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
- Thursday, 13 June 2013, in Melbourne
- Tuesday, 15 October 2013, in Sydney
- Thursday, 28 November 2013, in Melbourne
What's New?
April 2013
- The draft minutes for the 15 March 2013 FRC meeting are now available
February 2013
- Mr Stein Helgeby has been reappointed to the FRC for a further three-year term
- The FRC Integrated Reporting Task Force has revised their explanatory paper What do we mean by the term ‘Financial Reporting’, especially in relation to Integrated Reporting?
- The FRC Strategic Plan Committee has been established to review the FRC Strategic Plan. Membership details are available on the Committees page.
- The FRC Public Sector Task Force has prepared presentation slides on