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Australian Treasury Projects & Plans

21st XBRL International Conference “One Language, Common Vision: Role of XBRL Technology in the Post Crisis Era 19-21 October 2010 Beijing, China. Australian Treasury Projects & Plans Paul Madden, Program Director, Standard Business Reporting, Australian Treasury. SBR’s objectives.

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Australian Treasury Projects & Plans

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  1. 21st XBRL International Conference“One Language, Common Vision: Role of XBRL Technology in the Post Crisis Era19-21 October 2010Beijing, China Australian Treasury Projects & Plans Paul Madden, Program Director, Standard Business Reporting, Australian Treasury

  2. SBR’s objectives Reduction in the reporting burden for business A single language for business to report to government Reporting to government becomes a by-product of natural business systems/process Businesses own systems become their portal to report to government

  3. Who is implementing SBR • The SBR Program is led by The Treasury, in collaboration with: • Australian Taxation Office • Australian Securities and Investments Commission • Australian Prudential Regulation Authority • Australian Bureau of Statistics (taxonomy only) • All state and territory revenue offices • Business and industry associations, such as The Association for Payroll Specialists (TAPS) • Software developers

  4. Consultation – Collaboration – Co-design • Take-up = benefits • 60% = $800M • software developers – 240+ • reporting professionals – 100,000+ • Businesses – 2.1m+

  5. Key Components • Single Language to report to government - Taxonomy • Core services – infrastructure – connect to government • AUSkey – Authentication services • Software Developers Kit – common required tools • Software Developer engagement • Agency Readiness – changes to their systems • Business Community engagement – awareness/ demand

  6. Single Reporting Language -Taxonomy • Collective set of the reporting definitions across the agencies involved • Expressed using XBRL • allows consistent mapping from elements of data in business software • Requires sufficient metadata to allow appropriate classification and harmonisation • Used by SBR as the standard for data being exchanged between software and the agencies

  7. What is harmonisation? • Harmonisation of reporting terms across government • First time record of “facts” shared between business and government • Basis of possible future regulatory change • Another benchmark of regulatory burden • Of the 80+ forms in initial scope, harmonisation has resulted in a 71% reduction • Started with 9648 labels – reduced to 2838 unique elements

  8. Core Services • Connects businesses software to the agencies securely - available in production and external verification test environment (EVTE) Software Developers Kit • Available for and being used by developers now

  9. Authentication - AUSkey • Available from 17 May 2010 via the ABR • Provides a single, secure sign-on to send reports via SBR to the various agencies in scope • More than 200,000 AUSkeys downloaded so far

  10. Software Developer engagement • 41+ engaged and signed for SDK licences • 16 have commenced conformance testing • 7 developer products have been “self certified” • Developers seeking confidence in production with “power” users before releasing more broadly • Support is increasing • Products for tax agents/accountants in development

  11. Agency Readiness • Most forms included now • All agencies have SBR services in production

  12. Business Community engagement • Communications efforts continue • Support is generally high • Still large numbers “unaware” of SBR • Concentrating on messages via developers

  13. Performance So Far • Program delivered on time and budget • Low volumes so far • Complexity in the highest volume and simple form • How much confidence can be gained via “conformance testing” • Support processes in place and transitional learning still taking place • New competitive models • New entrants to the developer market

  14. What’s next? • Strengthen software developer support for SBR • Get more SBR enabled products in the market • Get the required lodgement numbers • Drive up use of the channel • Additional scope • Human services reporting • Superannuation review • Not for Profits sector reporting

  15. Find out more @ www.sbr.gov.au • Work through the learning modules • Read the publications • Subscribe to updates • Become part of the growing SBR community and share your ideas on our blog http://blog.sbr.gov.au/ • Email: sbr@treasury.gov.au

  16. Government/Regulator Special Interest Group (GRSIG) • Role • Provide advice to the XBRL Board on matters of strategic direction • Why • Safeguarding investment • Regulators • Combine a broader community of users • Consolidated view(s) from government • Share knowledge and experience

  17. Government/Regulator Special Interest Group (GRSIG) • Membership • For senior people in government and organisations that regulate for government • US NL • Singapore Poland • Brazil France • China CEBS • Japan India • Taiwan Australia

  18. Government/Regulator Special Interest Group (GRSIG) • First meeting held yesterday • Issues • Transparency of change work in XBRL – for this group • Backwards compatibility • Shared good information – will arrange to publish • Need to compile a list of issues and focus on the highest priorities

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