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Updates on Standard Business Reporting
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ANT26/2008 
The Council of Australian Governments (COAG) has adopted the Standard Business Reporting Program (SBRP) implementation plan. Federal Treasurer Wayne Swan and the Minister for Finance and Deregulation Lindsay Tanner said in a joint media release said that the COAG meeting had seen the Commonwealth, State and Territory Governments strike an important agreement on Standardised Business Reporting (SBR). It aims to remove excess red tape and streamline various financial reporting requirements, saving businesses up to 800 million dollars each year once fully implemented.  
 
SBR is working to an aggressive timetable aiming to introduce the new reporting regime by July 2010. The main features of the program will include:

  • Removing unnecessary and duplicated information from government forms
    •  
  • Using business software to automatically pre-fill government forms
    •  
  • Adopting a common business language, based on international standards
    •  
  • Aligning government reporting with natural business processes
    •  
  • Providing a single online sign-on, form validation and confirmation of forms receipt
A Business Advisory Forum (BAF) has been established to assist with consultation, marketing and strategy implementation and ensure SBR stays in touch with the needs of Australian business and their intermediaries. The Institute’s Head of Reporting, Kerry Hicks, is a member of the BAF and more details about the Institute’s involvement in this forum were contained in ANT21/2008.  
 
Further information about the COAG communiqué, the SBR Program and the SBR Business Advisory Forum can be found at the Federal Government's Standard Business Reporting web page.  
 
This article was taken from ANT26/2008, and is current up to 11 July 2008 
 
 
ANT03/2008 
This week, members of the Institute participated in a consultative workshop together with Treasury and the Australian Tax Office (ATO) in order to provide feedback on streamlining business reporting to government.  
 
This occurred following the media release issued by the government on 25 January 2008 announcing a tender program for the standard business reporting core services infrastructure.  
 
The Rudd government remains committed to the red tape reduction program and envisages benefits to business of up to $795 million annually as a result of the Standard Business Reporting (SBR) program. 
 
For more information on SBR, visit the Institute’s SBR website.  
 
This article was taken from ANT03/2008, and is current up to 1 February 2008