What Foreign Private Issuers using International Financial Reporting Standards (IFRS) need to know

On March 1, 2017 the SEC announced that it had published a taxonomy on its website so that foreign private issuers that prepare their financial statements in accordance with International Financial Reporting Standards (IFRS) may submit those reports using XBRL. All such foreign private issuers must submit their financial statements in XBRL for fiscal periods ending on or after December 15, 2017.

IFRS XBRL data will be filed as exhibits to year end reports. For foreign private issuers, those reports are typically filed on Forms 20-F or 40-F. Filers will need to familiarize themselves with XBRL, and develop internal resources such that the XBRL data can be reviewed and approved. Preparing XBRL involves the tagging of each number in the financial statements to a code in a list approved by the IASB. For this reason, additional time - from both your provider and internal team - will be needed to prepare and approve the XBRL exhibits.

Latest IFRS XBRL Developments

The SEC has recently posted the 2016 IFRS XBRL Taxonomy on their web site.

Can Newsfile Help?

Yes, as Canada's XBRL leader we have developed proprietary XBRL software and have prepared and filed US GAAP XBRL on SEC EDGAR for hundreds of companies since 2013. We are able to assist foreign private issuers with their upcoming IFRS XBRL filing requirements. Contact us for more information. If you are new to XBRL, review our documentation on the subject.