The Future of Reporting – Down Under
Major economies around the world are increasingly adopting XBRL based digital reporting – is it time for Australia and New Zealand to join them?
A new paper from Chartered Accountants of Australia and New Zealand provides a detailed analysis of the need for reform in reporting and the achievements, as well as some of the issues associated with XBRL adoption by securities regulators and standards setters around the world. It also describes some of the problems that Australia and New Zealand companies and investors face in a period in which the rest of the world has adopted a digital approach to reporting with XBRL.
The paper suggests that by switching to digital financial reporting, Australia and New Zealand could seize the numerous benefits experienced by other regulators, preparers and users around the world. From increased usability, accuracy and accessibility of financial information to more comprehensive analysis of financial reports and enforcement of regulation, adopting XBRL can reshape the way financial information is used.
The paper also emphasises how XBRL can help prepare for the future. Financial reports have become increasingly complex, and structured data offers one solution to making reports more accessible for all sorts of users.
From the known and proven benefits of introducing digital, XBRL-based financial reporting, to looking to the interesting applications digitisation opens up for the future, the CA ANZ report makes a strong case for introducing XBRL in Australia and New Zealand – something we, of course, fully support!
Read the paper here.