Treasury & financeAgencyExists today
Financial Reporting Council
FRC
2000 – present
Oversight body for Australia's accounting and auditing standard-setting arrangements, appointing members of and monitoring the AASB and AUASB and advising on audit quality and auditor independence.
How it came into existence
Established under the Australian Securities and Investments Commission Act 1989 as amended by the Corporate Law Economic Reform Program Act 1999, as part of the reform of accounting standard-setting. The function was new.
Legislation: Australian Securities and Investments Commission Act 2001 Part 12
Changes during its life
- 15 July 2001Continued under the Australian Securities and Investments Commission Act 2001.
- 1 July 2004The CLERP 9 reforms extended its oversight to the auditing standard-setter and auditor independence.
Main functions
- Oversight of the Australian Accounting Standards Board
- Oversight of the Auditing and Assurance Standards Board
- Monitoring auditor independence and audit quality
- Advice to the minister on financial reporting
Where it sits
In the portfolio of Department of the Treasury.
Lineage
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Sources
Primary sources
- Australian Government Organisations Register (Department of Finance, data.gov.au) (listed from 11 December 2014 to the latest release (30 June 2026))
Government records and websites
Some dates or links for this organisation are not fully confirmed. Corrections are welcome.