What is Standard Business Reporting?

Standard Business Reporting is a group of international programs instigated by a number of governments to reduce the regulatory burden for business. The concept is to make business the centre when it comes to managing business-to-government reporting obligations.* Businesses conduct their own financial administration; the facts they record and decisions they make should drive their reporting. The government should be able to receive and process this information without imposing undue constraints on how businesses administer their finances.

The method used to achieve this goal is to define a "common language" using appropriate standards such as XBRL, XML and JSON, then provide systems to process information classified under the taxonomy.