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Standard Business Reporting “reducing the regulatory reporting burden”

Standard Business Reporting “reducing the regulatory reporting burden”. Geoff Miller General Manager Standard Business Reporting Division Australian Charities and Not-for-Profit Commission Taskforce 2 November 2011. What is the problem?.

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Standard Business Reporting “reducing the regulatory reporting burden”

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  1. Standard Business Reporting“reducing the regulatory reporting burden” Geoff Miller General ManagerStandard Business Reporting Division Australian Charities and Not-for-Profit Commission Taskforce 2 November 2011

  2. What is the problem? Current reporting requirements create a number of problems for not-for-profits: • Intensive administration workloads largely from gathering, analysing, assembling and reporting financial information • Multitude of jurisdictions and funding bodies that require regulatory reporting • Lack of clarity and consistency in the information requested across reporting agencies

  3. Considerations What information is required? How well is this information defined and is it consistent? Where is this information held? How is it to be reported, and is it consistent with how other reporting to government is done? Future business needs / technology requirements for the sector Maintaining open communication channels between various agencies / funding bodies involved in the reform Competing priorities within agencies

  4. How can SBR help? SBR offers a: • Single Reporting Language – Taxonomy • Harmonised multiple agency definitions and linked them to standards and legislation. Uses XBRL which is an open data standard for financial reporting – but can use others • Communication infrastructure – Core Services • Providing a single consistent channel for transacting with multiple agencies, from within existing commercial tools and products • Standard message format and security protocols • Standard set of services that support normal patters of interactions • Single Authentication process and system – AUSkey • Replaces multiple business credentials with one for doing business with government

  5. How can SBR help (cont)? • SBR reporting taxonomies could be extended to suit the not-for-profit sector • SBR already includes forms currently used by the sector (Business Activity Statements, TFN etc) • Many developers already support the not-for-profit sector, and some offer free or discounted software • Can offer simpler and more transparent reporting and audit trails in accordance with new reforms

  6. Questions?

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