An Australian Government Initiative - Standard Business Reporting
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Benefits

Benefits to business

Less cost:

  • less time and effort required to report to government
  • less money required for reporting
  • reduced payments to government through licence and registration fees

Easier reporting:

  • a single, easy to use sign-on to on-line services
  • the capability to pre-fill forms as much as possible directly from accounting and record keeping software
  • the capability to send forms electronically to the correct government agency
  • simpler, more intuitive reporting processes
  • clearer, more consistent reporting requests
  • less training required to understand reporting processes and tools  

Less inconvenience and frustration:

  • less wasted effort on activities such as duplication
  • clearer language will make forms easier to understand
  • immediate responses to enquiries will cut waiting times
  • less running around through more helpful responses
  • a better understanding of the total reporting burden facing business

More confidence

  • less errors in government work
  • online validation of forms and confirmation when forms are received
  • less likelihood that errors will be made
  • less queries and follow up from agencies
  • more certainty about transactions

Benefits to the economy

The introduction of standard business reporting will boost business productivity and economic growth. Benefits will include:

  • Increased business output and productivity

A reduced reporting burden will give businesses more time to focus on commercial activities. In addition SBR will allow access to up-to-date financial performance information allowing for better business direction, growth and investment decisions.

  • Management of reporting creep

To reduce the chance of individual agencies adding additional and unnecessary reporting items, SBR will develop a reporting taxonomy and a process to govern the introduction of new reporting information.

  • More efficient markets

By adopting high standards for electronic financial reporting, participants in Australian markets will have access to international quality standardised financial data.

  • Innovation in the private sector

SBR reporting taxonomies are based on open standards allowing innovative private sector companies to create SBR compatible systems. For example, auditing could be made considerably faster and more detailed with a system designed to use interactive data.

Benefits to government

SBR will improve the quality of data submitted to government, reducing ongoing administrative costs. The government will benefit from:

  • reduced costs in dealing with unintentional non-compliance 
  • reduced cost of data exchange among government agencies
  • improved collaboration among government agencies
  • a faster and more consistent way to resolve business reporting queries
  • more efficient and effective revenue collection and regulatory monitoring
  • increased electronic reporting leading to a reduction in paper lodgements with potential savings downstream associated with scanning, storage and re-keying of information and
  • consistent data feeds into an improved policy development and implementation process.

Benefits to software developers

Early adopters of Standard Business Reporting will expect a clear market advantage as more businesses and government agencies embrace and demand products that support SBR.

SBR will develop a Financial Reporting Taxonomy using XBRL.  This Taxonomy will provide the definition and rules for the reportable items of all forms in scope.  As well as a reduced reporting workload, the Taxonomy will provide developers with an opportunity to consume the Taxonomy as an alternative to ongoing codification of reporting rules in their software.  The Taxonomy will be developed by the Government in collaboration with the developers and accounting profession, and will be certified by the Government.

SBR will also work with the accounting community to ensure that the SBR Taxonomy can be extended into all relevant sectors so that the maximum benefit can be obtained in the use of tagged accounting information that ultimately feed into  the businesses own, as well as the Government reporting chain.

SBR will allow reporting access for all developers to the agencies in scope, opening up new opportunities to meet user needs and increase product utility and productivity.

XBRL is an open international standard, developed by the accounting community for users of financial information. Already in use in the Netherlands, United Kingdom, the United States, Singapore and in many European countries, XBRL will enable easier exchange of data across international boundaries enabling accounting firms and large businesses to improve multi-jurisdiction reporting. As a result demand for XBRL software products is expected to grow.

Incorporation of XBRL into Australian IT products may also provide a new opportunity for Australian software businesses to enter foreign markets and compete with international software products.

Benefits to intermediaries

Currently intermediaries such as accountants, financial and investment advisors, bookkeepers and tax agents, face a heavy burden collating, analysing and reporting financial information to government. The benefits of SBR for intermediaries include:

  • less time spent on report preparation
  • a single sign-on to government online services
  • where relevant and authorised, access to more agencies on-line
  • immediate access to current financial information
  • enhanced information sharing capabilities
  • potentially, online reporting to 12 government agencies
  • increased certainty that reports are correct and have been received by government
  • further potential for certainty and early closure based on audit trails
  • a clearer understanding of reporting requirements
  • more time for value added services to clients
  • access to more sophisticated financial reports.