A U.S. nonprofit consortium is hoping the prospect of a US$20,000 cash prize will help spur the creation of open-source software tools companies can use to work with the XBRL (Extensible Business Reporting Language) standard for financial reporting.
An online reporting system that simplifies business submissions to government departments including the ATO has been launched by Delottie digital.
A new era has begun with the commencement of the Standard Business Reporting (SBR) program, a standardised approach to financial reporting across government agencies that could save businesses up to $800 million a year.
XBRL is a version of XML defined to meet the requirements of business and financial information. With XBRL, unique identifying tags are applied to financial data items.