Canada’s Corporate Reporting Awards program celebrates 60 years of excellence

For 60 years, the CRA has been Canada’s only national program shining a spotlight on Canada’s best corporate reporting models. The program offers publicly-listed companies, and now federal and provincial Crown corporations, a unique opportunity to showcase their commitment to quality corporate reporting. Entrants demonstrate confidence in their reports by submitting them to an independent panel of judges, who are experts in their respective areas.

Fifteen Canadian publicly-listed companies and Crown corporations were recently honoured in Toronto at a gala event that marked the diamond anniversary of the Chartered Accountants of Canada’s Corporate Reporting Awards (CRA).

When the program started in 1941, the focus was the annual financial report. Over the years, it has evolved to keep pace with the capital markets and the expectations of Canadian investors for greater transparency and better information on which to base their investment decisions. Today’s CRA includes separate categories for corporate governance reporting, sustainable development reporting and electronic disclosure. The criteria have helped drive the development of best practices in all these areas, which are now regarded as essential components of the integrated corporate reporting model.

XBRL International Conference – October 2011

XBRL (eXtensible Business Reporting Language) is transforming business reporting. Does your company seek recognition as a thought leader on XBRL? If you have business interests or plans for business development, do not miss this opportunity to take the stage! The 23rd XBRL International Conference: "XBRL23:  Enhancing Business Performance" is produced by XBRL International, Inc. and hosted by XBRL Canada. The Conference will be held on October 25-27, 2011 at Le Centre Sheraton, Montreal, Canada.

XBRL is an XML-based, royalty-free, open standard for business reporting. XBRL was developed by XBRL International, a not-for-profit consortium of leading companies and organisations around the world. For more information about the XBRL standard,  visit the XBRL International website. XBRL Canada conducts seminars and webinars for companies and individuals wishing to learn more about XBRL. Currently, it is also working on projects to assist companies with convergence to IFRS.

More evidence that few read annual reports

A new survey of Canadian online investors shows that few rely on formal disclosure documents like annual reports for investment information, even though most describe themselves as long-term investors. The findings of the latest RBC Direct Investing poll of 630 online investors once again highlights the need for companies and their regulators to rethink the role annual reports and prospectuses play in investor relations and financial disclosure programs. The results of this survey echo findings in a range of other investor surveys going back several years. All show that few investors use corporate annual reports and formal disclosure documents – and those who do consult them do so only briefly. (Read the full story by Dominic Jones at IR Web Report.)

Social IR becoming more important in Europe, says study

"While investor relations departments in Germany, Austria, Switzerland and the UK mostly shy away from using social media, there is a growing belief that new media will become increasingly important to their communications with investors in the next 12 months, a new survey has found. The survey by the German investor relations association DIRK and international market research firm GfK polled more than 700 investor relations departments across the four countries. It found that relatively few are currently using social media in their IR programs, with only 12% German, 24% of Austrian and Swiss, and 26% of British IR departments saying they consider social media important or very important to their current IR activities. However, going forward 71% of Austrian, 62% of Swiss, 61% of British and 46% of German companies expect social media to become important or very important to their IR programs in the coming year." (Read the full article “Social IR becoming more important in Europe, says study” by Dominic Jones at IR Web Report online.

CICA Corporate Reporting Awards celebrate 60 years of excellence

This year marks the diamond anniversary of the Chartered Accountants of Canada’s Corporate Reporting Awards. Since 1941 the program has been centre stage in Canada’s evolution to best practice reporting models.  By providing important recognition for those committed to advancing business reporting, the program has helped drive the development of best practices in financial reporting, corporate governance disclosure, electronic disclosure and sustainable development reporting, all of which are now regarded as essential components of the corporate reporting model. Judging organizations include the Canadian Institute of Chartered Accountants (CICA), PricewaterhouseCoopers, Ernst & Young, Deloitte, International Institute for Sustainable Development, Canadian Investor Relations Institute, and Toronto CFA Society. (Read the article “Corporate Reporting Awards celebrate 60 years of excellence” in the June-July 2011 issue of CAmagazine online.)

Investors spend just 5 minutes on annual reports, according to the stats

“WEB traffic statistics compiled by Google show that investors are spending less than 5 minutes viewing annual meeting materials hosted by large vendors – and younger investors are almost entirely ignoring the documents. The statistics, which aggregate traffic to hundreds of online annual reports and proxy statements hosted by large vendors such as Thomson Reuters, Broadridge Financial Solutions and Computershare, suggest that companies’ disclosure documents are failing to hold the interest of web users, particularly younger users between the ages of 18 and 34 who have grown up with the web. Further evidence of a lack of investor interest in online annual reporting information is provided by statistics compiled using PostRank. They show little or no interest in company annual reports among users of social networking websites, as measured by the number of times they share links to online annual reports.” (Read the full article “Investors spend just 5 minutes on annual reports – stats” by Dominic Jones at IR Web Report online.

Social media investor relations reaches tipping point

According to a recent post on IR Web Report, "IT HAS become a tradition of sorts that quarterly earnings season kicks off when aluminum giant Alcoa Inc. (NYSE:AA) reports its results. ...when the company announced its results, much of the activity and evident investor interest took place outside of the company’s usual channels, on its social media and document sharing accounts. While this might once have seemed remarkable, it’s now fast becoming standard practice for scores of companies – and many more will likely join the parade in the coming weeks."

"In fact, company disclosure channels that once seemed innovative – such as investor relations websites, webcasting and PR wire services – are struggling to stay relevant as investors grow accustomed to receiving information from companies in real-time on their favorite social networks in formats that are easier to access and use. These changes are irreversible and were very much in evidence as Alcoa posted its numbers this week. ...I can’t say this loud enough: SOCIAL MEDIA IS NOW MAINSTREAM, and companies that haven’t yet started using social media in their IR programs are in danger of finding themselves talking to increasingly smaller audiences. We have reached the tipping point for social media in investor relations. If you’re not using social media in your IR program yet, you need to make it a priority and start right away." (Read the full article "Social media investor relations reaches tipping point" by Dominic Jones at IR Web Report online.

XBRL Canada Webinar - Integrated Reporting and XBRL

Integrated Reporting involves a significant change in the way companies report to stakeholders by combining financial, sustainability and governance reporting. Some major companies have already implemented integrated reporting and the movement is gaining momentum. XBRL Canada is holding a webinar called Integrated Reporting and XBRL on January 25, 2011 (noon to 1:00 pm ET). The presenters will be Liv Watson and Brad Monterio, both globally recognized experts in XBRL and both of whom presented on October 14-15, 2010, at "A Workshop on Integrated Reporting: Frameworks and Action Plan" which was held at Harvard Business School. To register for this event, visit the XBRL Canada website and register online.

Annual Report Trends and CSR Trends 2010

Two surveys of current practice have recently been published. AR Trends 2010 surveys Canadian and global annual reports (view the presentation). CSR Trends 2010 surveys Canadian and global corporate social responsibility (CSR) reports (view the presentation). The surveys are available at Craib Design and Communications online. (Craib videos are also available online.)

Social Networking Report 2010

According to a May 2010 survey called The Social Networking Report, the vast majority of business men and women (83%) believe that social networking is here to stay compared to only 9% who think it is just a ‘flash in the pan’ indulged by the under 30s. In addition, nearly three quarters (71%) say that blogging provides an effective new medium to communicate with a wider audience while less than one in five (16%) say that it is simply shouting into the ether. The survey into executive opinions on social media was published by The Counsel House, a firm specializing in interim management within corporate communications, and Pilotmax, a PR consultancy. The full report is available free-of-charge on The Counsel House website.

Integrated Reporting - Step 3: Collaboration and Innovation

The Internet offers an excellent medium for companies to enhance their strategic communications and collaboration with investors and other stakeholders, as well as for sparking innovation. In fact, innovation is often inspired by unexpected voices that bring a fresh perspective to solving a particular need. Web 2.0 technologies and social media tools encourage an intimate dialogue with people both inside and outside a company’s normal circle of colleagues and customers. They can foster teamwork, thereby enhancing productivity. In addition, businesses can seek input from people in other industries and with different perspectives who may approach the challenges in a completely different way. The Canadian Institute of Chartered Accountants (CICA) is undertaking research to promote effective communication by providing helpful guidance for "Using the Internet in Corporate Reporting." The booklet "Practical Guidance for Managing Collaboration and Innovation" is available as a discussion draft on the CICA website.

IT Strategic Planning for SMEs - CICA White Paper

In today’s interconnected world, most organizations rely on information technology (IT). Their dependence ranges from simple accounting and office systems to advertising on the Web, ordering supplies and services online, managing schedules, payrolls and inventories, monitoring automated processes, communicating with peers, customers and stakeholders, delivering online services, and conducting virtual Internet-based operations. Whatever their needs, business owners and managers must invest considerable time and money to maintain the IT environment required to support their businesses. Given the strategic importance of IT, the Canadian Institute of Chartered Accountants (CICA) has issued a White Paper on IT Strategic Planning for SMEs. The Paper aims to raise awareness of the need for an IT strategic plan for small and medium-sized business owners and management. It may also be of interest to business management in larger organizations.

Data Level Assurance - a new research study

In recent years, corporate reporting has evolved towards the reporting of data elements such as performance metrics, statistics and a variety of ad hoc measurements of business activities. There are indications that many users are replacing increasingly complex and cumbersome financial statements with the easier-to-understand data elements often reported on corporate websites or in news releases. Since users are relying on this information, some have questioned whether there is a need for assurance on the data being reported. In response, the Canadian Institute of Chartered Accountants (CICA) has published a research study, Data Level Assurance, to recommend solutions to data level assurance issues and to suggest a future course of action for the profession in this area.

US SEC Amendments to Rules Requiring Internet Availability of Proxy Materials

The US Securities and Exchange Commission (SEC) has amended rules under the Securities Exchange Act of 1934 and the Securities Act of 1933 to clarify and provide additional flexibility regarding the format of the Notice of Internet Availability of Proxy Materials that is sent to shareholders and to permit issuers and other soliciting persons to better communicate with shareholders by including explanatory materials regarding the reasons for the use of the notice and access proxy rules and the process of receiving and reviewing proxy materials and voting pursuant to the notice and access proxy rules.

CICA - Practical Guidance for Using the Internet in Corporate Reporting (Part 3)

As previously noted, the Canadian Institute of Chartered Accountants (CICA) is undertaking research to promote effective communication by providing helpful guidance for "Using the Internet in Corporate Reporting." The third booklet "Practical Guidance for Managing Web 2.0 and Social Media" is available as a discussion draft on the CICA website. Feedback and comments are welcome.

CICA - Practical Guidance for Using the Internet in Corporate Reporting (Part 2)

As previously noted, the Canadian Institute of Chartered Accountants (CICA) is undertaking research to promote effective communication by providing helpful guidance for "Using the Internet in Corporate Reporting." The second booklet "Practical Guidance for Managing Websites" is available as a discussion draft on the CICA website. Feedback and comments are welcome.

CICA - Practical Guidance for Using the Internet in Corporate Reporting (Part 1)

Corporate reporting is the process used to communicate with stakeholders. Stakeholders are individuals or groups that may be significantly affected by a company’s activities, products and services or whose actions can affect the company’s ability to successfully implement its strategies and achieve its objectives. The Canadian Institute of Chartered Accountants (CICA) is undertaking research to promote effective communication by providing helpful guidance for "Using the Internet in Corporate Reporting." The first of three booklets "Practical Guidance for Managing Collaboration and Innovation" is available as a discussion draft on the CICA website. Feedback and comments are welcome.

SBR Event - XBRL and Red Tape Reduction Initiatives

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

Global XBRL Adoption Survey

Last year, XBRL International issued a Global Update on XBRL Adoption which shows that Standard Business Reporting (SBR) is a motivation for adoption of XBRL, notably in Australia, but also other countries. SBR is an approach to standardization of government filings and reports using XBRL as the core technology. It has been a key strategy in reducing the burden to business of compliance with governmental filing requirements. The global survey also shows a continued growth of XBRL in the regulatory area, particularly in securities regulation.

5 Ways to Keep Customer Information Safe

Every time you do business with a customer or a client, you wind up with access to some very sensitive information, such as payment accounts. Without appropriate protection in place, clients may find themselves asking why they should trust you. If you handle any part of your business online, the chances of someone gaining access to information immediately goes up. But, there are steps you can take to keep your customers' information safe. (Read the article "5 Ways to Keep Customer Information Safe" at Open Forum online.)