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SBR/XBRL International Conference highlights (November)

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The Institute attended the Standard Business Reporting/Extensible Business Reporting Language (SBR/XBRL) International conference held in Brisbane on 27-28 November. The conference informed members of the accounting/finance and software development industries about the impact that SBR will have on their work. 
 
SBR will simplify financial reporting (through utilisation of XBRL) by:

  • making forms easier to understand 
  • utilising accounting/record-keeping software to automatically pre-fill government forms; and 
  • introducing a single secure way to interact with participating agencies (APRA, ASIC, ATO, Australian Bureau of Statistics [ABS], Office of State Revenue [OSR]).
The delegates were also able to gain from the experience of the international presenters in implementing XBRL technology into business-to-government reporting in a number of jurisdictions around the world.  
 
This programme has the potential to significantly reduce compliance time and effort in business-to-government reporting for public practitioners and chartered accountants in business. Pilot testing is due to commence during 2008 with full implementation of SBR in the area of financial reporting complete in 2010.  
 
Members interested in helping to develop the SBR solution can contact Kerry Hicks, Head of Reporting, (kerry.hicks@charteredaccountants.com.au) who can pass your details onto The Treasury, who are co-ordinating the programme. 
 
This article is current up to 30 November 2007