XBRL Canada

XBRL Canada

December 21, 2007 10:00 ET

XBRL Canada Aims High in 2008

TORONTO, ONTARIO--(Marketwire - Dec. 21, 2007) - XBRL Canada, member jurisdiction of XBRL International, joined over 300 delegates representing more than 20 countries in Vancouver for "Convergence, Communication, and Interactive Data", the 16th XBRL International conference earlier this month and furthered their commitment promoting the adoption of XBRL by Canadian companies in 2008.

Industry experts and thought leaders shared their insights on XBRL; from the positive steps taken by countries like Japan, Australia and the Netherlands to adopt national standards for enhanced financial reporting, to the barriers faced by companies in the face of global XBRL adoption. Keynote speaker and US SEC Chairman Christopher Cox lauded the positive strides made by proponents of interactive data in the United States and around the world, and the benefits inherent in XBRL to consumers, investors and public companies alike. Cox's speech came just days in advance of the Commission's release of the US GAAP Taxonomies and Documentation, and through April 4, 2008, a public review period will allow for the opportunity to review and comment on the contents.

"The conference was a great success, showcasing a large number of XBRL adoptions around the world, and the growing support from Canadian regulators, as evidenced in the comments made by many of the speakers and participants," said Gerald Trites, project director, XBRL Canada. "This bodes extremely well for us in 2008 as we look to carry forward the momentum of the Vancouver conference and promote the widespread use of XBRL as the standard format for financial filings."

Of particular interest to Canadian audiences and jurisdiction members was OSC Chair David Wilson's speech "XBRL in Canada's Capital Markets", in which he expressed strong support for XBRL and stated that the Commission is encouraging its use. Cameron McInnis and Peter Grant discussed the Canadian Securities Administrators' (CSA's) XBRL voluntary program, in place since May 2007, and the issues faced by the CSA in the development, uptake and promotion of the program, and former XBRL Canada Chairman Bill Swirsky's update on adoption and future directions in Canada.

XBRL Canada will continue to promote the adoption of XBRL by Canadian companies in 2008 with greater emphasis on building a better, more practical understanding of the application to public companies and financial professionals and raising the awareness of the benefits of standardizing business reporting language. The Canadian jurisdiction will also continue its progress in building a Canadian GAAP/International Financial Reporting Standards (IFRS) convergence taxonomy. By 2011, Canadian companies will be required to start using IFRS standards instead of Canadian GAAP, and because very few companies are familiar with IFRS guidelines, this convergence taxonomy would prove extremely useful.

About XBRL Canada

XBRL Canada is a not-for-profit consortium of leading Canadian companies and organizations, whose role is to create and maintain XBRL taxonomies based on Canadian reporting standards, to increase the awareness, knowledge and understanding of XBRL and its uses in Canada, and to stimulate and promote the adoption of XBRL in Canada.

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