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ASIC Pushes for more Data Sharing … and XBRL

Posted on September 9, 2016 by Dave Nitchman

Torso of a businessman is accessing the computing power and on-demand labor of two mobile plug-and-play workers via cloud. Technology concept for casual labor, minijobber and zero-hours contractor.

Earlier this year the Australian government tasked its Productivity Commission with providing recommendations on the benefits to government and stakeholders alike from increasing access to data. Responses were due by the end of July and a report will be issued in November.

In its response the Australian ­Securities & Investments Commission (ASIC) maintains that increased sharing of data could ease reporting burdens on business and improve the agency’s ability to meet its regulatory objectives. Due to SBR, Australia has already seen significant savings along with more efficient sharing of information across different governmental organisations, but the ASIC submission suggests there could be room for even more.

Although it was just a small part of the overall response to the Productivity Commission, news outlet The Australian (subscription only, but searching “ASIC XBRL” in Google News yields a viewable link) focused on ASIC’s push for mandatory lodgement of digital financial reports in XBRL. ASIC specifically cited benefits accrued by the Securities and Exchange Commission in the US and Companies House in Britain. You can read the entire ASIC response here.

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