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  arrow Key points
arrow Standard Business Reporting will be fully operational by 1 July 2010
arrow The Institute has representatives who are part of the Business Advisory Forum set up to communicate key outcomes of Standard Business Reporting developments to the accounting profession
arrow Key information has now been released that allows software developers to commence implementing Standard Business Reporting. 		 

The Institute recently presented at the recent Standard Business Reporting (SBR) conference held in both Sydney and Melbourne. The conference entitled Revolutionising Business Reporting, demonstrated to attendees what Australian business can expect from SBR, explored global financial reporting trends, discussed what SBR means for business, accountants and software developers and helped attendees assess what they needed to do to implement SBR.  
 
Lee White, General Manager of Leadership and Quality at the Institute, spoke at the Melbourne and Sydney conferences. He commented, ‘The Australian government has made a significant investment through SBR to reduce regulatory burden and cost. The Institute is fully supportive of the campaign to simplify reporting to assist business and to strengthen the use of global XBRL software.’  
 
Listen to Lee White discussing Standard Business Reporting 
 
The Institute is part of the Business Advisory Forum set up by Treasury to stay in touch with the needs of Australian business, through advising on setting and enhancing public perception of the program and communicating SBR outcomes to the wider accounting profession.  
 
The SBR group continues to release online documents, schemes, specifications, tools and services that software developers can utilise to start developing their products in time for SBR’s 1 July 2010 implementation. The factsheets, along with additional resources can be found on the SBR group website. The release of these components means that the key information that software developers need to commence implementing SBR has now been released. Software developers are now encouraged to ensure their products and services are SBR-ready.  
 
Background 
SBR will simplify business-to-government reporting by:

  • Making forms easier to understand
  • Using accounting/record keeping software to automatically pre-fill forms
  • Introducing a single way to interact online with participating agencies. 
    As a result businesses and their intermediaries will have a faster, more efficient reporting mechanism. Key benefits to business will include:
  • Reduced time and effort spent preparing reports for government by businesses, accountants and bookkeepers
  • Reduced time and effort spent filing reports for government
  • Reduced time and effort spent dealing with errors. 
    SBR is expected to save Australian businesses $795 million per year on an ongoing basis, freeing up resources for more profitable activities. In addition, accountants, bookkeepers, tax professionals and software developers will have access to a powerful system for improving service delivery and productivity.  
     
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    Last updated: Thursday, 25 June 2009