Australian Government, Financial Reporting Council

Search this website

Financial Reporting Council
Task Force Charter

1. Establishment

The Financial Reporting Council (FRC) Task Forces are being established in conjunction with the FRC Strategic Plan 2011-2014.

2. Objective

The primary objective of the FRC Task Forces is to assist the FRC in its role as the peak body responsible for overseeing the effectiveness of the financial reporting framework in Australia.

The Task Forces being established by the FRC are for those projects in which the FRC is planning to take a leadership role:

  • Integrated reporting;
  • Reducing complexity in financial reporting;
  • Promoting board understanding of financial reporting;
  • Monitoring of audit independence and other audit quality drivers; and
  • Public sector financial reporting, including evaluation of IPSAS.

3. Membership

  1. The Task Forces will comprise no more than 7 members, such members to be FRC Members and up to 2 selected non-members (or such other number as may be approved by the FRC Chairman) who have high level expertise and interest in financial reporting. The appointment of non‑members, where payment of sitting fees is involved, is subject to approval by the responsible Treasury General Manager, and will require demonstration that the skills and/or experience of the member are essential to the work of the Task Force and are additional to the resources available within the FRC. Payment of any expenses to non‑members will be subject to the same approval requirement.
  2. Appointments to the Task Forces will be made by the FRC acting through its Chairman and Deputy Chairman. FRC Members will be appointed to Task Forces for a 3 year term (or such shorter time as they remain in the office of FRC Member) and are eligible to be reappointed at the end of their term. Non‑members will be appointed to Task Forces for a 1 year term and are eligible to be reappointed.
  3. The Chairmen of the Task Forces will be appointed by the Chairman and Deputy Chairman of the FRC.
  4. Any FRC Member may attend any meeting of the Task Forces.

4. Secretary

Members of the FRC Secretariat and other members of the Corporations and Capital Markets Division will act as secretaries to the Task Forces. The Secretariat will provide core support services; however, this does not preclude other parties agreeing or being engaged to provide specific services. Any costs to be incurred in obtaining such services are to be approved in advance by the FRC Secretariat.

5. Meetings

The Task Forces will hold at least 4 meetings, including by phone, per year, unless otherwise determined by the Task Force Chairman. A simple majority of Task Force Members will constitute a quorum, and a simple majority of Members present at the meeting a majority for voting purposes.

6. Authority

  1. The Task Forces are authorized by the FRC to investigate any activity and to seek any information or advice they require to fulfill their objectives.
  2. Any costs to be incurred in obtaining information and advice are to be approved in advance by the FRC Secretariat.
  3. The Task Forces will make recommendations on matters for approval by the FRC at FRC meetings, which will be sent to all FRC Members with FRC papers.

7. Review

  1. The Task Force Chairmen will report at each FRC meeting on the activities of their Task Forces.
  2. Minutes recording key matters and actions agreed of each Task Force meeting will as a rule be circulated to Task Force members within two weeks of each Task Force meeting.
  3. The FRC will review this charter each year.

Miscellaneous