Preparing XBRL for the Extractive Sector Transparency Measures Act
XBRL is anticipated to be the format required for capturing and reporting payment data pursuant to the Government of Canada's Extractive Sector Transparency Measures Act.

In October of 2014 the Government of Canada introduced legislation to implement the Extractive Sector Transparency Measures Act (the "Act"). The legislation establishes new mandatory reporting standards for extractive companies directed at payments made to foreign and domestic governments at all levels, including Aboriginal groups. On December 16, 2014 the Act received royal assent and a deadline of April 1, 2015 was announced for the federal government to implement its provisions.

The Government of Canada has stated that the legislation is intended to be similar to that being implemented in the European Union, and is anticipated to be similar to that expected to be proposed by the United States Securities and Exchange Commission by March 2015.

It is anticipated that reports, in addition to being filed with the applicable Minister within 150 days of the applicable financial year end of an entity, would be posted by affected companies annually and on their corporate websites in XBRL. It is likely XBRL will also be the format used when filing the report with the Minister.

It is anticipated that the legislation will follow the following timeline:

  • June–August 2014 – Legislation is drafted;
  • September 2014 – Legislation introduced in the House of Commons;
  • December 2014 – Legislation considered by Parliament;
  • January–March 2015 – Regulations developed; and
  • April 1, 2015 – Legislation enacted.

Our XBRL Service Solution for the Extractive Sector Transparency Measures Act

Newsfile Corp. has developed a software service that automatically creates payment data in XBRL format from a completed MS Excel spreadsheet. Contact us to learn more about our solution or to be added to our Extractive Sector Transparency Measures Act alert list.

Resources

Articles

 

The content of this page is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Extractive Sector Transparency Measures Act Updates

Transparency obligations for the Canadian extractive sector: will Canada be ready to lead on April 1?

2015-02-25

The April 1, 2015 announced deadline for the federal government to implement the provisions of the Extractive Sector Transparency Measures Act (the Act), which received royal assent on December 16, 2014, is just over a month away. more »

Government of Canada Introduces Legislation to Implement the Extractive Sector Transparency Measures Act

2014-10-23

The Government of Canada introduces legislation to implement the Extractive Sector Transparency Measures Act, following through on the announcement by Prime Minister Stephen Harper in June 2013 that Canada would be establishing new mandatory reporting standards for extractive companies directed at payments made to foreign and domestic governments at all levels, including Aboriginal groups. more »

Ask Us about Extractive Sector Transparency Measures Act

First Name: *
Last Name: *
Company: *
Phone: 
Email: *
Message: *

Copyright 2018 Newsfile Corp. All rights reserved.
Terms and Conditions of Use | Privacy Policy | Anti-Spam Policy | Contact Us