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Driving innovation in sustainability reporting.Chair: Eszter Vitorino Füleky, Network Relations Manager, Global Reporting Initiative.Stephen Driscoll, Director Sustainability & Policy; Development Director rouse Hill, LandcomGeoff Miller, General Manager, Standard Business Reporting Division, Commonwealth TreasuryAnna Skarbek, executive Director Climate Works
Driving Innovation through Sustainability Reporting
XBRL and Standard Business Reporting
Geoff MillerGeneral ManagerStandard Business Reporting27 March 2012
eXtensible Business Reporting Language (XBRL) is increasingly being adopted as the basis for
sharing financial information in a computerised form by accounting and financial reporting
industries globally.
Innovation through technology
XBRL is used for the Taxonomies (dictionaries) of the International Financial Reporting Standards (IFRS) and the Global Reporting Initiative (GRI) Standards
GRI Taxonomy just launched on 7 March 2012
Innovation through technology
I would expect in due course XBRL to be used for the Taxonomy of the International Integrated Reporting Standards
XBRL is also used for the Standard Business Reporting Taxonomy
Innovation through technology
SBR is a COAG initiative co-designed by Australian, State and Territory government agencies
It is led by the Australian Treasury and the ATO, ASIC, APRA, and all state and territory revenue offices currently participate
SBR went live on 1 July 2010 and there are more than 400 government financial reports able to be lodged through SBR
What is Standard Business Reporting?
SBR is the bringing together of a: Single Reporting Language (XBRL) with a Single Channel for Reporting to multiple
government agencies using just Single Sign-on Credential (AUSkey).
What is Standard Business Reporting?
XBRL is used to:
Create the definitions in the dictionary (taxonomy)
Process the dictionary items for reporting
Tag financial information in financial systems so that they are easily accessible for report generation
Single Reporting Language
Why are we implementing SBR?
Reduce the burden on business that current reporting requirements impose
Reduce the cost of assembling and analysing data by business or analysts
Improve data quality, and reporting consistency and reliability
Faster access to real time financial performance information
What is happening internationally
XBRL is already mandated or voluntarily used in regulatory filing programs in more than 25 countries, including the world’s leading capital markets in Asia, the Americas, the United Kingdom and Europe.
Discussion and/or under development- New Zealand- Poland- Brazil- Ireland- Bermuda- Ministries of Finance in Belgium, Denmark and
Germany- The Johannesburg ,Spanish, Tokyo and Indian Stock
Exchanges.
International (continued)
Future directions More agencies and more forms coming into scope.
Extension into non financial reporting areas.
Recent announcements such as:
the mandatory use of SBR for elements of the new Stronger Superannuation measures, and
the ATO’s move to fully adopt SBR by 2015-16 across all of its electronic channels,
means it is merely a matter of time before most businesses (and their intermediary advisers) will need/have SBR (XBRL) compatible software.
