahead

4. Corporate Finance 4 Background – the Canadian marketplace  Canadian securities environment close ties to US markets 4,200 public companies many small companies  File documents (e.g. financial statements and MD&A) in PDF Filings downloadable from sedar.com

5. Corporate Finance 5 Background – XBRL and the CSA  Assessing the value of XBRL and monitoring its adoption  Conducted a survey in 2006 low awareness little used no practical knowledge and experience strong support for an XBRL filing program

6. Corporate Finance 6 The XBRL voluntary filing program  The CSA launched the voluntary filing program in May 2007 remove barriers to XBRL adoption by modifying SEDAR raise awareness of XBRL gain practical knowledge and experience optional filing, PDF still required financial statements, notes are optional No audit or certification requirements

7. Corporate Finance 7 International Financial Reporting Standards (IFRS)  The CSA will require public company disclosure using IFRS  2011 - first quarterly IFRS filings  2012 - first annual IFRS filings  Suitability of the IFRS taxonomy

8. Corporate Finance 8 Mandating XBRL  XBRL rule-making process cost-benefit analysis public comment periods consideration for IFRS implementation dates  voluntary filing program will continue  Monitoring Canadian companies filing with the SEC

9. Corporate Finance 9 XBRL and investment funds  Investment fund considerations determination of approach for investment funds terminology and format of MRFP is standardized development of Canadian XBRL taxonomy for investment funds

10. Corporate Finance 10 SEDAR  The CSA’s current systems is outdated SEDAR over 12 years old document-centric cannot easily support interactive data  Developing plan to improve systems Multiple formats Focus on data not documents

11. 11 Questions or comments Andrew Lowe 416.593.3734 alowe@osc.gov.on.ca