1-Hour Program

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Overview

This One-Hour Briefing will discuss recent action taken by the U.S. Securities and Exchange Commission (SEC), to permit, and eventually require, foreign private issuers (FPIs) that prepare their financial statements using International Financial Reporting Standards (IFRS) to submit those reports using XBRL (eXtensible Business Reporting Language). XBRL is the machine-readable interactive data format that allows users to more easily access and analyze financial statement data. FPIs that file IFRS financial statements will be required to submit XBRL financial statements for fiscal periods ending on or after December 15, 2017 (i.e., annual reports on Form 20-F and Form 40-F filed during 2018).

Topics to be addressed include:

  • What is eXtensible Business Reporting Language (XBRL)?
  • When must FPIs reporting in IFRS start filing XBRL financial statements?
  • What will be the biggest impact on FPIs?
  • What is the impact of late/incorrect filings?
  • How different is Inline XBRL and will it be mandated?

Speakers:

Alexander F. Cohen is a former senior official at the SEC and now a partner in the Latham & Watkins LLP Washington, D.C. office. Paul M. Dudek is a former Chief of the Office of International Corporate Finance at the SEC and now counsel in the Latham & Watkins LLP Washington, D.C. office. Joel H. Trotter is a partner in the Latham & Watkins LLP Washington, D.C. office.

Credit Details