Document ID: chunk:federal_register_of_legislation:C2004A01334:clause:1_14:p1
Version: federal_register_of_legislation:C2004A01334
Segment Type: clause
Provision Reference: sch 1 cl 14 (pt 1/3)
Character Range: 15250–18347

14  Subsection 225(2)
Repeal the subsection, substitute:

Functions generally

 (1) The FRC functions are:
 (a) to provide broad oversight of the processes for setting accounting standards in Australia; and
 (b) to provide broad oversight of the processes for setting auditing standards in Australia; and
 (c) to monitor the effectiveness of auditor independence requirements in Australia; and
 (d) to give the Minister reports and advice about the matters referred to in paragraphs (a), (b) and (c); and
 (e) the functions specified in subsections (2) (specific accounting standards functions), (2A) (specific auditing standards functions) and (2B) (specific auditor independence 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.

Specific accounting standards functions

 (2) The FRC functions include:
 (a) appointing the members of the AASB (other than the Chair); and
 (b) approving and monitoring the AASB's:
 (i) priorities; and
 (ii) business plans; and
 (iii) budgets; and
 (iv) staffing arrangements (including level, structure and composition of staffing); and
 (c) determining the AASB's broad strategic direction; and
 (d) giving the AASB directions, advice or feedback on matters of general policy and on the AASB's procedures; and
 (e) monitoring the development of international accounting standards and the accounting standards that apply in major international financial centres; and
 (f) furthering the development of a single set of accounting standards for world‑wide use with appropriate regard to international developments; and
 (g) promoting the continued adoption of international best practice accounting standards in the Australian accounting standard setting processes if doing so would be in the best interests of both the private and public sectors in the Australian economy; and
 (h) monitoring:
 (i) the operation of accounting 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
 (ii) the effectiveness of the consultative arrangements used by the AASB; and
 (i) seeking contributions towards the costs of the Australian accounting standard setting processes; and
 (j) monitoring and periodically reviewing the level of funding, and the funding arrangements, for the AASB.

Specific auditing standards functions

 (2A) The FRC functions include:
 (a) appointing the members of the AUASB (other than the Chair); and
 (b) approving and monitoring the AUASB's:
 (i) priorities; and
 (ii) business plans; and
 (iii) budgets; and
 (iv) staffing arrangements (including level, structure and composition of staffing); and
 (c) determining the AUASB's broad strategic direction;