Document ID: chunk:federal_register_of_legislation:C2023A00101:clause:2_8
Version: federal_register_of_legislation:C2023A00101
Segment Type: clause
Provision Reference: sch 2 cl 8
Character Range: 22196–23566

8  After subsection 225(1)
Insert:

Standards functions
 (1A) The FRC functions include:
 (a) monitoring the development of international accounting standards, international auditing standards and international sustainability standards; and
 (b) monitoring the development of the accounting standards, auditing standards, and sustainability standards that apply in major international financial centres; and
 (c) furthering the development of a single set of each of the following for world‑wide use with appropriate regard to international developments:
 (i) accounting standards;
 (ii) auditing standards;
 (iii) sustainability standards; and
 (d) promoting the continued adoption of international best practice:
 (i) accounting standards; and
 (ii) auditing standards; and
 (iii) sustainability standards;
  in the Australian standard‑setting processes if doing so would be in the best interests of both the private and public sectors in the Australian economy; and
 (e) monitoring the operation of:
 (i) accounting standards; and
 (ii) auditing standards; and
 (iii) sustainability standards;
  to assess their continued relevance and their effectiveness in achieving their objectives in respect of both the private and public sectors of the Australian economy; and
 (f) monitoring the effectiveness of the consultative arrangements used by the AASB and the AUASB.