Use of Standard Business Reporting for financial reports

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.

Making a Submission

Interested parties are invited to comment on the options paper.

While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.

All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment.

Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.

Closing date for submissions: Friday, 15 March 2013

Address written submissions to:

Manager
Policy Development Unit
Standard Business Reporting
Infrastructure Division
The Treasury
Langton Crescent
PARKES ACT 2600

Email: SBRpolicy@treasury.gov.au

For enquiries please call Cherie Parker (02) 6263 3063 or Mark Sewell (02) 6263 3312.

Key Documents

Options paper 276KB 6MB

Make a Submission

Submit Online

Alternatively submit via post 60KB