General News
Raise the standard
By Julian Bajkowski
29 April 2008
Copyright 2008 Media Monitors Australia Pty Ltd. All Rights Reserved
The Federal Treasury is currently in the process of producing a structure of reporting for businesses. It will be called SBR, or standard business reporting, and intends to unite all financial state and federal reporting systems. The system will allow businesses to use information more freely, therefore reducing the burden of reporting on businesses. So far the SBR has only effected state and federal financial departments and regulators such as the Australian Consumer and Competition Commission (ACCC), Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC); however, the project is gathering strength and will be known by a lot more people in the coming months. The project aims to un-stuff a system that is inherently flaw with bickering jurisdictions, incompatible software programs and difficult language.
Yet, things are looking positive with many large technology companies such as IBM, Oracle, Reckon and MYOB offering support for the project. The technology companies are specifically looking at tackling the language issue, with XBRL (extensible business reporting language). The project is still some way off being completed, but importantly the project is underway.
