Taxonomy
One of SBR's key outcomes will be the development of an XBRL Financial Reporting Taxonomy.
The reporting taxonomy defines the relationship between accounting information (held in accounting packages) and the rules governing information required by government agencies.
A reporting taxonomy helps all parties involved in the reporting process to speak the same financial language - known as semantic interoperability. Business and government agencies will map their internal systems to this common language resulting in a more efficient and more reliable exchange of financial data.
The reporting taxonomy will be developed in four separate phases, allowing time for input and feedback from users before the final version is released.
Detailed information about XBRL is available from the XBRL Australia's website.
A technical explanation about XBRL financial reporting taxonomies is available.
A list of forms that are currently considered within SBR's scope is available.
