DisclosureNet IFRS Assists Professionals with IFRS Transition

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DisclosureNet IFRS is a key resource for professionals assisting companies that are facing a mandatory transition to International Financial Reporting Standards (IFRS). It enables fast and easy access to thousands of IFRS examples from North America and the UK—dating back to the 2005 UK IFRS transition—along with the latest IFRS accounting standards, interpretations and illustrative IFRS examples.

Online Security Filings Research Solution

2010 is a critical year for all publicly-traded companies in Canada as well as those in the US that conduct business in Canada. Canadian companies must transition to IFRS next year," said Stephane Jasmin, President and CEO of XPI.

XPI, a leading provider of online solutions for security filings research, today announced the release of DisclosureNet IFRS, an add-on module to DisclosureNet, its popular online solution for searching, mining and monitoring public company disclosure documents filed on SEDAR and SEDI in Canada and EDGAR in the United States.

The timely release of DisclosureNet IFRS assists professionals who are preparing or assisting clients with their IFRS transition by providing them with fast and easy access to thousands of IFRS examples from North America and the UK to use as a framework when preparing financial statements or other disclosure filings. DisclosureNet IFRS also provides users with powerful and unique search capabilities, enabling them to easily locate financial statement notes, legal contracts, special treatments or any other relevant examples they require.

“2010 is a critical year for all publicly-traded companies in Canada as well as those in the US that conduct business in Canada. Canadian companies must transition to IFRS next year”, said Stephane Jasmin, President and CEO of XPI. “The professionals at these companies as well as the lawyers and accountants advising them are under immense time-pressure to become fully versed and familiar with IFRS requirements in order to meet this deadline. DisclosureNet IFRS provides them with the tools they need to do so.”

Canadian publicly-traded companies are required to transition from Canadian Generally Accepted Accounting Principles (GAAP) to International Financial Reporting Standards (IFRS) in 2011. US based companies also face a transition from US Generally Accepted Accounting Principles (GAAP) to International Financial Reporting Standards (IFRS), tentatively scheduled for 2014. Companies conducting business in the UK and other places where IFRS is the current standard will also need to be better informed of the potential impact of IFRS reporting.

In addition to IFRS-filed statements, DisclosureNet IFRS provides users with an easy way to access the International Financial Reporting Interpretations Committee’s (IFRIC) interpretations of IFRSs and the International Accounting Standards Board’s (IASB) basis for conclusions and implementation guidance—components that are necessary for a complete, successful IFRS transition.

“The addition of DisclosureNet IFRS enhances the overall DisclosureNet solution,” commented Peter Kaju, CFO of XPI. “It also solidifies our continued dedication to providing our users with a complete resource for finding and extracting the specific information they require.”

DisclosureNet 5, the latest and most powerful version of the SaaS research solution, is now available. It offers professional users expanded capabilities such as real-time alerts that deliver information to users’ email inboxes and full-text search capabilities with over 40 customizable search criteria. It also provides users with the ability to search the contents of scanned corporate and mutual fund disclosure documents, including those filed as PDFs in Canada and paper filings in the US.

About XPI

XPI is an innovative, Canadian technology company committed to building a global disclosure network that facilitates the process for timely, secure, and compliant creation, dissemination and analysis of public company information. DisclosureNet 5 is the latest version of the leading, online security filings research solution for corporate disclosure information. DisclosureNet enables users to search, mine and monitor—through real time alerts and RSS feeds—specific corporate disclosure documents filed in Canada via SEDAR and SEDI, in the United States via EDGAR, and those filed in the UK. With widespread adoption reaching over 400 clients and 15,000 professional users, DisclosureNet has become the online research tool of choice for accounting, corporate, investor, legal and regulatory market users. Visit http://www.disclosurenet.com for more information.

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Lucy Ventresca
DisclosureNet
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