In 2006, the Canadian Securities Administrators (CSA) conducted a survey assessing the awareness of XBRL in the marketplace and the interest in an XBRL filing program. “The feedback we received from the marketplace indicated that about half of the respondents have some understanding of XBRL and a significant number are in favor of an XBRL filing program,” Jean St-Gelais, Chair of the CSA and President and Chief Executive Officer of the Autorite des marches financiers (Quebec). “With this voluntary filing program, we hope to increase the level of practical knowledge in the Canadian marketplace of this new technology and gain a greater understanding of the potential XBRL.”
The voluntary filing program launched this month will not replace the official PDF filing required by securities regulators. The program, outlined in CSA Notice 51-323, will provide additional information to the public through the System for Electronic Document Analysis and Retrieval (SEDAR) web site. The Notice and request for volunteers is available on several CSA member web sites. Issuers interested in joining the voluntary filing program should contact one of the CSA staff members listed in the Notice.
“We invite issuers to join the voluntary filing program. We are committed to learning more about technologies that can help improve efficiency in our marketplace,” St-Gelais concluded.