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XBRL (eXtensible Business Reporting Language) and Related Taxonomies

Effective dates:

A) Cana­dian se­cu­ri­ties laws do not re­quire com­pa­nies to pre­pare fi­nan­cial state­ments us­ing XBRL, but they may do so vol­un­tar­ily.

B)The SEC requires  Foreign Private Issuers, including MJDS filers, that prepare their financial statements in accordance with IFRS to begin filing their financial statements in XBRL format starting with their first annual report on Form 20-F or Form 40-F for the fiscal period ending on or after December 15, 2017

C) On May 29, 2019, the Eu­ro­pean Com­mis­sion has pub­lished a reg­u­la­tion re­quir­ing all listed com­pa­nies across the Eu­ro­pean Union to sub­mit their an­nual fi­nan­cial state­ments dig­i­tally as In­line XBRL doc­u­ments from Jan­u­ary 1, 2020 on­wards.

Overview

XBRL (eX­ten­si­ble Business Reporting Language) is an XML-based computer software language that is developed specifically for the automation of business information requirements, such as the preparation, sharing and analysis of financial reports, statements, and audit schedules. XBRL labels companies' financial and other data with codes from standard lists (tax­onomies) so that investors and analysts can more easily locate and analyze desired in­for­ma­tion. XBRL makes the analysis and exchange of corporate financial in­for­ma­tion easier and more reliable by allowing data to be extracted and processed au­to­mat­i­cally by XBRL-aware ap­pli­ca­tions. XBRL is in­de­pen­dent of any hardware platform, software operating system, pro­gram­ming language or accounting standard.

XBRL is a roy­alty-free, open spec­i­fi­ca­tion for software being developed by a non-profit con­sor­tium con­sist­ing of leading companies, as­so­ci­a­tions, and gov­ern­ment agencies around the world.

The SEC has approved the IFRS taxonomy so that SEC registrants that prepare their financial statements under International Financial Reporting Standards can submit them to the SEC using XBRL.

On March 1, 2017, the SEC is­sued a no­tice that the IFRS tax­on­omy has now been pub­lished on the SEC’s web­site. While the ex­ist­ing XBRL rules would have re­quired For­eign Pri­vate Is­suers, in­clud­ing MJDS fil­ers, that pre­pare their fi­nan­cial state­ments in ac­cor­dance with IFRS to be­gin fil­ing fi­nan­cial state­ments in XBRL for­mat im­me­di­ately upon pub­li­ca­tion by the SEC of the IFRS tax­on­omy, the SEC stated that those is­suers may in­stead choose to be­gin fil­ing their fi­nan­cial state­ments in XBRL for­mat only start­ing with their first an­nual re­port on Form 20-F or Form 40-F for the fis­cal pe­riod end­ing on or af­ter De­cem­ber 15, 2017.

On May 29, 2019, the Eu­ro­pean Com­mis­sion has pub­lished a reg­u­la­tion re­quir­ing all listed com­pa­nies across the Eu­ro­pean Union to sub­mit their an­nual fi­nan­cial state­ments dig­i­tally as In­line XBRL doc­u­ments from Jan­u­ary 1, 2020 on­wards. The new Eu­ro­pean Sin­gle Elec­tronic For­mat (ESEF) aims at im­prov­ing ac­ces­si­bil­ity and at mak­ing the in­for­ma­tion much more user-friendly. The move will also fa­cil­i­tate the avail­abil­ity of key fi­nan­cial in­for­ma­tion in all EU of­fi­cial lan­guages. In sup­port of these new rules, the Eu­ro­pean Se­cu­ri­ties and Mar­kets Au­thor­ity (ESMA) has pre­pared an ESEF Re­port­ing Man­ual and ESEF tax­on­omy files to help com­pa­nies in their prepa­ra­tion. The new pro­vi­sions will be up­dated on a yearly ba­sis to re­flect pos­si­ble up­dates to the In­ter­na­tional Fi­nan­cial Re­port­ing Stan­dards (IFRS) tax­on­omy, which aims to im­prove com­mu­ni­ca­tion be­tween pre­par­ers and users of fi­nan­cial state­ments.

By comparison, Canadian securities laws do not require companies to prepare financial statements using XBRL, but they may do so voluntarily. Only a very small proportion of Canadian companies have adopted this practice to date.

XBRL International

XBRL International is a not-for-profit con­sor­tium of ap­prox­i­mately 550 companies and agencies worldwide working together to build the XBRL language and promote and support its adoption. The con­sor­tium members meet pe­ri­od­i­cally in international con­fer­ences, conduct committee work regularly via con­fer­ence calls, and com­mu­ni­cate in email and phone calls through­out the week. Visit the XBRL Canada Web site.

CSA XBRL Voluntary Filing Program

The Canadian Securities Administrators (CSA) has established a program to allow issuers to voluntarily file their financial statements in XBRL format on SEDAR. It was launched in May 2007. The XBRL Filing section of the CSA website provides information about this voluntary XBRL program.

SEC Portal for XBRL Data Reporting Standards

The Securities and Exchange Commission (SEC) has established a portal for information about XBRL—part of the family of interactive data reporting standards required by the SEC. It provides links from the SEC website to sources of information about XBRL technology, as well as creating and submitting XBRL-tagged interactive data files in compliance with the Commission’s rules.

IFRS Taxonomy

The IASC Foun­da­tion has developed the XBRL taxonomy for IFRSs annually updated to reflect new or amended IFRS standards.

U.S. GAAP Financial Reporting Taxonomy

The FASB is responsible for the maintenance of the U.S. GAAP Financial Reporting Taxonomy applicable to public issuers registered with the SEC that prepare their financial statements in accordance with U.S. GAAP.

Recent developments

Date

Development

Comments

March 2019

IFRS Tax­on­omy 2019 is­sued

The IFRS Taxonomy 2019 is consistent with IFRS Standards as issued by the IASB at January 1, 2019 and includes changes to the IFRS Taxonomy 2018 such as: disclosure requirements in IFRS 13, Fair Value Measurement; and improvements including (1) the introduction of implementation notes and duration type elements, (2) the removal of entry points without documentation labels, and (3) other improvements.

May 2019

ESEF becomes European law

On May 29, 2019, the European Commission has published a regulation requiring all listed companies across the European Union to submit their annual financial statements digitally as Inline XBRL documents from January 1, 2020 onwards.

The new European Single Electronic Format (ESEF) aims at improving accessibility and at making the information much more user-friendly. The move will also facilitate the availability of key financial information in all EU official languages. In support of these new rules, the European Securities and Markets Authority (ESMA) has prepared an ESEF Reporting Manual and ESEF taxonomy files to help companies in their preparation. The new provisions will be updated on a yearly basis to reflect possible updates to the International Financial Reporting Standards (IFRS) taxonomy, which aims to improve communication between preparers and users of financial statements.

June 2019

FASB adds taxonomy entry points to address FAST Act updates in the 2019 DEI Taxonomy

On June 11, 2019, the FASB announced that the U.S. Securities and Exchange Commission (SEC) has issued the 2019 Document and Entity Information (DEI) Taxonomy. In connection with the issuance of the 2019 DEI Taxonomy, the FASB has incorporated additional entry points for the 2019 GAAP Financial Reporting Taxonomy and the 2019 SEC Reporting Taxonomy (SRT) to facilitate use of those Taxonomies by constituents.

December 2019

FASB Releases 2020 Taxonomies for U.S. GAAP and SEC Financial Reporting

On December 20, 2019, the Financial Accounting Foundation (FASB) released the 2020 U.S. GAAP Financial Reporting Taxonomy, the 2020 SEC Reporting Taxonomy, and the 2020 XBRL U.S. Data Quality Committee (DQC) Rules Taxonomy (DQCRT).

March 2020

IFRS Tax­on­omy 2020 is­sued

On March 17, 2020, the IFRS Foundation issued its 2020 IFRS Taxonomy. The IFRS Taxonomy is a translation of IFRS Standards into XBRL (eXtensible Business Reporting Language). The IFRS Taxonomy 2020 is consistent with IFRS Standards as issued by the IASB at January 1, 2020, including those issued but not yet effective.

December 2020

FASB releases 2021 U.S. GAAP and SEC taxonomies

On December 17, 2020, the Financial Accounting Standards Board (FASB) released the 2021 U.S. GAAP Financial Reporting Taxonomy, the 2021 SEC Reporting Taxonomy, and the 2021 XBRL U.S. Data Quality Committee (DQC) Rules Taxonomy (DQCRT). The 2021 U.S. GAAP taxonomy reflects updates as a result of accounting standards and other improvements. The 2021 SEC taxonomy contains improvements based on two SEC final rules. The 2021 XBRL DQC taxonomy includes three new DQCRs.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.