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Standard Business Reporting: full steam ahead

by Staff Writers •
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The Federal Treasury has awarded a significant contract to follow through on its Standard Business Reporting (SBR) initiative, due for completion July 2010.

Treasury took out the $4m contract with Fujitsu to “supply and support Interstage XWand software, a custom technology development by Fujitsu Japan”.

In a joint statement with the Hon Lindsay Tanner, Minister for Financial Services and Superannuation Chris Bowen calls the move a “significant milestone for the SBR program”.

Fujitsu says the software is “available to be used by both government agencies and software developers to produce XBRL enabled financial applications”.

Just a few weeks ago, Assistant Treasurer Nick Sherry announced the formalisation of the Memorandum of Understanding on Standard Business Reporting (MOU SBR) with his New Zealand counterpart, the Hon Simon Power, New Zealand Minister of Commerce.

The MOU SBR is a world first agreement between the Australian and New Zealand Governments.  It aims to “standardise the definitions of the information businesses report to government, including standardising the terminology used in forms to pre-fill reports with data from businesses accounting systems and providing a single secure sign-on for businesses to submit forms electronically to the right government agencies using their accounting system software”.

Earlier this year, Treasury awarded three key contracts to ensure the Government meets its July 2010 implementation deadline.

Acumen Alliance (now Oakton) was contracted for the provision of sourcing services for the ICT Support Services Panel.

IBM Australia won a contract  valued at $13.5 million to act as program implementation partner for the SBR initiative.

The Australian Tax Office also awarded IBM a $1.8 million contract  to provide software for the project.

All of the contracts are due to expire early in 2010, in line with the Government’s July deadline.

In May, a previous edition of the medium (“Standard Business Reporting initiative underway”, 4 May 2009), the Minister for Finance and Deregulation, Lindsay Tanner, indicated the SBR initiative was well underway.

At that time, the Council of Australian Governments (COAG) ear-marked a range of other initiatives to eliminate red tape in Australia including:

  1. National Consumer Policy Framework
  2. National Product Safety System
  3. National Financial Services and Consumer Credit
  4. Personal Property Securities System
  5. National Licensing System
  6. National Business Names/ABN Register
  7. National Trade Measurement System

Standard Business Reporting

Standard Business Reporting is to simplify business-to-government reporting and save Australian businesses approximately $800 million annually when fully implemented.  The standard business reporting program, led by the Treasurer, the Hon Wayne Swan, is part of the Council of Australian Governments reform agenda and has been co-designed by Australian, state and territory government agencies in partnership with software developers, business and business intermediaries including accountants, bookkeepers, tax agents and payroll specialists.

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Jurisdiction
  • Federal
Sector
  • Policy
Tags
  • ATO
  • chris bowen
  • Federal Treasury
  • Fujitsu
  • IBM
  • Lindsay Tanner
  • MOU SBR
  • Nick Sherry
  • Oakton
  • sbr