Financial Reporting Council
The Financial Reporting Council (FRC) is the peak body responsible for overseeing the effectiveness of the financial reporting framework in Australia. Its key functions include the oversight of the accounting and auditing standards setting processes for the public and private sectors, providing strategic advice in relation to the quality of audits conducted by Australian auditors, and advising the Minister on these and related matters to the extent that they affect the financial reporting framework in Australia.
The FRC monitors the development of international accounting and auditing standards, works to further the development of a single set of accounting and auditing standards for world-wide use and promotes the adoption of these standards. It is a statutory body under Part 12 of the Australian Securities and Investments Commission Act 2001 (the ASIC Act).
Future FRC Meetings
- Friday, 11 April 2014, in Sydney
- Friday, 20 June 2014, in Melbourne
- Friday, 21 November 2014, in Sydney
Ken Spencer Memorial Lecture
- Thursday, 10 April 2014, in Sydney
- Occasional Paper - APPC "Audit Quality in Australia"
- The FRC has made a submission to the Review of the IASB Conceptual Framework
- The FRC Chairman, Ms Lynn Wood, has been appointed as a Trustee of the IFRS Foundation from 1 January 2014
- The draft minutes for the 28 November 2013 FRC meeting are now available
- The FRC has made a submission to the IAASB Auditor Reporting Exposure Draft
- The IIRC has responded to the FRC submission to its consultation draft
- 2013/03 - FRC appoints board members to AASB and AUASB
- The FRC has released its 2012-13 Annual Report