SBR Event - XBRL and Red Tape Reduction Initiatives

TORONTO, June 4 /CNW/ - In March 2010, Minister of Finance James Flaherty, announced the formation of a Red Tape Reduction Commission to look into ways to reduce the costs of "red tape" activities. XBRL Canada is holding a webinar on June 7, 2010 at 4:00PM Eastern on the topic of using XBRL to reduce red tape and cut the cost of government compliance. Essentially, XBRL can be used to create an environment of Standardized Business Reporting (SBR) to different government departments and agencies, reducing or eliminating the need for businesses to report in numerous different formats as is now the case.

Australia is a leading example of a country that is implementing an SBR program. Paul Madden, Director of the SBR program in Australia, will speak at this webinar. Canada can learn from the Australian XBRL experience with SBR implementation, as well as the impressive benefits they plan to gain from the initiative. George Farkas, Canadian XBRL consultant and a past Chair of XBRL Canada, will speak on the parallels between Australia and Canada, and explain why SBR will work well in Canada.

Similar initiatives in several other countries have led to large scale implementations of XBRL for the filing of information with Governments. These initiatives have led to significant cost savings and various other benefits which will be discussed in more detail at the webinar.

This is an excellent venue for concerned Members of Parliament and their staff, other members of government and business people to learn more about how XBRL can reduce the reporting burden currently placed on businesses in Canada.

Registration for the webinar is free and available via the XBRL Canada website at www.xbrl.ca.

XBRL Canada is supported and administered by the Canadian Institute of Chartered Accountants.

For further information: XBRL Canada, Gerald Trites, Project Director, [phone], Email: [email protected]