sbr overview paul madden program director standard business reporting july 2010
TRANSCRIPT
SBR Overview
Paul MaddenProgram DirectorStandard Business ReportingJuly 2010
May 2010 2
SBR Vision Reduction in the reporting burden for business A single language for business to report to government Reporting to government becomes a by-product of natural
business systems/process- Government reports can be pre-filled from the data in
accounting/payroll/business management software- Business’s own systems become their portal for reporting to
government - Businesses will have one credential to report to all agencies
Reporting to Capital Markets and other businesses- Better investment decisions- Reduced cost and increased certainty- Access to more accurate and timely financial information
May 2010 3
Who is implementing SBR?
Government agencies include:- Treasury (lead)- Australian Prudential Regulation Authority- Australian Securities & Investments Commission- Australian Taxation Office- State and territory government revenue offices- Australian Bureau of Statistics (Taxonomy only)
Software developers and suppliers
Business & intermediaries
May 2010 4
When is SBR being implemented?
Government side has been implemented! AUSkey implemented from 17 May 2010 All agencies able to receive reports from SBR from 1 July Progressively supported by software systems for use by
accountants and business from July 2010 Large Business Implementation methodology being pilotted
May 2010 5
Key components
Taxonomy Core services AUSkey
May 2010 6
Taxonomy Collective set of the reporting definitions across
the agencies involved Expressed using XBRL allows consistent mapping from elements of data
in business software Map once consume many times Compliant with IFRS, AASB and regulator
reporting requirements Used by SBR as the standard for data being
exchanged between software and the agencies
May 2010 7
SBR Reporting Requirements
Congruence with standards – IFRS, AASB, regulation Voluntary versus mandate International trends Market comparison – decisions Business benefits and take-up/adoption
May 2010 8
SBR Contacts
R@tr sur ov uea g a
02 6263 3900
www.sbr.gov.au
The Treasury39 Brisbane Ave
Barton, Canberra ACT 2612