Published by Tangelo (a corporate reporting software platform) they posed this question above – and shared below.

For over a decade, companies in Australia have technically had the option to file their annual reports in XBRL. But how many have done so? Exactly zero. Zilch. Not one ASX-listed company has made use of the voluntary regime. It’s fair to say that the initiative quietly failed before it even started.

Meanwhile, in the EU and UK, things look very different. Since 2020, companies with listed securities – whether domestic or foreign – have been required to publish their annual financial reports in an electronic format.

• In the EU, that format is called ESEF: the European Single Electronic Format.
• In the UK, it’s UKSEF.
• Both formats combine an HTML version of the annual report with inline XBRL (iXBRL) tags for machine-readability. It’s how structured data becomes easy-to-access, easy-to-analyze, and easy-to-consume for investors, regulators, and anyone else interested in a company’s numbers.
• In fact, some Australian and New Zealand companies with bonds or shares listed in Europe or the UK have already had to comply.

Their concluding thoughts:

1. More contributors, more data, more digital

As sustainability disclosures become part of the annual reporting package, the production process will get even more complex. More contributors, less time, more data, and the rise of the interactive online report (microsite) for a broader stakeholder audience—these trends all point in the same direction.

Companies will need to rethink how they build their reports. Traditional workflows using Word, Excel, InDesign – and a dash of luck – won’t cut it anymore. Especially when XBRL tagging and machine-readable output become part of the core requirements.

2. Better get ready

Whether prompted by regulators, accountants, or climate concerns – electronic reporting is coming. In fact, it’s already here for some. And it will impact how reports are built, reviewed, tagged, and published. For companies in Australia and New Zealand, the time to prepare is now.

Sustainability reporting may be the catalyst that XBRL always needed.

FULL ARTICLE: https://tangelo-software.com/resource/will-sustainability-reporting-finally-make-xbrl-happen-in-australia-and-new-zealand-/