Uploaded September 2025 | Updated September 2026, 2 days ago
1334th Ordinary General Meeting and Open Lecture of the Royal Society of NSW — 3 September 2025
"Bringing Financial Reporting into the 21st Century"
Emeritus Professor Peter Wells FRSN
UTS Business School
University of Technology Sydney
https://www.royalsoc.org.au/events/1334th-ogm-and-open-lecture/
The presentation commences at 01:43
Timing Marks:
00:00:00 Introduction: Emeritus Professor Christina Slade FRSN, President, Royal Society of NSW
00:01:43 Presentation: Emeritus Professor Peter Wells
00:46:02 Audience Q&A and Vote of Thanks: Emeritus Professor Christina Slade
01:20:16 Meeting Close
Summary: Financial reporting is a communication process, and while accounting processes have been refined, the basic format has changed little for over 150 years. However, the increasing volume and complexity of information have rendered this format obsolete. This problem is now being exacerbated by extensions to corporate reporting, which now includes reporting on climate and sustainability. Digital Financial Reporting is the technology designed to address this. It allows for ever larger volumes of information to be accessed accurately and efficiently, and perhaps most importantly, processed and evaluated with computers (e.g., with AI). Digital Financial Reporting has been increasingly mandated across the world’s major capital markets, but regrettably not in Australia or New Zealand. What does this mean for the Australian economy? The impacts are significant, and perhaps the most relevant at this point in time is lost productivity.
So, what has to be done? Who is responsible? What are the risks? Where to next?
After starting his accounting career with an antecedent of one of the large accounting firms and working in the finance sector, Peter Wells has spent the last 30 years as an accounting academic at the University of Technology Sydney, with a focus on financial reporting practices and the use of financial information in financial markets.
Peter is a Fellow of Chartered Accountants Australia and New Zealand and was on the NSW Regional Council for six years and Chair for one year. Peter has prepared reports on Digital Financial Reporting for Chartered Accountants Australia and New Zealand and made submissions to Parliamentary Committees on financial reporting practices in Australia. He is a Fellow of the Royal Society of NSW and currently holds the position of Treasurer.
Disclaimer: The opinions, beliefs and viewpoints expressed by the presenters or forum participants in this video, do not necessarily reflect those of the Royal Society of New South Wales.
1334th Ordinary General Meeting and Open Lecture of the Royal Society of NSW — 3 September 2025
"Bringing Financial Reporting into the 21st Century"
Emeritus Professor Peter Wells FRSN
UTS Business School
University of Technology Sydney
https://www.royalsoc.org.au/events/1334th-ogm-and-open-lecture/
The presentation commences at 01:43
Timing Marks:
00:00:00 Introduction: Emeritus Professor Christina Slade FRSN, President, Royal Society of NSW
00:01:43 Presentation: Emeritus Professor Peter Wells
00:46:02 Audience Q&A and Vote of Thanks: Emeritus Professor Christina Slade
01:20:16 Meeting Close
Summary: Financial reporting is a communication process, and while accounting processes have been refined, the basic format has changed little for over 150 years. However, the increasing volume and complexity of information have rendered this format obsolete. This problem is now being exacerbated by extensions to corporate reporting, which now includes reporting on climate and sustainability. Digital Financial Reporting is the technology designed to address this. It allows for ever larger volumes of information to be accessed accurately and efficiently, and perhaps most importantly, processed and evaluated with computers (e.g., with AI). Digital Financial Reporting has been increasingly mandated across the world’s major capital markets, but regrettably not in Australia or New Zealand. What does this mean for the Australian economy? The impacts are significant, and perhaps the most relevant at this point in time is lost productivity.
So, what has to be done? Who is responsible? What are the risks? Where to next?
After starting his accounting career with an antecedent of one of the large accounting firms and working in the finance sector, Peter Wells has spent the last 30 years as an accounting academic at the University of Technology Sydney, with a focus on financial reporting practices and the use of financial information in financial markets.
Peter is a Fellow of Chartered Accountants Australia and New Zealand and was on the NSW Regional Council for six years and Chair for one year. Peter has prepared reports on Digital Financial Reporting for Chartered Accountants Australia and New Zealand and made submissions to Parliamentary Committees on financial reporting practices in Australia. He is a Fellow of the Royal Society of NSW and currently holds the position of Treasurer.
Disclaimer: The opinions, beliefs and viewpoints expressed by the presenters or forum participants in this video, do not necessarily reflect those of the Royal Society of New South Wales.
