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XBRL (eXtensible Business Reporting Language) and Related Taxonomies

Effective date:

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

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.

U.S. companies have been required to do so for several years. This requirement is now being extended to foreign private issuers, including Canadian MJDS issuers.

Annual financial statements will have to be prepared using XBRL and submitted as an additional exhibit to annual reports on Form 40-F or 20-F, beginning with fiscal years ending on or after December 15, 2017. The XBRL financial statements will also have to be posted on companies’ websites.

Voluntary compliance is permitted immediately. 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

December 2015

2016 U.S. GAAP Financial Reporting Taxonomy issued

In December, 2015, the 2016 U.S. GAAP Financial Reporting Taxonomy was posted. It contains updates for accounting standards and other improvements since the 2015 Taxonomy as used by issuers filing with the U.S. Securities and Exchange Commission (SEC).

March 2016

IFRS Taxonomy 2016 issued

On March 31, 2016, the IFRS Foundation issued the IFRS Taxonomy 2016, which reflects the IFRS Standards as issued by the IASB at January 13, 2016, including standards published but not yet effective at that date.

June 2016

SEC Permits Voluntary Filing Using Inline XBRL

On June 13, 2016, the SEC announced that it would permit, but not require, operating companies to use Inline XBRL in their periodic and current reports under the Exchange Act through March 2020. According to the Commission’s order, the Inline XBRL format could decrease filing preparation costs, improve the quality of structured data, and, by improving data quality, increase the use of XBRL data by investors and other market participants.

September 2016

2017 U.S. GAAP Financial Reporting Taxonomy issued

In September, 2016, the 2017 U.S. GAAP Financial Reporting Taxonomy was posted. It contains updates for accounting standards and other improvements since the 2016 Taxonomy as used by issuers filing with the U.S. Securities and Exchange Commission (SEC).

March 2017

SEC requires use of the IFRS Taxonomy

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.

March 2017

IFRS Taxonomy 2017 issued

On March 9, 2017, the IFRS Foundation issued the IFRS Taxonomy 2017, which reflects the IFRS Standards as issued by the IASB at January 1, 2017, including standards published but not yet effective at that date.

December 2017

2018 U.S. GAAP Financial Reporting Taxonomy issued

The FASB announced the availability of the 2018 GAAP Financial Reporting Taxonomy. It contains updates for accounting standards and other improvements since the 2017 Taxonomy as used by issuers filing with the U.S. Securities and Exchange Commission. [The FASB also announced the availability of the 2018 SEC Reporting Taxonomy (SRT). The SRT is new for 2018. Both taxonomies are pending final acceptance by the SEC.]

January 2018

IFRS Taxonomy Update for IFRS 17, Insurance Contracts, issued

The IFRS Foundation published IFRS Taxonomy update "IFRS Taxonomy 2017 — IFRS 17 Insurance Contracts". This Taxonomy update includes elements to reflect the new presentation and disclosure requirements introduced by the recently-issued standard IFRS 17, Insurance Contracts.

March 2018

IFRS Taxonomy 2018 issued

The IFRS Taxonomy 2018 is consistent with IFRS Standards as issued by the IASB at January 1, 2018 and incorporates amendments made to the IFRS Taxonomy 2017 such as: Applying IFRS 9 Financial Instruments with IFRS 4, Insurance Contracts (Amendments to IFRS 4), issued in September 2016, IFRS 17, Insurance Contracts, issued in May 2017, and Prepayment Features with Negative Compensation (Amendments to IFRS 9), issued in October 2017.

December 2018

2019 U.S. GAAP Financial Reporting Taxonomy issued

The FASB an­nounced the avail­abil­ity of the 2019 GAAP Fi­nan­cial Re­port­ing Tax­on­omy. It con­tains up­dates for ac­count­ing stan­dards and other im­prove­ments since the 2018 Tax­on­omy as used by is­suers fil­ing with the U.S. Se­cu­ri­ties and Ex­change Com­mis­sion. The FASB also an­nounced the avail­abil­ity of the 2018 SEC Re­port­ing Tax­on­omy.

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.

 

Amendments under consideration

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.