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XBRL in CanadaStatus
XBRL Canada
Presenters Geoff Zakaib, Chair, XBRL
Canada Gerald Trites, FCA, XBRL
Canada Project Director
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
Proposals for SBR
Standardized Business Reporting (SBR)
Across the board adoption of XBRL in a government or across numerous
departments and agencies.
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.
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.
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
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
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
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
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
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
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
Timeframe
Establishment of Canadian SBR Strategy
3 months
Development and Implementation of Canadian National XBRL Taxonomy
12 months
Implementation of specific XBRL
projects
12 months
Download the XBRL Canada Roadmap Executive Summary
XBRL Canada Website at
www.xbrl.ca
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
International Financial Reporting Standards
The views expressed in this presentation are those of the presenter, not necessarily those of the IASB or IFRS Foundation
Changes between 2011 and 2012 IFRS Taxonomies
IFRS Taxonomy Changes
There were no significant architectural amendments between
IFRS Taxonomy 2011 and IFRS Taxonomy 2012
There were some technical improvements
19© 2012 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
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
20© 2012 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
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)
21© 2012 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
Proposed IFRS Taxonomy 2012 files
All files available at
http://www.ifrs.org/XBRL/IFRS+Taxonomy/IFRS+Taxonomy+2012/IFRS+Taxonomy+
2012.htm
Review documentation
Taxonomy files, including XSD entry points
IFRS Taxonomy Illustrated
xIFRS (IFRSs with XBRL)
22© 2012 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
Some statistics
© 2012 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK.
www.ifrs.org23
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
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
24
Arabic
Spanish© IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
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: http://www.ifrs.org/XBRL/IFRS+Taxonomy/IFRS+Taxonomy+2012/cl/cl.htm
25© 2012 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
Adoptions by Canadian companies and organizations
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
Implications of the extensive worldwide adoption for Canada
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
Questions?
