Tuesday, August 04, 2009

Canada - CFO Briefing on Transition to XBRL

By the end of 2011, about 450 Canadian companies listed on United States stock exchanges will have to implement Extensible Business Reporting Language (XBRL), an internationally recognized standard for electronic communications. The Canadian Securities Administrators (CSA) have voiced their support for XBRL but mandatory adoption is unlikely to occur until after Canadian companies transition to International Financial Reporting Standards (IFRS) in January 2011. A recent briefing published by the Canadian Institute of Chartered Accountants (CICA) introduces basic concepts, explores the benefits and downfalls of implementation, indicates the status of XBRL reporting in Canada and offers tips for preparation. (Read the July 2009 CFO Briefing - Transition to XBRL.)