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Enhancements in Business and Financial Reporting The CICA is holding a webinar on May 30th explaining how Business and Financial Reporting has been undergoing a massive change around the world through the transition from paper/electronic paper to more structured formats (e.g. XBRL). This webinar will review what is happening and why, what benefits have accrued from these new techniques and will recount the experience of one public company in its XBRL filing with the SEC. The webinar should be particularly relevant for CFOs and controllers of public companies. To register, click one of the following links: XBRL (eXtensible Business Reporting Language) is an XML-based, royalty-free, open standard for business reporting. XBRL was developed by XBRL International, a not-for-profit consortium of leading companies and organisations around the world. For more information about the XBRL standard and about XBRL International, please visit the XBRL International site at www.xbrl.org. XBRL Canada is a not-for-profit consortium of leading Canadian companies and organisations, whose role is to create and maintain XBRL taxonomies based on Canadian reporting standards, to increase the awareness, knowledge and understanding of XBRL and its uses in Canada and to stimulate and promote the adoption of XBRL in Canada. XBRL Canada is a jurisdiction of XBRL International. Initially, XBRL Canada created two taxonomies designed to enable preparation of XBRL based financial statements that conformed to Canadian Generally Accepted Accounting Principles (GAAP) prior to the adoption of IFRS. The first is referred to as the Primary Financial Statements (PFS) taxonomy, and covers the Balance Sheet, Income Statement and Statement of Cash Flow. The second, the Notes taxonomy, is for the preparation of the Notes to the Financial Statements. Both taxonomies have been “acknowledged” by XBRL International and are available on this website for free download. Subsequently, XBRL Canada created a single Canadian GAAP taxonomy, for preparation of the primary financial statements and the notes. This taxonomy is a combination of the previous two taxonomies, with some updates to reflect new standards. While Canadian publically accountable companies will be using IFRS beginning in 2011, non-publically accountable companies will largely be using the Canadian GAAP accounting standards reflected in Part 11 of the CICA Accounting Handbook. The new combined taxonomy can be used to prepare XBRL financial statements in accordance with the standards for non-publically accountable companies. Learn more by clicking on the tab for Taxonomies. XBRL Canada also conducts seminars and webinars for companies and individuals wishing to learn more about XBRL. Currently, XBRL Canada is also working on projects to assist companies with convergence to IFRS. XBRL ROADMAPImplementing XBRL for Electronic |
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