The Australian Government's Standard Business Reporting project announced in August 2006, which aims to reduce the regulatory burden on business, has shone a spotlight on XBRL. This information technology facilitation tool has prominence internationally but has been slow to develop in Australia. In Japan, Singapore and China, regulatory agencies have mandated business reporting to government using XBRL, with the USA, Netherlands and UK (and others) planning to move to compulsory XBRL filings (from the current voluntary position) in the next few years. The momentum in XBRL developments is rising with the need for the Australian business, academic, professional and public sector communities to now increase its appreciation and understanding of the impacts and implications of this new mechanism for increasing information functionality
