Digital financial reports

Digital financial reports are financial reports in XBRL or iXBRL format that are prepared in accordance with the ASIC financial reporting taxonomy.

XBRL stands for eXtensible Business Reporting Language. It has been developed by the global accounting community for financial reporting. XBRL is used to tag the content of financial reports and the tags can be consumed by computer to analyse a company’s financial performance. Financial reports in XBRL can provide financial data for electronic analysis more quickly and on more consistent basis. The XBRL format is readable only by specific software.

Financial reports in iXBRL provide tagged data for analysis and can also be viewed in a human-readable form using most popular web browsers.

Refer to the below section for information about ASIC financial reporting taxonomy.

Lodgement

You can voluntarily lodge your company’s financial reports with ASIC in XBRL or iXBRL format. Email them to xbrl_financial_reports@asic.gov.au.  

You still need to lodge financial reports in the relevant ASIC portal. Do this using Form 388:

Form 388 Copy of financial statements and reports

See also: How to lodge a financial report

Listed companies who voluntarily prepare digital financial reports are encouraged to publish these financial reports on their websites.

ASIC financial reporting taxonomy

The ASIC financial reporting taxonomy (also referred to as IFRS AU Taxonomy) is based on the IFRS Taxonomy as published by the IFRS Foundation plus additional tags for Australian specific disclosure requirements. ASIC maintains and annually publishes the financial reporting taxonomy as part of the Standard Business Reporting (SBR) Taxonomy.