Document ID: chunk:federal_register_of_legislation:C2025C00182:section:225:p1
Version: federal_register_of_legislation:C2025C00182
Segment Type: section
Provision Reference: s 225 (pt 1/3)
Character Range: 572607–575736

225  Functions and powers of the Financial Reporting Council

Functions generally
 (1) The FRC functions are:
 (a) to provide broad oversight of the processes for setting in Australia:
 (i) accounting standards; and
 (ii) auditing standards; and
 (iii) sustainability standards; and
 (d) to give the Minister reports and advice about the matters referred to in paragraph (a); and
 (e) the functions specified in the following subsections:
 (i) subsection (1A) (standards functions);
 (ii) subsection (2) (AASB governance functions);
 (iii) subsection (2A) (AUASB governance functions);
 (iv) subsection (2B) (auditor quality functions); and
 (f) to establish appropriate consultative mechanisms; and
 (g) to advance and promote the main objects of this Part; and
 (h) any other functions that the Minister confers on the FRC by written notice to the FRC Chair.
Note: The FRC was established by subsection 225(1) of the Australian Securities and Investments Commission Act 1989 and is continued in existence by section 261 of this Act.

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.

AASB governance functions
 (2) The FRC functions include:
 (a) appointing the members of the AASB (other than the Chair); and
 (b) giving the AASB advice or feedback on the AASB's:
 (i) priorities; and
 (ii) business plans; and
 (iii) procedures; and
 (ba) giving the Office of the AASB advice or feedback on the Office's:
 (i) budgets; and
 (ii) staffing arrangements (including level, structure and composition of staffing); and
 (c) determining the AASB's broad strategic direction.

AUASB governance functions
 (2A) The FRC functions include:
 (a) appointing the members of the AUASB (other than the Chair); and
 (b) giving the AUASB advice or feedback on the AUASB's:
 (i) priorities; and
 (ii) business plans; and
 (iii) procedures; and
 (ba) giving the