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Standard Business Reporting initiative underway

by Staff Writers •
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The Rudd Government’s Standard Business Reporting (SBR) initiative is well underway, according to a statement by the Minister for Finance and Deregulation, Lindsay Tanner.

Three key contracts have been awarded to ensure the Government meets its July 2010 implementation deadline.

The Department of Treasury has contracted Acumen Alliance (now Oakton) for the provision of sourcing services for the ICT Support Services Panel.

Treasury has also taken out a contract with IBM Australia, valued at $13.5 million, to act as program implementation partner for the SBR initiative.

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

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

“Standard Business Reporting will simplify business-to-government reporting and save Australian businesses close to $800 million annually when fully implemented,” said Mr Tanner.

“SBR will enable businesses to report to a range of Australian, state and territory government agencies using a single financial reporting language (XBRL).” The Council of Australian Governments (COAG) has 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

The Department of Finance and Deregulation will hold a conference on the Standard Business Reporting initiative in both Sydney and Melbourne in late May. Companies with an interest in the reporting of financial information to Government are able to attend at no cost.

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