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E-filing at Statistics Canada

At the 11th XBRL International Conference, Statistics Canada discussed its mandate to collect, analyze, and publish vital statistics on Canadian society and economy. With increasing demand for online reporting, particularly in business, Statistics Canada is at the forefront as a financial publisher and data aggregator. They are exploring XBRL-based Electronic Data Reporting (EDR) for businesses, emphasizing the adoption of e-filing to streamline financial reporting. This session focused on pilot projects and broader strategies to enhance the efficiency of data submission and improve financial reporting accuracy for small to large firms.

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E-filing at Statistics Canada

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  1. E-filing at Statistics Canada 11th XBRL International Conference April 26-29, 2005

  2. Statistics Canada mandate • Collect, compile, analyse and publish statistics on Canadian society and economy • Traditionnally through questionnaires, telephone interviews • Some EDI with public institutions • More demand/interest in on-line reporting by businesses and households

  3. Business reporting • In business reporting supply chain, STC is Financial publisher and data aggregator • Why collect business financials? • Publish on performance of Canadian businesses • Publish on investement and capital stock • Compile and publish national accounts

  4. Big picture for business financials at STC XBRL-based EDR for large firms COA SNA GIFI-based EDR for small firms Explicit conversion rules

  5. Pre-pilot • Pre-pilot conducted with consortium member • Succesfully produced, transmitted, consumed XBRL instance document • Difficult to establish cost-benefit for small to medium companies • Respondents not currently ready to routinely produce XBRL instance documents

  6. Adoption Pilot Projects • Objective: Experiment and evaluate various e-reporting business processes • Criteria: • Single window reporting • Reduced response burden • Same or better quality information • Reduced processing costs

  7. Options • Push or pull approaches • Push: Equivalent to sending out and filling questionnaire • Pull: Process where STC reaches into the company’s systems to “pull out” financial data • Taxonomy • STC extension • Canadian GAAP

  8. Options (cont’d) • Mapping from company systems: • From company GL • From company PFS • They map and store • We map and store

  9. Next steps • Recruit participants • Profile accounting structure • Enterprise level • Profit centre/cost centre levels • Map company accounts • Enable single window reporting • Promote single window e-filing for all large respondents

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