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SBR Overview

SBR Overview. Paul Madden Program Director Standard Business Reporting July 2010. SBR Vision. Reduction in the reporting burden for business A single language for business to report to government Reporting to government becomes a by-product of natural business systems/process

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SBR Overview

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  1. SBR Overview Paul MaddenProgram DirectorStandard Business Reporting July 2010

  2. SBR Vision • Reduction in the reporting burden for business • A single language for business to report to government • Reporting to government becomes a by-product of natural business systems/process • Government reports can be pre-filled from the data in accounting/payroll/business management software • Business’s own systems become their portal for reporting to government • Businesses will have one credential to report to all agencies • Reporting to Capital Markets and other businesses • Better investment decisions • Reduced cost and increased certainty • Access to more accurate and timely financial information

  3. Who is implementing SBR? • Government agencies include: • Treasury (lead) • Australian Prudential Regulation Authority • Australian Securities & Investments Commission • Australian Taxation Office • State and territory government revenue offices • Australian Bureau of Statistics (Taxonomy only) • Software developers and suppliers • Business & intermediaries

  4. When is SBR being implemented? • Government side has been implemented! • AUSkey implemented from 17 May 2010 • All agencies able to receive reports from SBR from 1 July • Progressively supported by software systems for use by accountants and business from July 2010 • Large Business Implementation methodology being pilotted

  5. Key components • Taxonomy • Core services • AUSkey

  6. Taxonomy • Collective set of the reporting definitions across the agencies involved • Expressed using XBRL • allows consistent mapping from elements of data in business software • Map once consume many times • Compliant with IFRS, AASB and regulator reporting requirements • Used by SBR as the standard for data being exchanged between software and the agencies

  7. SBR Reporting Requirements • Congruence with standards – IFRS, AASB, regulation • Voluntary versus mandate • International trends • Market comparison – decisions • Business benefits and take-up/adoption

  8. SBR Contacts SBR@treasury.gov.au  02 6263 3900 www.sbr.gov.au • The Treasury39 Brisbane Ave Barton, Canberra ACT 2612

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