Australia
Country: Australia
Status: Full Jurisdiction
Jurisdiction Name : xbrl.au
Website : http://www.xbrl.org/au
Membership Count: 22
IFRS Adoption for Public Companies: Required for all domestic listed companies
XBRL PROJECTS OVERVIEW:
| Australian Bureau of Statistics | Development |
| Australian Government, Dept of Treasury | Development |
| Australian Prudential Reg Authority | Mandatory Filing |
| XBRL Australia | Development |
JURISDICTION MEMBERSHIP:
| ANZ |
| APS |
| Australian Bureau of Statistics |
| Australian Dept of Treasury |
| Australian Prudential Regulation Auth |
| Australian Stock Exchange |
| Australian Taxation Office |
| CPA Australia |
| Deloitte |
| Dun & Bradstreet (Australia) Pty Ltd |
| EIS-One |
| Ernst & Young |
| Fujitsu Australia |
| Grant Thornton |
| Inman |
| Institute of Chartered Accountants in Australia |
| j3 Technology |
| MYOB |
| Pitcher Partners |
| PriceWaterhouseCooper LLP |
| Prima Consulting Pty Ltd |
| Task Technology Pty Ltd |
Standard Business Reporting (SBR) is an Australian Government initiative to reduce the business-to-government reporting burden. SBR has been co-designed by Australian, state and territory government agencies in partnership with software developers, business and their accountants, bookkeepers, tax agents and payroll professionals. A multi-agency initiative involving 12 federal, state and territory government authorities, SBR is simplifying business-to-government reporting by:
removing unnecessary or duplicated information from government forms
using business software to automatically pre-fill forms
adopting a common reporting language, based on international standards and best practice
making financial reporting a by-product of natural business processes
providing an electronic interface to agencies directly from accounting software, which will also provide validation and confirm receipt of reports
providing a single secure online sign-on for users to all agencies involved.
Led by the Australian Treasury, the agencies participating in SBR are the Australian Taxation Office (ATO), the Australian Securities and Investments Commission (ASIC), the Australian Prudential Regulation Authority (APRA), all State and Territory Government revenue offices (ROs) and the Australian Bureau of Statistics.
Some examples of reports SBR is targeting include the Business Activity Statement (Australian Taxation Office), financial statements (ASIC), and payroll tax returns (State and Territory Government revenue offices).
SBR is expected to save Australian business an estimated $800 million per year once fully implemented from July 2010.
Adoption of SBR will be voluntary and no legislative changes will occur as a direct result of the initiative
April 2010: SBR financial reporting solution components ready for production.
Businesses and their reporting professionals will be able to register online for the SBR single secure sign-on credential in preparation for the launch of reporting to government via SBR in July 2010.
July 2010: Start of reporting to government via SBR. Take-up by business escalates over the subsequent three or four years
