Using SBR for financial statement lodgement

The Federal Government is seeking feedback on a range of options relating to the use of Standard Business Reporting (SBR) for the lodgment of financial reports with the Australian Securities and Investments Commission (ASIC), including whether SBR use should be mandatory. It has released a discussion paper Options paper – the use of Standard Business Reporting (SBR) for financial reports is open for comment until 15 March 2013. The Institute will be preparing a submission and comments for possible inclusion should be emailed to techsubmissions@charteredaccountants.com.au before 8 March 2013.

The paper considers how SBR can be used as a productivity tool to enhance the transparency of company financial information and also to support business efficiency. It is the next stage in the development of the SBR program that was launched in mid-2010. The aim of the program is to reduce the regulatory reporting burden on business by providing standardized electronic reporting systems to governments. These systems operate as a by-product of day-to-day business systems and can be used as a quick and easy way for businesses to complete their government reporting requirements.

A recent joint media release from Federal Ministers Brendan O'Connor  and Penny Wong indicated that the Standard Business Reporting (SBR) system is gaining support with over 100,000 lodgements in the period since July 2012, 9 times the level experienced in the same period last year. These latest figures confirms trends identified in Treasury’s latest SBR Update. For more information about the SBR program including its benefits to business, accountants, government, details of software providers and case studies on its adoption, visit the SBR webpage.

Article last updated 14 March 2014