Preliminaries

© Commonwealth of Australia 2014

ISSN 2204-0935 (Print)
ISSN 2204-0943 (Online)

Ownership of intellectual property rights in this publication

This publication is available for your use under a Creative Commons Attribution 3.0 Australia licence, with the exception of the Commonwealth Coat of Arms, the Financial Reporting Council logo, information in Chapter 2 sourced from material provided by the professional accounting bodies and where otherwise stated. The full licence terms are available from the Creative Commons website.

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Use of Financial Reporting Council material under a Creative Commons Attribution 3.0 Australia licence requires you to attribute the work (but not in any way that suggests that the Financial Reporting Council endorses you or your use of the work).

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Provided you have not modified or transformed Financial Reporting Council material in any way including, for example, by changing the Financial Reporting Council text; calculating percentage changes; graphing or charting data; or deriving new statistics from published Financial Reporting Council statistics — then the Financial Reporting Council prefers the following attribution:

Source: Financial Reporting Council.

Derivative material

If you have modified or transformed Financial Reporting Council material, or derived new material from those of the Financial Reporting Council in any way, then the Financial Reporting Council prefers the following attribution:

Based on Financial Reporting Council data.

Use of the Coat of Arms

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Information sourced from material provided by the professional accounting bodies

Approval to use information in Chapter 2 sourced from material provided by the professional accounting bodies should be sought from the Chief Executive Officers of the relevant bodies as follows:

The Institute of Chartered Accountants in Australia
GPO Box 9985
Sydney NSW 2001

CPA Australia
GPO Box 2820
Melbourne VIC 3001

Institute of Public Accountants
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Melbourne VIC 3000

Other Uses

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Secretary
Financial Reporting Council
c/- The Treasury
Langton Crescent
Parkes ACT 2600

Email: frcsecretary@treasury.gov.au

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Chairman:
Mr Michael Coleman
c/- The Treasury
Langton Crescent
Canberra ACT 2600

Email:
FRCChairman@treasury.gov.au

Secretariat:
c/-The Treasury
Langton Crescent
Canberra ACT 2600

Telephone:
(02) 6263 3144

Facsimile:
(02) 6263 2770

Email:
frcsecretary@treasury.gov.au

17 October 2014

The Hon Joe Hockey MP
Treasurer
Parliament House
CANBERRA ACT 2600

Dear Treasurer

I have pleasure in presenting the annual report of the Financial Reporting Council (FRC) for the year ended 30 June 2014.

The report has been prepared in accordance with sections 235B of the Australian Securities and Investments Commission Act 2001 (ASIC Act) for presentation in the Parliament. Subsection 235B(1) of the ASIC Act requires the FRC to prepare a report on its operations during the year, and on the achievement of the objects of Part 12 of the ASIC Act relating to accounting and auditing standards. Subsection 225(2B) of the ASIC Act further requires the FRC to provide strategic policy advice and report on the quality of audits conducted by Australian auditors.

Subsection 235B(4) of the ASIC Act requires the report to be tabled in each House of the Parliament as soon as practicable.

Yours sincerely

SIGNED

Michael Coleman
Chairman