The Government has released this paper seeking stakeholder views on a range of options relating to the use of Standard Business Reporting (SBR) for the lodgement of financial reports with the Australian Securities and Investments Commission (ASIC), including whether its use should be mandatory.
The paper considers how SBR can be leveraged as a productivity tool to enhance the transparency of company financial information and also to support business efficiency.
SBR is a key initiative of the Australian Government and was delivered as part of the Council of Australian Governments' (COAG) National Partnership to Deliver a Seamless National Economy. SBR was launched in mid-2010 to reduce the regulatory reporting burden on business by providing standardised electronic reporting. It is based on the idea that information will be 'recorded once, reported to many'. SBR offers a quicker and easier way for businesses to complete their government reporting requirements. It works as a by‑product of day‑to‑day business systems, allowing businesses to report through a single online channel to government directly from those systems.