Foreign Issuers

Foreign Private Issuers using IFRS will be required to file their financial statements in XBRL for Year ends ending on or after December 15, 2017. See the release here.

The IFRS taxonomy (as well as the US Taxonomy) is available on the SEC website at https://www.sec.gov/page/derataxonomies

Technical requirements for implementing XBRL are set out in the updated EDGAR Filer Manual.

Inline XBRL (iXBRL)

It is expected that during 2018, all filers will be required to use inline XBRL, (iXBRL). This means that the XBRL filing can be combined with the usual filing so that only one filing will be required. The SEC Decision is outlined here on its website.

iXBRL is explained here. It might make sense for Canadian filers to start with iXBRL rather than starting with XBRL and then having to switch in 2018. There is, however, some risk in taking this approach as if a mistake is made in such a filing, it will be rejected and then considered to be late.

The SEC developed an iXBRL viewer, which is illustrated here.