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A single authority from 2026 will be more efficient and fit for purpose, the Treasurer says.
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Canberra to merge FRC, accounting and audit bodies
21 November 2023
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The government will amalgamate the three bodies that oversee accounting and auditing into a single authority to make them more efficient and “fit for purpose”, the Treasurer said this morning.
The move would combine the Australian Accounting Standards Board, the Auditing and Assurance Standards Board and the Financial Reporting Council into a single entity from 2026.
“The Albanese Government will restructure the nation’s financial reporting bodies to make them more efficient, effective and fit for purpose, including to assist Australia in implementing new climate and sustainability standards,” a joint release with the Assistant Treasurer said.
“In addition to accounting and auditing standards, this new integrated body will better support the ongoing implementation of climate‑related financial disclosure standards in Australia. It is intended that the body will be operational on or after 1 July 2026, subject to the passage of legislation.”
“Business, investors and other stakeholders will benefit from engaging with a single entity, helping to increase regulatory consistency, reduce red tape and unnecessary costs and avoid duplication.”
The government would finalise the details of the governance arrangements for the new entity and release draft legislation for public consultation, including transitional arrangements.
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Until the new body was operating, the AASB would “continue to progress its work in relation to climate‑related financial disclosure standards”.
“Establishing a framework for sustainability‑related financial disclosures is a key priority in the Government’s draft Sustainable Finance Strategy,” the ministers said.
“The streamlining of the nation’s financial reporting architecture is part of our broader efforts to reform, renew and refocus the nation’s economic agencies.
“The Albanese Government is committed to ensuring we have the right leadership, structures and processes in place at our key economic institutions to meet current and future challenges.”
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