Protocols for Approval of Funding by the FRC to Attend Relevant Overseas Activities Related to Financial Reporting
At its meeting on 6 December 2004, the FRC agreed to allocate extra funds to enable the FRC to meet the costs of overseas travel by FRC representatives attending official international meetings and other Australians attending IASB or IAASB related activities where their travel costs are not met by stakeholder groups.
This protocol outlines the eligibility criteria for applicants attending IASB or IAASB related activities, the costs which may be claimed, and the information required to be submitted in order for funding to be provided.
Eligibility
- The applicant must be an Australian citizen.
- The meeting must be related to the work of the IASB or IAASB and be relevant to the functions of the FRC. The FRC Chairman has the authority to make this determination.
- The applicant must not have access to other sources which are able to fully fund the proposed trip.
Information to be supplied by the applicant
Prior to the meeting, the applicant must provide to the FRC Secretariat:
- Correspondence which confirms their proposed participation in the overseas initiative related to standard setting.
- Details of the activity dates, times and venues.
- Details of the substantial business of the activity, where these are not adequately covered in the correspondence.
- Contact details for the applicant in Australia and overseas during the activity to which the funding request relates.
- An indication as to whether the applicant will be engaging in any other business during their travels, and the extent of any such business.
- An indication as to whether the applicant has access to alternative sources of funding in relation to the trip.
Following the meeting, the applicant must provide to the FRC Secretariat:
- A report on the activity and outcomes. If these are adequately covered by the draft minutes of the activity, no further information will be required. The FRC Chairman will have the discretion to determine the adequacy of the information supplied.
- Receipts for any expenses which have not been ‘pre-paid’ and to which the funding request relates.
Funding covered by the request
- Return business-class airfares.
- Accommodation (4-star or 5-star, but not 5-star deluxe) for one night before, during, and one night after the dates of the activity.
- Allowances for meals and incidentals. These are fixed according to the location of the activity and are paid at a daily rate.
- Transfers between the airport, accommodation and activity venue.
- Business-related communication costs (telephones, internet).
- Visas, travel insurance, and inoculations as required.
- Other allowances as may be agreed with the FRC Chairman.
The FRC Chairman will reach agreement with the applicant on the extent of any discount to the funding to be applied as the result of:
- the applicant undertaking activities not related to FRC business during the course of the trip; or
- the applicant having access to alternative funding in relation to the activities undertaken on behalf of the FRC.
Other information
- The applicant should submit their request as soon as the dates and location of the activity are known. This will allow the FRC Secretariat to arrange for travel and accommodation quotes via the Commonwealth Treasury travel services team, utilising available corporate discounts.
- The applicant is not obliged to make arrangements via the Secretariat. If arrangements are made privately, and as a consequence the cost of the trip is higher than the quote obtained via the Commonwealth Treasury travel services team, the level of funding provided to the applicant will be commensurate with the quote obtained via the Commonwealth Treasury travel services team.
- The FRC Chairman will report on funding requests to the next available meeting of the FRC following the request