Financial Reporting Council: the Use of a Sector Neutral Framework for the Making of Australian Accounting Standards

49538 WordsApr 15, 2013199 Pages
Financial Reporting Council: The Use of a Sector Neutral Framework for the Making of Australian Accounting Standards Introduction The Australian Financial Reporting Council (FRC) was established on 1 January 2000 under section 225 of the Australian Securities and Investments Commission Act 19891 (ASIC Act) for the purpose of overseeing Australia’s accounting standard setting process. One of the key functions of the Financial Reporting Council (FRC) is to provide broad oversight of the processes for setting accounting standards in Australia. Specifically, the FRC is responsible for determining the broad strategic direction for the setting of standards to be followed by the Australian Accounting Standards Board (AASB). The AASB has…show more content…
Mr Simpkins’ report was tabled at the FRC meeting held in Sydney on 22 June 2006. The FRC agreed to make the report publicly available via the FRC web site. Matters for consideration The FRC is seeking public comment on the following matters related to standard-setting, especially in relation to the public sector and the other not-for-profit sector. Respondents are particularly requested to provide the reasons for their views, whether supportive or critical of the identified issues. The matters on which the FRC is seeking comment, which are reproduced in Part 8 of Mr Simpkins’ report, are: 1. In your view, how well are the needs of all users of general purpose financial reports, including users of public sector and other not-for-profit entities in Australia, being met? 2. Will the current approach of the AASB enable the standard-setter to respond to the more challenging environment of the future and ensure the needs of public sector and other not-for-profit users are appropriately met? 3. Do you consider that having a conceptual framework that is applicable and appropriate to all entities is a necessary element in Australian standard-setting for all sectors? What approach to establishing a conceptual framework(s) do you consider appropriate? 4. Different approaches could be used to set standards in Australia. Which approach do you

More about Financial Reporting Council: the Use of a Sector Neutral Framework for the Making of Australian Accounting Standards

Open Document