Government Bodies

• FRC nature

  Statutory body created and funded by the Financial Government which appoints AASB members to oversee effectiveness of the financial reporting framework and accounting and auditing setting processes in Aus.

  • provides direction and advice to the AASB related to quality audits conducted in Aus.
  • Advises and reports to Federal Minister for Superannuation and Corporate Law and monitors development of international accounting and auditing standards.
  • Aims to develop and promote worldwide use of a single set of accounting standards
• Purpose of FRC

  Responsible for overseeing effectiveness of the financial reporting framework in aus

  monitors development of international accounting standards

  oversees accounting standards setting process

  provides advice to the Minister on matters affecting the financial reporting framework in aus
• what does the frc oversee

  effectiveness of the financial reporting framework in Aus

  accounting standards setting process
• importance of frc

  support Aus economy by reducing capital cost

  enables entities to compete effectively overseas

  maintain investor confidence in aus economy and capital market

  monitors and reviews funding of AASB