News Release
Securities regulators launch XBRL voluntary filing program [CSA]
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Date:
2007-05-28 -
Number:
2007/37
Toronto - The Canadian Securities Administrators (CSA) announced today the launch of the eXtensible Business Reporting Language (XBRL) voluntary filing program. The voluntary program will help the Canadian marketplace gain practical knowledge and experience preparing and using financial statements in XBRL format.
XBRL is an emerging business reporting language designed to make it easier for investors and analysts to quickly access data and analyze information from a greater number of companies. When using XBRL, "tags" are assigned to pieces of data, and these tags provide information about what the data represents. For the voluntary program, the pieces of data are the content of financial statements, such as revenue or net income.
"We believe this technology will be a great step forward in helping investors analyze financial information, " said Jean St-Gelais, Chair of the CSA and President & Chief Executive Officer of the Autorité des marchés financiers (Québec). "We are confident that the Canadian marketplace will recognize the benefits to investors of filing in XBRL format."
The CSA will make the XBRL financial statements available to the public through SEDAR.com. The website links to the CSA's XBRL website, which contains more information about XBRL and the voluntary program. Issuers wishing to participate in the voluntary program should contact one of the CSA staff members listed on this website: http://www.csa-acvm.ca/industry_resources.aspx?id=72.
The CSA, the council of the securities regulators of Canada's provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.
For more information:
Laurie Gillett
Ontario Securities Commission
416-595-8913
Andrew Poon
British Columbia Securities Commission
604-899-6880
Tamera Van Brunt
Alberta Securities Commission
403-297-2664
Ainsley Cunningham
Manitoba Securities Commission
204-945-4733
Frédéric Alberro
Autorité des marchés financiers
514-940-2176
Jane Gillies
New Brunswick Securities Commission
506-643-7745