On March 1, the SEC released a notice to announce that it has posted the IFRS taxonomy on its website. This means that All Canadian companies who file with the SEC as a foreign direct filer and use IFRS must file their financial statements in XBRL format. There are over 300 such companies in Canada. […]
The European Securities and Markets Authority (ESMA) has today published a feedback statement setting out the digital format which issuers in the European Union (EU) must use to report their company information from 1 January 2020. It concludes that Inline XBRL is the most suitable technology to meet the EU requirement for issuers to report […]
The Australian Taxation Office’s latest figures show a dramatic uptick in business take-up of SBR, particularly in the superannuation industry where it promises the greatest return. Data audited by Deloitte Access Economics shows the scheme saved business and government $400 million in 2014-15, with 15 million transactions pushed through SBR-enabled systems. The ATO is still getting […]
The European Union’s e-government Action Plan continues to seek input. The EU is looking for ways to improve the interactions between citizens and government, business and government, between different levels of government and between different governments. Strong, consistent semantics, data provenance and standardisation are, almost universally, poorly thought out inside large organisations. And for networks of large […]
XBRL Canada is dedicated to the improvement of business and financial reporting in Canada, an objective shared by its prime sponsor, Chartered Professional Accountants of Canada (CPA Canada).
We believe that society has changed to a data oriented society, one in which data is becoming available in unprecedented forms and quantities; one where more and more detailed data is being disclosed by companies; one where data ranges from detailed data to big data.
Some of the data available is structured and some unstructured. We believe that structured data is usually more useful to investors and others. XBRL is a form of structured data that is designed specifically for business and financial reporting, is based on an internationally recognized standard, is widely used around the world. As such it offers the best alternative for the presentation of data for investors and other stakeholders and for filing of information with governments under Standard Business Reporting (SBR). Most of the G20 countries are using XBRL in one form or another. Several have adopted SBR.