XBRL-IFRS Seminar and Workshop in Chile

Business Reporting - Advisory Group and the University of Chile have organized an XBRL-IFRS Seminar in Santiago de Chile with the aim to support Chilean listed companies in fulfilling the SVS (the Chilean Securities and Insurance Supervisor) requirements of XBRL reporting.

The Chilean Securities and Insurance Supervisor (Superintendencia de Valores y Seguros - SVS) has embarked on modernization and development project of financial and business information transparency through the International Financial Reporting Standards (IFRS) adoption and has approved an XBRL standard (Extensible Business Reporting Language) as a unified reporting format of financial and business information.

According to the SVS decision all the listed companies are required to provide financial statements in XBRL format from 1st January 2010 but can adopt it voluntarily earlier.

Business Reporting - Advisory Group and the University of Chile have partnered to organise a first XBRL Seminar including a comprehensive practical workshop on XBRL CL-CI reports preparation. The 4-day event gathered 60 participants, who had an opportunity to gain practical XBRL knowledge and thorough understanding of new reporting requirements. The workshop included detailed exercises on XBRL architecture, SVS CL-CI taxonomy and its relation to the IFRS XBRL taxonomy.

The conference started with public sessions including international keynote speakers representing financial supervisory institutions (Spanish CNMV), organizations (XBRL International Steering Committee) and local supervisory bodies (Chilean SVS). Registered participants had further an opportunity to join the XBRL Workshop sessions conducted by BR-AG experts in cooperation with Reporting Standards. The XBRL Seminar concluded with IFRS accounting sessions conducted by PwC Chile.