Standard Business Reporting (SBR) is a new approach to regulation based on modernizing the way companies report to government agencies. In countries like the Netherlands and Australia, multiple agencies have worked together to create a single open data structure for the information they collect from regulated companies. By adopting open data fields and formats in place of document-based forms, the Netherlands and Australia are making reporting more efficient and reducing compliance costs. In Australia alone, SBR saves companies and agencies more than AUD$1.1 billion per year.
SBR is unknown in the United States, but open data reforms are accelerating in other areas of government information, such as spending, with every federal agency required to begin reporting its spending as open data under the DATA Act by May 2017. Meanwhile, the proposed Financial Transparency Act would require the eight major federal financial regulatory agencies to adopt open data fields and format for the information they collect under the securities, commodities, and banking laws. Leaders in Congress and agencies are beginning to consider whether SBR could deliver the same benefits for the world's largest economy as it has begun to deliver in Australia and the Netherlands.
On Wednesday, December 7th, the Data Coalition and PwC will host a breakfast panel to explore what Standard Business Reporting might look like in the United States. Join us from 8:00 am to 9:30 am!