Ok, I did this & what I have learned is that the paper and or ribbon (because I tried ribbon too)... bubbles up and it is very hard to cover all edges. I found that painting the edges and about an inch onto the canvas with black paint works much better!
Just print off any picture you want, then spray paint a piece of wood black, cut the picture to match the size of the wood. Using Mod podge coat the wood then lay the picture on top. Once it has dried thoroughly, use sandpaper to rough up the edges, then put a layer of mod podge over the picture. paint some eye hooks and use pretty ribbon as a hanger and voila