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We have commenced a project to bring together the major banks with Quicken Australia and MYOB in an effort to standardise data transfer between SME businesses and the banks for loan covenant monitoring. We have held a series of meetings with representatives from these organisations, plus the Australian Bankers Association (ABA). The result of these meetings has been agreement that there is certainly merit in automating the transfer of financial accounts between SME's and banks, but the business model for this is proving to be a stumbling block. No natural leader for this initiative emerged from the meetings and so we have cast the net wider to find an organisation with the will and capacity to drive this forward. The Australian Taxation Office (ATO) have agreed to host a meeting of CEO's and senior representatives of organisations such as the ABA, ASIC, APRA, AGIMO, ABS, Professional Associations and the Big 4 accounting firms. The intention of the meeting is for ATO to share their position and direction on XBRL and to address the issue of how we drive the standardisation effort forward for the benefit of all. This meeting was postponed due to the change of Commissioner at the ATO, but is now expected to occur early in the new year. XBRL Australia Ltd. |