Australia proposes mandating XBRL Reporting
As part of a package of recommendations for improving audit trust, the Australian Parliament’s Joint Committee on Corporations and Financial Services has recommended mandating machine-readable digital financial reporting.
The committee has undertaken a seven-month-long inquiry into the auditing industry, publishing an interim report of recommendations last week.
The recommendations urge Australia’s government to join regulators around the world – including in the US and EU – in “adopting the IASB standards for machine-readable digital financial reporting”.
With pre-existing standards and software available, the report argues that the substantial benefits would far outweigh the cost and burden of implementation.
Joining the numerous jurisdictions around the world mandating XBRL reporting would vastly increase Australia’s business transparency, reduce the cost and increase the accuracy of data analysis, and improve the efficiency of capital markets – we strongly support it!
Read the report here.