13 Apr 2010
SBR Program Director seeks your views
The Standard Business Reporting (SBR) blog provides a forum for businesses, reporting professionals, software developers and other members of the public to discuss SBR online.
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SBR Program Director Paul Madden video post open for comment
Greetings from The Emerald Isle
Nice job thus far:)
have just flashed through the XBRL Fundamentals and would comment as follows:
I would put a note on slide 12 to say tuples are covered in slide 13 and that Dimensions are covered on 14.
On the issue of Dimensions it would be useful to explain the 2 types allowed under the spec: explicit dimensions and (implicit or) typed dimensions.
The pro and cons of each should be covered with a recommendation, in my opinion, that the use of typed dimensions be restricted to a minimum.
On the issue of extensions, you will be aware that their use in a willy nilly fashion is becoming problematic and therefore need to be restricted. IFRS, COREP and FINREP all have issues around extensions.
ircoha
April 16th, 2010 at 5:55 ampermalink
Thanks for creating the blog. I have been looking and talking with people over thepast month trying to find out how SBR is really going to affect the public practice area. I haven’t had too much success so far with Quickbooks saying they are in the dark of what is going to change and MYOB referring me back to the SBR site for further information.
For plannig purposes, I would love to know how much it is going to impact on public practice processes. I read that it is going to change, but nothing is being presented to support this.
My questions revolve around:
- Are we no longer going to need to have an intermediary software such as Handisoft to process financial statements and tax returns?
- What are the level of workpapers now required each year to support what is being lodged with the ATO? Is the onus on this going to decrease due to the new prefilling?
- How much checking needs to happen of the prefilled data?
- How does SBR impact on businesses that have debtors, creditors – does the prefill reports take into account these items?
- What happens to a business if they have used prefilled data and lodged their tax return based on this (and don’t use a tax agent)- and then they receive an audit and find that the information is incorrect?
I would love to see some practical examples of what is going to change to help plan in our public practice business. Would be great to hear some other questions too. It would be nice to get some answers before 1 July and approximate timeframes for the changes.
Payne Julie
April 21st, 2010 at 6:32 ampermalink