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What is Standard Business Reporting?
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The Standard Business Reporting (SBR) programme is a government initiative aimed at reducing the reporting burden for business by removing duplications across multiple agencies and jurisdictions. The agencies involved in this programme include:

  • Treasury 
  • Australian Securities and Investments Commission (ASIC) 
  • Australian Taxation Office (ATO) 
  • Australian Prudential Regulation Authority (APRA) 
  • Australian Bureau of Statistics (ABS)  
  • Offices of State Revenue (OSR)
SBR is expected to achieve substantial reductions in time and effort spent preparing, lodging and correcting in-scope financial reporting forms. SBR aims to simplify financial reporting requirements by:
  • removing unnecessary and duplicated information and increasing consistency and wording amongst forms  
  • enabling automatic pre-filling of government forms through accounting/record-keeping software 
  • introducing a single system that will enable automatic sending of reporting information electronically to participating agencies with a single sign on
To achieve the above outcomes, SBR is utilising a reporting taxonomy standard based on eXtensible Business Reporting Language (XBRL). XBRL is a standard developed to facilitate the extraction of business information held in accounting/recording software.  
 
The implementation of SBR for financial reporting is scheduled for 2010 with trials to be undertaken prior to this date. The take-up of SBR will be voluntary. 
 
SBR is keen to work closely with accountants throughout the design of the SBR solution. To get involved or to be kept informed about progress, email standardbusinessreporting@treasury.gov.au.  
 
SBR/XBRL conference presentations are available online, at no cost, from http://www.sbrconference.com. 
 
For more information, visit the XBRL website.