The Australian SBR Program will reduce the reporting burden by making it faster, cheaper and easier for business to report financial information to government. It will achieve this, in part, by harmonising the information in use amongst different government organisations. It is a Program aimed at reducing business red tape directly, rather than an initiative focussed on government outcomes. Working closely with business, accounting and reporting software vendors that provide business applications to companies of all sizes - but particularly small and medium sized enterprises - the new, harmonised definitions will be used to greatly simplify the process of reporting to government. Like similar international initiatives, the Australian SBR program relies on the open standard XBRL for the definition and exchange of business data.
CoreFiling CEO, John Turner, commented "The SBR program is a terrific example of government using 21st century technology to help improve a 19th century problem. The process of manually filling in lots of different forms for lots of different parts of government is a huge time sink for businesses. We are delighted to be able to help the SBR agencies work together to lighten the load for business".
Paul Madden, the SBR Program Director said "The CoreFiling software fits the SBR requirements very well. The support and assistance that we have been receiving from the CoreFiling team shows that they combine deep expertise with customer focus."
Mr Turner added "The Enterprise SpiderMonkey taxonomy development environment is best of breed. It provides a central, straightforward set of user interfaces that accountants and business analysts can quickly master. It supports a number of other demanding projects, notably the construction of the Dutch Government's SBR taxonomies and the US GAAP taxonomies that underpin the US Securities and Exchange Commission's goal to have every listed company in the United States file their financial statements in XBRL. The SpiderMonkey platform allows the subject matter experts, rather than just systems engineers, to construct these definitions."
"The environment includes a powerful continuous integration framework that allows real-time testing of the work of these subject matter experts, incorporating a range of tests including, for example, the output of other vendors' validation engines, so as to demonstrate the interoperability of the results. We've also packaged our TRAX and Yeti collaboration systems that allow a broad range of stakeholders to study and comment on drafts of the taxonomies, creating a broad ecosystem of expertise."
The construction of taxonomies, or data definitions, lies at the heart of the SBR projects undertaken by the Australian and Dutch governments. They are soon to be followed by New Zealand, with a number of other countries examining the potential of SBR to markedly reduce the overall burden imposed on businesses.
The contract with the SBR program is a three year framework agreement for the enterprise platform, with options for Commonwealth and State government agencies to extend the system, depending on their needs.