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Australian superannuation reform include proposals for mandatory use of XBRL

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25 Sep 2011

The Australian Government has released proposals for the reform of the Australian superannuation system.

The Australian Government has released proposals for the reform of the Australian superannuation system, which include a proposal for mandatory Standard Business Reporting (SBR) using eXtensible Business Reporting Language (XBRL)

The Australian Government's Super System Review recommended the development of standardised forms and common data standards to support electronic transactions for superannuation. It also recommended that these standards should be compatible with the existing Australian SBR framework and provide for linked personal and financial data transmission.

SBR will be used as the platform to develop the taxonomy and message structures for superannuation transactions, along with the use of eXtensible Business Reporting Language (XBRL) for exchanging information.

It is proposed that data standards will be published and available for use by funds (on a voluntary uptake basis) early in 2012. The data standards and use of e-commerce would then become mandatory for funds regulated by the Australian Prudential Regulation Authority (APRA) and self managed superannuation funds (SMSFs) for processing rollovers and accepting contributions from July 2013. Smaller funds and employers would adopt later, subject to consultation.

Click for press announcement (link to Australian Treasury website).

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