Will sustainability reporting finally kickstart XBRL in Australia and New Zealand?
We liked a post from Dutch Inline XBRL specialists Tangelo this week. For over a decade, Australian companies have had the option to file financial reports in XBRL – and guess what? Not a single ASX-listed company has taken up the offer.
The voluntary regime quietly flopped before it even began.
Contrast that with the EU and UK, where mandatory digital filing via Inline XBRL formats like ESEF and UKSEF has transformed reporting since 2020. Even some Aussie and Kiwi companies with European listings already comply. So why the stall down under?
Pressure is mounting. CPA Australia and Chartered Accountants ANZ say voluntary isn’t working. It’s time to mandate XBRL to boost efficiency, transparency, and comparability. Deloitte’s 2023 report puts a number on it: mandating digital reporting could add up to $7.7 billion to Australia’s economy by 2030.
In the long road to digitisation down under, sustainability reporting might be the game changer. Australia’s mandatory climate and sustainability disclosures (starting 2025) are built on IFRS sustainability standards, accompanied by an XBRL taxonomy. New Zealand’s External Reporting Board is also on board. This means XBRL tagging is no longer optional.
More data, more contributors, tighter deadlines, and interactive reports mean traditional reporting tools won’t cut it. Digital, structured reporting is coming fast. Time for Aussie and Kiwi companies to get ready – because sustainability might finally give XBRL the push it’s long needed.
Read more from Tangelo, here.
