Australia urged to accelerate move to digital financial reporting
The use of XBRL in Australia is currently voluntary, but that might be set to change. Chartered Accountants Australia and New Zealand (CA ANZ) has called on the government to mandate digital financial reporting for listed companies, arguing that structured, machine-readable data would improve efficiency and align Australia with global best practices.
In a pre-budget submission, CA ANZ recommended amending the Corporations Act to require disclosing entities to lodge financial reports in XBRL format. It also highlighted the need for government investment in digital reporting infrastructure to support implementation and reduce duplication in regulatory filings across agencies.
The discussion around digital reporting has gained momentum in recent years. Last year, Treasurer Jim Chalmers acknowledged its potential benefits, particularly as Australia prepares to introduce mandatory climate disclosures. A Deloitte Access Economics report found that digital reporting could enhance data accessibility, improve regulatory oversight, and better integrate Australian businesses into global markets.
CA ANZ notes that investors are increasingly looking for financial reports that are easier to analyse and compare. With major markets such as the US, UK, and EU already requiring structured digital reporting, Australia appears to be on the path toward a more modern and efficient reporting framework.
Read more on CA ANZ’s submission here.
