PART B: Standard Business Reporting (SBR) Standard Business Reporting (SBR) is developed as a standard for Government Reporting in Australia. Rather than using XBRL, the Australian Government created its own taxonomy of how items need to be classified for reporting. The accounting, financial and payroll software has the SBR codes applied for all government reporting.

Required:

1. Identify how SBR works in Australia and list two main areas of Australian professional accounting practices where the application of SBR is currently mandatory.

plz do not be so short, it is group assignment.