Financial Reporting Council
The Financial Reporting Council (FRC) is 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, 20 June 2014, in Melbourne
- Friday, 21 November 2014, in Sydney
- Appointment of members to the Financial Reporting Council
- Ken Spencer Memorial Lecture speech by Hans Hoogervorst, Chairman IASB, “Building trust in Financial Markets”, Accounting and Moral Hazard
- ASIC Annual Forum Speech by Lynn Wood (March 2014) 'Assuring the Quality of Audits - What is the solution?'
- Lynn Wood, FRC Chairman, speech to the CFO Summit ‘Upholding Transparency: Telling Your Story through Effective Financial Reporting’