Home > Reports > FRC, AASB & AAUSB Annual Report 2007-2008 - Financial Reporting Council

Financial Reporting Council

Chairman's report

The past year has seen the continued evolution of the role of the FRC as it fulfils the mandate bestowed by the Australian Securities and Investments Commission Act 2001 (ASIC Act). In terms of its major overall responsibilities, the FRC continued its work on auditor independence matters, monitored the AUASB's progress in moving towards the adoption of the Clarity format versions of the International Standards on Auditing (ISAs), and provided guidance to the AASB on its approach to public sector accounting issues and emissions trading.

As the new Chairman of the FRC, I would first like to take this opportunity to recognise the outstanding contribution and efforts of my predecessor, Mr Charles Macek. Mr Macek was the Chairman of the FRC from June 2003 until December 2007. He was responsible for oversighting the implementation of IFRS in January 2005 and, more recently, the revised suite of auditing standards as legal instruments. His commitment and enthusiasm have been invaluable to the continued growth and success of the FRC's public profile, both in Australia and internationally. As a result of Mr Macek's efforts the Council has now established itself as a presence with the authority to commentate on, and participate in, global discussions and developments.

The key highlights for 2007-08 included:

1. oversight of the work by the AUASB in relation to the Australian Auditing Standards (ASAs) that will be further revised and reissued based on the new Clarity format versions of the International Standards on Auditing (ISAs);
2. oversight of work undertaken by the AASB on accounting issues for the public sector, superannuation entities and in relation to the application of the IFRS standard for SMEs in Australia;
3. the addressing of recommendations made to the FRC by consultants in relation to audit independence over the last few years;
4. the first phase of a review of Australia's IFRS implementation experience; and
5. the introduction of a revised governance structure for the AASB and AUASB.

FRC responsibilities

The FRC is the peak body responsible for the broad oversight of the accounting and auditing standard setting process for the private and public sectors, as well as monitoring the effectiveness of auditor independence requirements in Australia. It comprises key stakeholders from the business and investing communities, the professional accounting bodies, governments and regulatory agencies. The FRC advises the Government on the accounting and auditing standard setting process and on the development of international accounting and auditing standards. It determines the broad strategic direction of the standard setters, the Australian Accounting Standards Board and the Auditing and Assurance Standards Board.

Accounting standards setting

Key priorities for the AASB in 2007-08 included progressing: the development of a new superannuation fund accounting standard; the application of the IASB's proposed small and medium size entities standard in Australia; international recognition of the need for an emissions trading standard in time for the introduction of an Australian emissions trading system and extension of the GAAP and GFS reporting systems to whole of government.

The FRC continued to advise the AASB on its work on the harmonisation of GAAP and the Australian Bureau of Statistics Government Finance Statistics (GFS) to ensure that it continued to comply with the FRC's broad strategic directions. Phase 1 of this project (covering the general government sector and whole of government reporting) was completed by the AASB in October 2007 with the issuance of a revised standard, AASB 1049 Whole of Government and General Government Sector Financial Reporting.

During the year, the Council reaffirmed its strategic direction to the AASB to complete phase 2 of the project (covering harmonisation of entities within the General Government Sector) by February 2010.

Now that nearly three years has lapsed since the Australian equivalents of IFRS were first adopted, the FRC, in conjunction with the Group of 100, have commenced a review of Australia's IFRS implementation experience. The first phase of the review took place in June 2008. The purpose of this phase was to identify any issues arising from Australia's experience in adopting IFRS as well areas where IFRS is working well and has contributed to Australia's competitiveness. The second phase of the review involved presenting outcomes to the Chairman of the IASB, Sir David Tweedie in August 2008. The review will be finalised in 2008-09.

At an international level, I note that while the IASB is currently developing an international standard on emissions trading, the IASB's processes are such that a standard may not be available in time to meet the scheduled introduction of emissions trading in Australia. Accordingly, the FRC and AASB are continuing to monitor these issues.

The FRC continues to monitor the performance of the AASB. Under the auspices of the Nominations Committee, the FRC undertook performance assessments of AASB members, via a peer review survey. The Nominations Committee discussed the results with Professor David Boymal, the AASB Chair, allowing him to provide feedback to individual Board members.

The FRC appointed Mr Mark Jenkin and Mr Robert Williams as new AASB members; and reappointed Mr Bruce Porter and Mr Frank Palmer to the AASB. I would like to thank retiring AASB members Mr Brett Kaufmann and Mr Des Pearson for their commitment and contribution during their tenure as AASB members.

Auditing standards setting

In 2007-08 a major focus for the AUASB was the development of drafting rules and principles to revise the ASAs into Clarity format versions of the ISAs. Significant work was also undertaken on Self Managed Superannuation Funds, Performance Audits and Compliance and Review Engagements. The Clarity redrafting project is scheduled for completion by October 2009. The AUASB's present intention is that the revised ASAs will be operative for reporting periods commencing on or after 1 January 2010.

The Clarity project is aimed at improving standards and promoting global support for ISA's. The FRC and AUASB believe that the revision of ASAs into revised ISA format will maintain the rigour and quality of Australian auditing standards going forward.

The FRC monitored the performance of the AUASB, with the Nominations Committee implementing a performance assessment of AUASB members utilising a peer review survey. The Nominations Committee discussed these results with Ms Merran Kelsall, the AUASB Chairman.

The FRC appointed Ms Valerie Clifford and Mr John Gavens as new AUASB members, and reappointed Professor Christine Jubb and Mr Jon Tyers as AUASB members. I would like to thank retiring AUASB members Mr Kevin Neville and Mr Kim Smith for their expertise and contribution during their tenure as AUASB members.

Auditor independence

In May and September 2007, the Council received reports from consultants engaged to examine issues arising from the work of three consultants engaged in 2005-06. The earlier consultants' reports examined issues associated with quality review programs and disciplinary procedures of the professional accounting bodies and the teaching of professional and business ethics.

The FRC considered all recommendations from previous consultancies during 2007-08. A detailed discussion of how the FRC has agreed to address these recommendations will be incorporated into the 2007-08 Audit Independence Report.

During the year, the Council revised its MOU with ASIC to clarify the respective roles of the FRC and ASIC in respect of audit quality and to better reflect ASIC's role in fielding and investigating suspected breaches of the law relating to audit independence, and reporting these to the FRC. The revised MOU reflects greater coordination, cooperation and consultation between ASIC and the FRC in the area of audit independence. The Council also commenced discussions with APRA on the possibility of revising the FRC‑APRA MOU.

The Council presented its report on the performance of its auditor independence functions in 2006-07 to the Treasurer in December. The report concluded that the independence framework was operating effectively and that there were no systemic issues with the framework.

The Audit Independence Committee provided significant assistance to the Council in the performance of the independence function.

Committees of the Financial Reporting Council

The FRC is supported by various committees. These committees perform an extensive role in undertaking background work to allow the FRC to make informed decisions at its meetings. The committees operating in 2007-08 were:

• the Finance Committee;
• the Nominations Committee; and
• the Audit Independence Committee.

These are standing committees with their own charters, which are reviewed on a regular basis.

In 2007-08 the Finance Committee assisted the FRC by overseeing the business plans and budgets of the AASB and AUASB, undertaking preparatory work to assist the AASB and the AUASB transition to the revised governance arrangements embodied in the Governance Review Implementation Act (AASB and AUASB) 2008, assisted in the preparation of the FRC's and the Boards' 2006-07 annual report, and advised the Council on payments made to the International Accounting Standards Committee Foundation (IASCF). In addition, the Finance Committee successfully organised the Ken Spencer Memorial Lecture, which was held in Sydney on 28 May 2008.

During the year the Nominations Committee undertook various selection exercises for the appointment of members to the AASB and AUASB. Also, the Nominations Committee undertook a performance assessment of the AASB and AUASB members through a peer review survey, and provided feedback on the results to the Chairs of the Boards.

As noted above, the Audit Independence Committee continued to assist the FRC to perform its auditor independence functions during the year.

Stakeholder liaison

Through its ongoing stakeholder liaison, the FRC maintained a strong presence internationally and domestically and continued to foster strong relationships with stakeholders.

During October 2007, the FRC Secretary and my predecessor Mr Charles Macek met with senior representatives of overseas regulatory and professional accounting bodies, which perform oversight functions equivalent to those performed by the FRC; and relevant standard setting and professional bodies. Key issues raised during these meetings included convergence of international accounting standards, the proposed International Financial Reporting Standard for small and medium entities (SMEs) and accounting for emissions trading. These meetings took place in the United Kingdom and Europe and contributed to the FRC's understanding of key international developments in financial reporting.

In March 2008, in conjunction with the FRC Secretary, I undertook a series of meetings in Washington, London and Brussels. Meetings included officials at the European Commission, the European Financial Reporting Advisory Group (EFRAG), the Financial Stability Forum (FSF), the UK Financial Services Authority and Financial Reporting Council, the US Securities Exchange Commission and the Public Company Accounting Oversight Board (PCAOB). The meetings canvassed a range of issues relating to accounting and auditing standards, emissions trading, the audit profession and auditor independence and mutual recognition.

As a trustee of the IASC Foundation, I report regularly to the FRC on developments at the Foundation. Ms Judith Downes, who is a member of the Standards Advisory Council (SAC) of the IASB also reports regularly to the FRC on SAC meetings while Mr Warren McGregor, an Australian member of the IASB provides regular input on key IASB developments.

The relationship between the Council and its New Zealand equivalent, the Accounting Standards Review Board (ASRB) was maintained during the year, with Mr Warwick Hunt, the previous FRC Chairman and I attending the meetings of both the ASRB and FRC. Mr Hunt, and subsequently Mr Geoff Miller from the Australian Treasury, also provided reports to the FRC on the work of the Trans-Tasman Accounting and Auditing Standards Advisory Group (TTAASAG) in their capacity as TTAASAG Chairs.

On the domestic front, the FRC also continued to raise its profile. In performing its auditor independence functions, the FRC met with and gathered information from a broad range of stakeholders including the professional accounting bodies and relevant regulatory bodies (collectively referred to as the MOU bodies), selected accounting firms, the Companies Auditors and Liquidators Disciplinary Board, the Accounting Professional and Ethical Standards Board and the Audit Quality Review Board.

In addition to those stakeholders I met with specifically to discuss audit independence matters, I also met with a range of other stakeholders including the Minister for Superannuation and Corporate Law, the Group of 100, the Australian Institute of Company Directors, the Australian Bankers Association, the Investment and Financial Services Association, the Financial Services Institute of Australasia, the Standard Business Reporting Management Group and the Australian Shareholders Association. In May 2008 I spoke at the Australian Institute of Company Directors annual conference.

Ken Spencer Memorial Lecture

A further highlight for the FRC was the 2008 Ken Spencer Memorial Lecture. The lecture is held in memory of Mr Ken Spencer, who was the Chairman of the AASB from 1994 to 1999 and was later a Trustee of the International Accounting Standards Committee Foundation and member of the FRC. He passed away in 2004.

The FRC, in conjunction with CPA Australia, The Institute of Chartered Accountants in Australia and the National Institute of Accountants, co‑hosted the 2008 Ken Spencer Memorial Lecture, which was held on 28 May 2008 at KPMG's Sydney offices.

The guest speaker of the Lecture was Professor Stephen A Zeff, from Rice University, Houston Texas. The topic of his lecture was 'IFRS Developments in the USA and EU, and Some Implications for Australia'. The topic was well received by the audience, which included members of the Spencer family and relevant stakeholders.

Council membership

I congratulate and thank all of my colleagues for the hard work they have put into the FRC and its Committees during 2007-08. Their expertise and tireless commitment have enabled the Council to work on important issues. It is also important to recognise the commitment and the leadership demonstrated by the Committee Chairs, Ms Catherine Walter (Audit Independence Committee), Mr Bruce Brook (Finance Committee) and Mr Klaus Zimmermann (Nominations Committee), together with the contributions of other committee members.

The FRC members retiring in 2007-08 were Ms Elizabeth Alexander, Mr Richard Humphrey and Mr David Jackson. I would like to sincerely thank them for their expertise and their commitment to the FRC during their tenure.

Assistance to the Council

I would like to thank the Chair of the AASB, Professor David Boymal, and the Chair of the AUASB, Ms Merran Kelsall, for their work in keeping the FRC informed of developments. Both provide valuable input, often at committee level, on matters of direct relevance to their Boards such as appointments and budgetary matters. They are ably assisted by their staff members.

Thanks are also due to the FRC Secretary, Ms Suzanne Howarth and the Secretariat, for enabling the work of the Council and its Committees to be carried out in a timely and effective manner.

Outlook for 2008-09

Following on from the financial market turmoil in 2007-08, I expect that 2008-09 will continue to provide many challenges on both the domestic and international fronts.

The 'credit crisis' highlighted a number of issues in relation to the disclosures for off-balance sheet entities and fair value accounting, particularly in valuing financial instruments in periods of stress. The FRC has now commenced consideration of possible next steps to address some of these issues.

Recent developments also suggest that it may be beneficial to refresh awareness of ethical standards. The setting, teaching and enforcement of ethical standards as they relate to auditor independence is another area that the Council proposes to focus on in 2008-09.

Other key issues for the Council in the coming year will likely include guidance in relation to emissions trading, public sector accounting issues and progressing the adoption of revised ISAs. In respect of public sector accounting, the FRC has commenced preparations to conduct a workshop early in 2008-09. The focus of the workshop will be on resolving issues that have arisen in relation to the application of the revised standard for whole of government and general government sector financial reporting.

The year ahead will also be demanding for the AASB and the AUASB as they transition to a revised governance structure in line with the Government's decision to adopt the Uhrig review's recommendations. These changes will have a flow-on effect to the FRC, as it will change its role and responsibilities in relation to the Boards, from an approval role to an advisory role. These changes came into effect from 1 July 2008.

On the international front, one of the main challenges will be for Australia to maintain its significant global influence in standard setting as more countries adopt IFRS. Australia currently exerts a disproportionate influence given our small population. This has been achieved by continuing to provide substantial direct financial support to the IASB, through membership and participation in the various arms of the international governance framework and, most importantly, through substantial high-quality technical input to the standard setting process. As the IASC Foundation reviews its constitution and considers proposals to establish a Monitoring Group to enhance public accountability of the Foundation, it will be critical that Australia be adequately represented to ensure that our views and concerns continue to be fed into the development of International Accounting Standards.

SIGNED

Jeffrey Lucy AM
Chairman of the Financial Reporting Council
8 October 2008

Financial Reporting Council governance

Establishment, functions and powers

The Financial Reporting Council is a statutory body under the Australian Securities and Investments Commission Act 2001. The Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Act 2004 amended the ASIC Act and expanded the functions of the FRC, which is now responsible for providing broad oversight of the process for setting both accounting and auditing standards as well as monitoring the effectiveness of auditor independence requirements in Australia and giving the Minister reports and advice on these matters.

Specific accounting and auditing standard setting functions for which the FRC was responsible in 2007-08 include:

• appointing the members of the AASB and AUASB (other than the Chairs, who are appointed by the Minister);
• approving and monitoring the AASB's and AUASB's priorities, business plans, budgets and staffing arrangements (including level, structure and composition of staffing);
• determining the AASB's and AUASB's broad strategic directions;
• giving the AASB and AUASB directions, advice or feedback on matters of general policy and on the AASB's and AUASB's procedures;
• furthering the development of single sets of accounting and auditing standards for world wide-use with appropriate regard to international developments;
• promoting the continued adoption of international best practice in the Australian accounting and auditing standard setting processes if doing so would be in the best interests of both the private and public sectors in the Australian economy;
• monitoring the development of international accounting and auditing standards and the accounting and auditing standards that apply in major international financial centres;
• monitoring the operation of accounting and auditing standards to assess their continued relevance and their effectiveness in achieving their objectives in respect of both the private and public sectors of the Australian economy and the effectiveness of the consultative arrangements used by the AASB and AUASB; and
• monitoring and periodically reviewing the level of funding, and the funding arrangements for the AASB and AUASB and seeking contributions towards the costs of the Australian accounting and auditing standard setting processes.

Specific auditor independence functions for which the FRC is responsible include:

• monitoring and assessing the nature, overall adequacy and effectiveness of:
  • the systems and processes used by Australian auditors to ensure compliance with auditor independence requirements;
  • the systems and processes used by professional accounting bodies for planning and performing quality assurance reviews of audit work undertaken by Australian auditors to the extent to which those reviews relate to auditor independence requirements;
  • the action that Australian auditors who have been subject to such quality assurance reviews have taken in response to the reports prepared as a result of those reviews;
  • the action taken by professional accounting bodies to ensure that Australian auditors who have been subject to such quality assurance reviews respond appropriately to the reports prepared as a result of those reviews; and
  • the investigation and disciplinary procedures of professional accounting bodies as those procedures apply to Australian auditors.
• monitoring the overall compliance by companies, registered schemes and disclosing entities with the audit-related disclosure requirements of the Corporations Act and the accounting and auditing standards;
• giving the Minister and the professional accounting bodies reports and advice on the above matters;
• monitoring international developments in auditor independence, assessing the adequacy of the Australian auditor independence requirements in the light of those developments and giving the Minister, and professional accounting bodies, reports and advice on any additional measures needed to enhance the independence of Australian auditors; and
• promoting, and monitoring the adequacy of, the teaching of professional and business ethics by, or on behalf of, professional accounting bodies to the extent to which the teaching of those subjects relates to auditor independence.

The FRC operates within a framework set out in the ASIC Act. The Act sets out core objectives for accounting and auditing standards setting in Australia.

• Accounting standards should facilitate the Australian economy by reducing the cost of capital and enabling Australian entities to compete effectively overseas, and should maintain investor confidence in the Australian economy, including its capital markets.
• Accounting and auditing standards should facilitate the Australian economy by having accounting and auditing standards that are clearly stated and easy to understand.

The ASIC Act expressly limits the FRC's ability to become involved in the technical deliberations of the AASB and AUASB. It provides that the FRC does not have power to direct the AASB or AUASB in relation to the development, or making, of a particular standard, or to veto a standard formulated or recommended by the AASB or AUASB. This provision is designed to ensure the independence of the standard setters.

The Uhrig's Review recommendations

As part of the Review of the Corporate Governance of Statutory Authorities and Office Holders (the Uhrig Review), the Government has agreed that the AASB and the AUASB be brought within the Financial Management and Accountability Act 1997 (the FMA Act) framework from 1 July 2008. The new framework will impact primarily on the governance aspects of the two Boards. The current statutory functions of the two Boards in relation to setting Australia's accounting and auditing standards will remain unchanged.

The important role performed by the FRC with respect to strategic oversight of the two Boards will also continue. The changes to the structural and governance arrangements were enacted by Parliament in June 2008 and commenced on 1 July 2008.

Membership and meetings

Under section 235A of the ASIC Act, the members of the FRC are appointed by the Minister and hold office on terms and conditions determined by the Minister. Most members of the FRC have been appointed on the basis of nominations put forward by key stakeholder groups.

A full list of members during 2007-08, and the stakeholders who nominated them, is in Appendix A.

Operations and activities

Appointments to the Australian Accounting Standards Board and Auditing and Assurance Standards Board

The Nominations Committee is responsible for recommending appointments to the AASB and AUASB. In making recommendations, the Committee reviews written applications, interviews candidates, and takes into consideration the past performance and future needs of the two Boards. The Committee is also given other tasks from time to time; for example, in 2007-08, the Committee provided oversight of the FRC's performance assessment.

In 2007-08, the Chairman of the Nominations Committee was Mr Klaus Zimmermann. The other members of the Nominations Committee were the FRC Chairman, Mr Charles Macek (to 10 December 2007) and Mr Jeffrey Lucy AM (from 11 December 2007), Mr Don Challen, Ms Jan West AM, Ms Kathryn Campbell, Mr Mark Coughlin and Mr Lee White. The Nominations Committee formally met three times during the year. In addition, the Committee met in October 2007 and again in November 2007 to conduct interviews for appointments to the AASB and AUASB.

The FRC appointed Mr Mark Jenkin and Mr Robert Williams as new AASB members; and reappointed Mr Bruce Porter and Mr Frank Palmer to the AASB. Mr Brett Kaufmann and Mr Des Pearson retired from the AASB during 2007‑08.

The FRC appointed Ms Valerie Clifford and Mr John Gavens as AUASB members; and reappointed Professor Christine Jubb and Mr Jon Tyers. Mr Kevin Neville and Ms Kim Smith retired from the AUASB during 2007-08.

Overseeing the Australian Accounting Standards Board and Auditing and Assurance Standards Board

The FRC's responsibilities in 2007-08 included reviewing and approving the AASB's and AUASB's priorities, business plan, budget and staffing arrangements.

During 2007-08, the FRC Finance Committee, met as the AASB Audit Committee and the AUASB Audit Committee and undertook detailed reviewing of the budgets, business plans and work programs of the two Boards. Further information on the work program for the AASB is contained in Appendix E. Further information on the work program for the AUASB is contained in Appendix F.

The Chairmen of both the AASB and AUASB provided updates on the operations, including staffing matters, at each meeting of the FRC.

Audit independence

Under amendments made to the ASIC Act by the CLERP 9 legislation, the FRC has responsibility for monitoring the effectiveness of auditor independence requirements in Australia and giving the Minister reports and advice about those requirements.

A detailed report on the FRC's performance of the auditor independence functions has been prepared separately from this annual report.

Communication and consultation

The FRC regularly issues bulletins that communicate decisions taken at its meetings and other important developments in accounting and auditing standard setting. These bulletins are available on the FRC website: www.frc.gov.au.

During the year, FRC Chairman Mr Charles Macek (to 10 December 2007) and Mr Jeffrey Lucy AM (from 11 December 2007) and other members of the FRC consulted with representatives of corporations, business organisations, other stakeholder bodies and accounting and auditing organisations. The FRC Chairman travelled overseas and consulted widely with executives from corporate and accounting bodies on matters relating to international accounting and auditing standards, developments in respect of accounting and auditing standards, and matters regarding auditor independence.

Financial Reporting Council consultants

During 2007-08, Mr William Bartlett continued to assist the FRC in the performance of the auditor independence functions conferred on the Council by the CLERP 9 legislation. Mr Bartlett, a retired partner of accounting firm Ernst & Young, was initially appointed in December 2004. Mr Bartlett's contract expired at the end of 2007.

Finances

Total Australian Government funding provided to the FRC through Treasury (including funding of $1 million per annum for the Financial Reporting Panel) was $5.8 million in 2007-08.

The States and Territories provided $0.5 million in 2007-08 and have committed to funding at the same level through to 2009-10.

In 2007-08, the professional accounting bodies provided contributions totalling $1.25 million. CPA Australia and The Institute of Chartered Accountants in Australia (ICAA) contributed $475,000 each while the National Institute of Accountants contributed $300,000. The professional bodies have advised that their combined funding commitment would fall to $1.0 million in 2008-09. The rationale given for this reduction in funding is that the professional bodies themselves require increased resources to address obligations stemming from their membership of International Federation of Accountants (IFAC), including enhanced requirements in respect of quality control and disciplinary areas. In addition the professional accounting bodies are funding the Accounting Professional and Ethical Standards Board.

In view of the funding from Australian Government sources, the FRC no longer seeks voluntary contributions from the business community. Due to the importance of financial reporting matters to listed companies, the ASX continues to provide an annual grant to the standard setting bodies.

During 2007-08 the FRC approved payments to the IASCF totalling $1 million ($800,000 from FRC and $200,000 from AASB). This amount was finalised following agreement between the AASB and the IASCF concerning access to IASCF publications that supplement the IFRS-based standards. The IASCF is currently reviewing its funding model, which may have implications for the level of contribution expected from Australian bodies in the future.

As noted above, in 2007-08 the Government provided $4.8 million to support the role of the FRC and to contribute towards the activities of the bodies it oversees (excluding the $1 million set aside for the Financial Reporting Panel). In 2008-09, a total of $1,808,257 of the FRC's own expenditure was paid by Treasury out of this appropriation. This consisted of:

• $800,000 of IASCF contributions in 2008;
• $594,724 in staffing costs;
• $64,753 on consultants;
• $92,502 on the Chairman's salary (including superannuation);
• $24,717 in sitting fees for FRC members (other than the Chairman), including sitting fees for attendance at committee meetings;
• $177,750 on travel; and
• $53,811 on overheads.

The 2007-08 appropriation from the Australian Government was also used to supplement the funding of the AASB and AUASB (as noted in the 2007-08 financial reports of the AASB and AUASB, which appear in Part 5 of this document).

Freedom of information

The FRC Secretariat, on behalf of the FRC, maintains possession of the following documents:

• FRC meeting agenda papers;
• administrative and technical papers concerning the FRC's functions and its performance in regard to those functions;
• copies of minutes and bulletins issued by the FRC; and
• correspondence between the FRC, stakeholder groups and members of the public.

Requests under the Freedom of Information Act 1982 for access to documents in the possession of the FRC can be directed to the FRC Secretariat at the contact details below.

No applications under the Freedom of Information Act 1982 were received by the FRC in 2007-08.

Contacting the Financial Reporting Council

Post:
The Secretary
Financial Reporting Council
c/- The Treasury
Langton Crescent
PARKES ACT 2600

Telephone: 02 6263 3144
Facsimile: 02 6263 2770
Email: frcsecretary@treasury.gov.au