XBRL Roadmap: Implementing XBRL for electronic filing

Find out about implementation of XBRL in the financial and business information systems of the Government of Canada using the XBRL Roadmap.

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One outcome of the global financial crisis has been the need for international efforts to achieve more efficient and controllable market transparency as well as the capacity of the regulatory bodies. This is particularly true in the capital markets, financial, insurance and banking sectors.

There is now an increased demand for better, more frequent and unified corporate and financial reporting, which has resulted in numerous initiatives and new legislation around the world. Across the board adoption of Extensible Business Reporting Language (XBRL) in a government or across numerous departments and agencies is known as Standardized Business Reporting (SBR).

XBRL INTERNATIONALLY

Many international institutions, professional organizations and regulators have been moving towards XBRL as de facto technical standard for the filing, collection and analysis of corporate and financial information. These include:
  • the Securities and Exchange Commission (SEC)
  • the Committee of European Banking Supervisors (CEBS)
  • the Committee of European Securities Regulators (CESR)
  • the Organization for Economic Cooperation and Development (OECD)

XBRL IN CANADA

Canada is also faced with the challenge of whether to follow the international trend of XBRL adoption. The XBRL roadmap looks at the Government of Canada’s considerations and issues as it faces this decision.

YOU WILL LEARN:

  • Why does Canada need XBRL now?
  • What will be the challenges to the Canadian legal, technical and institutional environment in adopting XBRL as a standard for corporate and financial reporting, analysis and data exchange?
  • What is the best course of action that the Government of Canada has to undertake in order to start XBRL implementations?
  • What are the effects that the Canadian economy can expect in the short and medium term from investment in specific XBRL projects?


Highlights

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