The Australian Productivity Commission is exploring the adoption of digital financial reporting for large corporates and ASX-listed businesses, aiming to streamline processes and enhance transparency. Their initial proposals, now open for feedback, highlight the potential benefits but have sparked critical discussions about implementation challenges.
The Group of 100 has actively engaged with this process, urging the Commission to consider the significant reporting burden currently faced by businesses. We emphasised the need for industry alignment and a reduction in the scale of reporting—both in the number of reports required and their scope—if CFOs and corporates are to support the transition to digital reporting.
Key points raised include:
As the Commission seeks feedback, stakeholders are encouraged to voice their perspectives to shape a balanced approach that fosters innovation without overwhelming businesses. If you would like to share your feedback on current reporting requirements and would support a simpler reporting process to facilitate the move to digital reporting – please get in touch: [email protected]
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