ASIC introduces digital financial reporting
The Australian Securities and Investments Commission (ASIC) has announced companies can now prepare and lodge human readable digital financial reports with ASIC instead of having to lodge a separate PDF-format or paper financial report.
Companies can use inline XBRL (iXBRL) to send financial information to investors and others who use financial reports.
The digital financial reports will be human readable, will look like PDF or paper financial reports, and users can use web browsers.
It will also tag financial information with common identifiers to make it easier for computers to analyse and compare companies over time.
Companies have been able to voluntarily submit financial report information with ASIC using XBRL since 2010, but this was only usable by computers for analysis and was not available in a human readable form.
AUTHOR
Malavika Santhebennur
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