Items tagged with "Australia"

Australia aligns Regulation

The Australian Prudential Regulation Authority (APRA), which oversees Australia’s financial sector, is planning to align its prudential standards for insurance companies with international insurance standards.

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Digital Reporting in Australia: Time for change?

With the UK, US, Europe, Japan and many other jurisdictions mandating XBRL-based digital reporting, is it time for Australia’s accountants to push for similar steps there?

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Singapore and Australia collaborate on Digital Economy

As meetings move online, businesses scramble to offer digital services and the world gets used to working remotely, Australia and Singapore have concluded a sign-of-the-times virtual meeting by signing the Australia-Singapore Digital Economy Agreement (DEA). The DEA is designed to reduce barriers to and increase the benefits of digital trade and the digital economy. It […]

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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.

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UPDATE – Savings from SBR in Australia

In September we let you know about the projected A$1.2 billion in savings from Standard Business Reporting in Australia. Now the Australian Taxation Office Annual Report is out, confirming that amount, which is 50% greater than the original business case projections. That result certainly makes a compelling case for SBR, which has also been put to […]

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SBR Savings in Australia Soar

The Australian Taxation Office is projecting total savings in 2015-2016 from SBR to be a staggering A$1.1 billion.

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ASIC Pushes for more Data Sharing … and XBRL

The Australian ­Securities & Investments Commission (ASIC) thinks that increased sharing of data could ease reporting burdens on business and improve the agency’s ability to meet its regulatory objectives. We agree.

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News Item

Australian Tax Preparers get SBR Deadline

The Australian Tax Office has begun transitioning preparers towards exclusive use of a new reporting channel that will further advance SBR in that country.

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SBR in Australia by the Numbers

The ATO recently published its annual report for 2014-2015, chronicling some impressive growth for the SBR program in the areas of taxation, business registration and pension reporting.

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iXBRL Shows Up Down Under

The Australian Securities & Investment Commission, as part of its efforts to “assist companies in dealing with the complexity of financial reporting and allow users to better navigate financial reports” now encourages companies to file financial reports in iXBRL, removing the need for separate lodgement of a PDF-format or paper financial report. Since July 2010, companies that […]

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