The Financial Reporting Council (FRC) is responsible for overseeing the effectiveness of the financial reporting framework in Australia. Its key functions include the oversight of the accounting and auditing standards setting processes for the public and private sectors, providing strategic advice in relation to the quality of audits conducted by Australian auditors, and advising the Minister on these and related matters to the extent that they affect the financial reporting framework in Australia.
The FRC monitors the development of international accounting and auditing standards, works to further the development of a single set of accounting and auditing standards for world-wide use and promotes the adoption of these standards. It is a statutory body under Part 12 of the Australian Securities and Investments Commission Act 2001 (the ASIC Act).
Further information
-
Type of Body
E. Statutory office holder, offices and committees
-
Established By / Under
Act / Regulation
-
Established By/Under More info
Australian Securities and Investments Commission Act 2001
-
Paid Members?
Yes
-
Max No. of Board/Committee Members
19
-
Annual Report Prepared and tabled?
No
-
Classification
B. Secondary statutory structure
-
Function Categorization
Advisory Board
-
Creation Date
-
Postal Address
Langton Crescent
CANBERRA ACT 2600
Australia
Current board appointments
| Position | Appointee | Start Date | End Date |
|---|---|---|---|
| Chair | Mr. Andrew Mills | 1 July 2026 | 30 September 2026 |
| Member | VACANT | ||
| Member | VACANT | ||
| Member | VACANT | ||
| Member | Ms. Pru Bennett | 9 June 2026 | 8 September 2026 |
| Member | Ms. Rachel Grimes | 9 June 2026 | 8 September 2026 |
| Member | VACANT | ||
| Member | VACANT | ||
| Member | VACANT | ||
| Member | VACANT |
Last updated: