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Items tagged with "Australia"

Australian overhaul resumes: it’s Goodbye D2A, Hello APRA Connect in 2021

It’s all systems go once more at the Australian Prudential Regulation Authority (APRA), as it resumes overhauling its core financial data collection system following a nine-month pause. The new platform, APRA Connect, is now set to go live in September 2021.

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Australia – Time to Digitise?

Countries as distinct and distant as South Africa, the US, China, Korea, Japan, UK and the EU have embraced the digital era of financial reporting for public companies – but not Australia. What’s keeping Australia from going down the digital path?

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APRA to collect more granular data

The Australian Prudential Regulation Authority (APRA) has proposed an update to its reporting requirements around Credit Risk Management, designed to improve APRA’s ability to monitor risk. The updated draft ARS 220.0 will collect more detailed and granular data on authorised deposit-taking institutions (ADI’s) credit exposures and provisions.

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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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