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XBRL Canada Newsletter – May 2017

Posted on May 25, 2017 by Jerry Trites

Section 1 – SEC recognizes IFRS taxonomy

On March 1, 2017 the SEC announced that it has posted the IFRS taxonomy on its website. This long-awaited event means that all Canadian companies who file with the SEC as a foreign direct issuer and use IFRS must file their financial statements in XBRL format.

On January 30, 2009, the Commission had adopted rules to require domestic public companies and foreign private issuers to provide their financial statements to the Commission using XBRL. However, the rules specified that an appropriate taxonomy must be posted on its website. Since the Commission had not specified the IFRS taxonomy on its website, the Commission staff stated in 2011 that foreign private issuers using IFRS were not required to file in XBRL format.

When the IFRS Taxonomy was specified on the Commission’s website on March 1, 2017, it became possible for foreign private issuers using IFRS to file their financial statements in XBRL, thus bringing the 2009 rule back into force.

The Commission gave notice that such issuers may first submit financial data in XBRL with their first annual report for a fiscal period ending on or after December 15, 2017.

Section 2 – Webinar on foreign direct issuers

On May 24, 2017, XBRL Canada hosted a webinar on the SEC requirements with regard to foreign direct issuers using IFRS. Speakers included Matt Slavin and Walter Hamscher of the US Securities and Exchange Commission, who provided a great overview of the requirements. John Turner, CEO of XBRL International added useful information about developments with regard to inline XBRL (iXBRL) which is being adopted around the world, and being considered or planned by the SEC and ESMA, among others. Inline XBRL allows filers to prepare one financial statement easily readable by humans in the traditional format but containing XBRL tags for computer and analytical use.

The webinar was recorded and can be viewed at this site.

Section 3 – Forthcoming alert from CPA CAnada

From time to time, CPA Canada releases “Alerts” on topical issues of which that it feels its members should be aware. An alert on the SEC requirements with regard to foreign direct issuers is now being developed.

Other information is available on our website. The website is currently being revised so it may be unavailable for brief periods of time over the next week. It’s functionality and content is being improved.

Section 4 – Upcoming Events

  1. On October 25, a seminar and meeting will be held by XBRL Canada in Toronto to discuss current regulatory requirements regarding XBRL. We expect to be soliciting sponsorship proposals. Further information will be made available as the date approaches.
  2. On Tuesday, June 6, 2017 at 2:00 pm, EDT, a webinar of the American Accounting Association will be held on the topic: How Digitization of Business is Redefining Financial Reporting. It can be viewed through this link.
  3. To be added to the mailing list for the XBRL CAnada Newsletter, email to gtrites@zorba.ca
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