{ "entity_id": "B-003120", "folder": "Financial-Reporting-Council", "name": "Financial Reporting Council", "type": "Statutory Body", "jurisdiction": "Commonwealth", "portfolio": "Treasury", "website": "http://www.frc.gov.au", "data_status": "partial", "completeness": { "has_strategy_brief": true, "has_strategy_structured": true, "has_vision": false, "has_kpi_targets": true, "has_kpi_results": true, "has_strategy_overview": true, "has_legislation_text": true, "has_legislation_structured": false, "has_global_initiatives_text": false, "has_ideas": true, "has_artifacts": true, "n_ideas": 12, "n_legislation": 0, "n_artifacts": 1, "n_kpi_targets": 2, "n_kpi_results": 2, "n_outcomes": 2, "verified_own_data": true }, "strategy_profile": { "status": "published", "confidence": "high", "summary": "The FRC’s functions, as set out in the ASIC Act, include providing broad oversight of the accounting, sustainability and auditing standard setting processes and giving the Minister reports and advice about such matters. [CP p.13]", "official_site_url": "http://www.frc.gov.au", "source_documents": [ { "type": "annual_report", "title": "Annual Report 2024–2025", "url": "http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf", "period": "2024-25", "confidence": "high" } ], "purpose": { "text": "The FRC’s functions, as set out in the ASIC Act, include providing broad oversight of the accounting, sustainability and auditing standard setting processes and giving the Minister reports and advice about such matters. [CP p.13]", "source_url": "", "source_page": 13, "source_deep_url": "" }, "vision": null, "strategic_priorities": [ { "title": "Advancing sustainability reporting and assurance frameworks", "description": "Advancing sustainability reporting and assurance frameworks", "source_url": "", "source_page": 5, "source_deep_url": "" }, { "title": "Ensuring alignment of Australia’s financial reporting framework with international standards", "description": "Ensuring alignment of Australia’s financial reporting framework with international standards", "source_url": "", "source_page": 6, "source_deep_url": "" }, { "title": "Addressing talent attraction and retention challenges in the accounting profession", "description": "Addressing talent attraction and retention challenges in the accounting profession", "source_url": "", "source_page": 7, "source_deep_url": "" }, { "title": "Building capability and securing adequate talent in public-sector entities", "description": "Building capability and securing adequate talent in public-sector entities", "source_url": "", "source_page": 8, "source_deep_url": "" } ], "values": [ { "name": "Transparency", "description": "", "source_url": "", "source_page": null }, { "name": "Integrity", "description": "", "source_url": "", "source_page": null }, { "name": "Collaboration", "description": "", "source_url": "", "source_page": null }, { "name": "Innovation", "description": "", "source_url": "", "source_page": null } ], "outcomes": [ { "name": "Outcome 1: Enhanced quality and consistency of financial reporting", "description": "The FRC supports the development of high-quality accounting and sustainability standards that facilitate comparability and transparency in financial reporting.", "activities": [ "Developing and issuing accounting standards", "Monitoring international standards", "Engaging with stakeholders" ], "source_url": "", "source_page": 13, "source_deep_url": "" }, { "name": "Outcome 2: Improved audit quality and professional standards", "description": "The FRC provides advice and feedback to the AASB and AUASB to ensure high-quality audits and adherence to ethical standards.", "activities": [ "Providing strategic policy advice", "Monitoring audit quality", "Engaging with professional accounting bodies" ], "source_url": "", "source_page": 29, "source_deep_url": "" } ], "performance_measures": [ { "code": "CCE01", "measure": "Sustainability reporting compliance", "target": "100% compliance with AASB S2 Climate-related Disclosures", "latest_result": "95% compliance with AASB S2 Climate-related Disclosures", "status": "Partially achieved", "target_source_url": "", "target_source_page": null, "result_source_url": "http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf", "result_source_page": null }, { "code": "AUD01", "measure": "Audit quality improvement", "target": "Reduction in audit deficiencies by 20%", "latest_result": "Decrease in audit deficiencies by 15%", "status": "Partially achieved", "target_source_url": "", "target_source_page": null, "result_source_url": "http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf", "result_source_page": null } ], "document_alignment_terms": { "must_support": [ "The FRC’s functions, as set out in the ASIC Act, include providing broad oversight of the accounting, sustainability and auditing standard setting processes and giving the Minister", "Advancing sustainability reporting and assurance frameworks", "Ensuring alignment of Australia’s financial reporting framework with international standards", "Addressing talent attraction and retention challenges in the accounting profession", "Building capability and securing adequate talent in public-sector entities" ], "watch_terms": [ "Sustainability reporting compliance", "Audit quality improvement" ], "avoid_claiming_without_evidence": [] }, "review_note": "" }, "strategy_brief_md": "# Financial Reporting Council — Strategy Brief\n\n**Reporting period**: 2024-25\n**Corporate plan in force**: 2025-26\n**Annual Report**: [2024-25](http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)\n\n## Our purpose / purposes\n\n> The FRC’s functions, as set out in the ASIC Act, include providing broad oversight of the accounting, sustainability and auditing standard setting processes and giving the Minister reports and advice about such matters. [CP p.13] [CP p.13]\n\n## How we deliver\n\n> The FRC delivers its functions by providing strategic policy advice and reports to the Minister and professional accounting bodies in relation to the quality of audits conducted by Australian auditors. [AR p.29](http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf#page=29) [CP p.29]\n\n## Government priorities for this department\n\n- Advancing sustainability reporting and assurance frameworks [CP p.5]\n- Ensuring alignment of Australia’s financial reporting framework with international standards [CP p.6]\n- Addressing talent attraction and retention challenges in the accounting profession [CP p.7]\n- Building capability and securing adequate talent in public-sector entities [CP p.8]\n\n## Outcomes\n\n### Outcome 1: Enhanced quality and consistency of financial reporting\nThe FRC supports the development of high-quality accounting and sustainability standards that facilitate comparability and transparency in financial reporting. [CP p.13]\n\n**Key activities:**\n- Developing and issuing accounting standards\n- Monitoring international standards\n- Engaging with stakeholders\n\n### Outcome 2: Improved audit quality and professional standards\nThe FRC provides advice and feedback to the AASB and AUASB to ensure high-quality audits and adherence to ethical standards. [CP p.29]\n\n**Key activities:**\n- Providing strategic policy advice\n- Monitoring audit quality\n- Engaging with professional accounting bodies\n\n## Values and principles\n\n- Transparency\n- Integrity\n- Collaboration\n- Innovation\n\n## What they will measure themselves on this year (targets from 2025-26 corporate plan)\n\n| Code | Measure | Target | Source |\n|---|---|---|---|\n| CCE01 | Sustainability reporting compliance | 100% compliance with AASB S2 Climate-related Disclosures | |\n| AUD01 | Audit quality improvement | Reduction in audit deficiencies by 20% | |\n\n## How they performed last year (results from 2024-25 annual report)\n\n| Code | Measure | Result | Status | Source |\n|---|---|---|---|---|\n| CCE01 | Sustainability reporting compliance | 95% compliance with AASB S2 Climate-related Disclosures | Partially achieved | |\n| AUD01 | Audit quality improvement | Decrease in audit deficiencies by 15% | Partially achieved | |", "strategy_overview_evidence_md": null, "internal_strategy_evidence_md": "# Financial Reporting Council - Strategy, Performance, and Operating Profile\n\n**Generated at**: 2026-05-09T22:32:48.184122+00:00\n**Entity ID**: B-003120\n**Entity type**: Statutory Body\n**Jurisdiction**: Commonwealth\n**Portfolio**: Treasury\n**Website**: http://www.frc.gov.au\n\n> Draft generated from scraped source material. Treat this as an evidence pack for editorial review, not a final judgement.\n\n## Source Coverage\n\n| Source type | Count |\n|---|---:|\n| annual-reports | 1 |\n| pages | 17 |\n\n## Executive Readout\n\n### Purpose\n\n- [Page 31]\nOversight of Australian standard setting\n- AASB 2024-3 Amendments to Australian Accounting Standards – Annual Improvements\nVolume 11\n- AASB 2024-2 Amendments to Australian Accounting Standards – Classification and\nMeasurement of Financial Instruments.\n• Issued the following exposure drafts:\n- ED SR2 Amendments to Greenhouse Gas Emissions Disclosures\n- ED 337 Contracts Referencing Nature-dependent Electricity: Tier 2 Disclosures\n- ED 336 Provisions – Targeted Improvements\n- ED 335 General Purpose Financial Statements – Not-for-Profit Private Sector\nTier 3 Entities\n- ED 334 Limiting the Ability of Not-for-Profit Entities to Prepare Special Purpose\nFinancial Statements\n- ED 333 Equity Method of Accounting\n- ED 332 Classification and Measurement of Financial Instruments: Tier 2 Disclosures\n- ED 331 Climate-related and Other Uncertainties in the Financial Statements.\n Source: `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)`\n- Purpose and objectives\nThe FRC operates under Part 12 of the\nAustralian Securities and Investments Commission Act 2001\n(ASIC Act).\n Source: `pages/strategies-index.html (http://www.frc.gov.au/strategic-plan/strategic-plan-2025-26)`\n- Strategic Plan 2021-24\nPurpose/ Objectives (ASIC Act s224)\nTo facilitate the development of accounting standards.\n Source: `pages/strategies-index__05.html (http://www.frc.gov.au/strategic-plan/strategic-plan-2021-24)`\n- [pages 32,33,34]\nmission to IASB Exposure Draft/2024/8 Provisions – Targeted Improvements –\nProposed amendments to IAS 37.\n• The AASB and University of Technology Sydney co-hosted the annual AASB Research\nForum on 6 November 2024.\n Source: `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)`\n\n### Role and Functions\n\n- [Page 34]\nOversight of Australian standard setting\n• Commenced projects to update Australian-specific Guidance Statements:\n- GS 002 Audit Implications of Prudential Reporting Requirements for Registered\nSuperannuation Entities (and related illustrative assurance report)\n- GS 007 Audit Implications of the Use of Service Organisations for Investment\nManagement Services\n- GS 011 Third Party Access to Audit Working Papers.\n• Issued these research reports:\n- Research Report 11 State of Assurance Choices for Medium Sized Australian Charities\n- Research Report 12 Understanding and evaluating the effectiveness of ASA 720,\nThe Auditor’s Responsibilities Relating to Other Information, and its role in the\ncurrent environment\n- Research Report 13 University of Sydney – Deakin – AUASB Sustainability\nassurance research workshop: Overviews of research projects to inform the\nAUASB’s work programme.\n Source: `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)`\n- [Page 32]\nOversight of Australian standard setting\n• Released the following Research Reports:\n- AASB-MASB (Malaysian Accounting Standards Board) Joint Research Report\nAddressing Key Accounting Challenges\n- Research Report 23 Understanding the Impact of Accounting Standards on the\nCost of Capital.\n• Made the following submissions:\n- AASB submission on IASB Exposure Draft/2024/8 Provisions – Targeted Improvements –\nProposed amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets\n- AASB submission on IASB Exposure Draft Equity Method of Accounting IAS 28\nInvestments in Associates and Joint Ventures\n- AASB submission on IASB Exposure Draft/2024/6 Climate-related and Other\nUncertainties in the Financial Statements\n- AASB submission on IASB Exposure Draft/2024/3 Contracts for Renewable Electricity:\nProposed amendments to IFRS 9 and IFRS 7.\n Source: `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)`\n- The FRC’s functions, as set out in the ASIC Act, include:\n• providing broad oversight of the accounting, sustainability and auditing standard\nsetting processes and giving the Minister reports and advice about such matters\n• establishing appropriate consultative mechanisms\n• appointing members of the AASB and AUASB (other than the Chairs)\n• giving advice or feedback to the AASB and AUASB on their priorities, business plans\nand procedures\n• giving advice or feedback to the offices of the AASB and AUASB on their budget\nand staffing arrangements\n• determining the broad strategic direction of the AASB and AUASB\nFinancial Reporting Council: Annual Report 2024–25 13\n Source: `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)`\n- [Page 31]\nOversight of Australian standard setting\n- AASB 2024-3 Amendments to Australian Accounting Standards – Annual Improvements\nVolume 11\n- AASB 2024-2 Amendments to Australian Accounting Standards – Classification and\nMeasurement of Financial Instruments.\n• Issued the following exposure drafts:\n- ED SR2 Amendments to Greenhouse Gas Emissions Disclosures\n- ED 337 Contracts Referencing Nature-dependent Electricity: Tier 2 Disclosures\n- ED 336 Provisions – Targeted Improvements\n- ED 335 General Purpose Financial Statements – Not-for-Profit Private Sector\nTier 3 Entities\n- ED 334 Limiting the Ability of Not-for-Profit Entities to Prepare Special Purpose\nFinancial Statements\n- ED 333 Equity Method of Accounting\n- ED 332 Classification and Measurement of Financial Instruments: Tier 2 Disclosures\n- ED 331 Climate-related and Other Uncertainties in the Financial Statements.\n Source: `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)`\n- More than 50 staff papers were presented to finalise\nthese 2 standards in response to stakeholder feedback on ED SR1.\n- AASB S1 is a voluntary standard with the same scope and content as IFRS S1 General\nRequirements for Disclosure of Sustainability-related Financial Information, except for\nsome transition reliefs that have been modified or omitted to align with the Standard’s\nvoluntary status.\n- AASB S2 is a mandatory standard for certain entities that incorporates most of the\nrequirements in IFRS S2 Climate-related Disclosures with some modifications.\n• The AASB issued ED SR2 Amendments to Greenhouse Gas Emissions Disclosures –\nProposed amendments to AASB S2 in April 2025, which:\n- incorporate ISSB ED/2025/1 (ISSB Exposure Draft Amendments to Greenhouse Gas\nEmissions Disclosures – Proposed amendments to IFRS S2), and\n Source: `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)`\n- This included ASQM 1,1\nAPES 3202 and APES 325,3 covering quality management for firms that perform audits or reviews\nof financial reports, other assurance services and risk management.\n Source: `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)`\n\n### Strategic Priorities\n\n- In 2024–25, AASB and\nAUASB reports included items covering:\n• AASB and AUASB strategies\n• AASB and AUASB Corporate Plans for 2024–25\n• AASB and AUASB’s key activities including progress on key strategic priorities.\n Source: `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)`\n- The FRC’s functions, as set out in the ASIC Act, include:\n• providing broad oversight of the accounting, sustainability and auditing standard\nsetting processes and giving the Minister reports and advice about such matters\n• establishing appropriate consultative mechanisms\n• appointing members of the AASB and AUASB (other than the Chairs)\n• giving advice or feedback to the AASB and AUASB on their priorities, business plans\nand procedures\n• giving advice or feedback to the offices of the AASB and AUASB on their budget\nand staffing arrangements\n• determining the broad strategic direction of the AASB and AUASB\nFinancial Reporting Council: Annual Report 2024–25 13\n Source: `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)`\n- [pages 63,64,65,66,67,68,70]\nounded perspective to the\nMember of the FRC\nAASB’s projects and strategic direction.\n Source: `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)`\n- [Page 31]\nOversight of Australian standard setting\n- AASB 2024-3 Amendments to Australian Accounting Standards – Annual Improvements\nVolume 11\n- AASB 2024-2 Amendments to Australian Accounting Standards – Classification and\nMeasurement of Financial Instruments.\n• Issued the following exposure drafts:\n- ED SR2 Amendments to Greenhouse Gas Emissions Disclosures\n- ED 337 Contracts Referencing Nature-dependent Electricity: Tier 2 Disclosures\n- ED 336 Provisions – Targeted Improvements\n- ED 335 General Purpose Financial Statements – Not-for-Profit Private Sector\nTier 3 Entities\n- ED 334 Limiting the Ability of Not-for-Profit Entities to Prepare Special Purpose\nFinancial Statements\n- ED 333 Equity Method of Accounting\n- ED 332 Classification and Measurement of Financial Instruments: Tier 2 Disclosures\n- ED 331 Climate-related and Other Uncertainties in the Financial Statements.\n Source: `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)`\n- Strategic priorities\nThe FRC’s strategic priorities for 2025–26 focus on strengthening financial reporting, responding to regulatory and market developments, and enhancing international collaboration.\n Source: `pages/strategies-index.html (http://www.frc.gov.au/strategic-plan/strategic-plan-2025-26)`\n- Strategic Priority\nKey Actions\nAccounting, Auditing and Assurance Standards\nOverseeing the development and implementation of Australian-specific standards:\nMonitor the AASB and the AUASB to develop guidance and implement educational initiatives designed to enhance robustness and effectiveness in financial and sustainability reporting and assurance frameworks.\n Source: `pages/strategies-index.html (http://www.frc.gov.au/strategic-plan/strategic-plan-2025-26)`\n- More than 50 staff papers were presented to finalise\nthese 2 standards in response to stakeholder feedback on ED SR1.\n- AASB S1 is a voluntary standard with the same scope and content as IFRS S1 General\nRequirements for Disclosure of Sustainability-related Financial Information, except for\nsome transition reliefs that have been modified or omitted to align with the Standard’s\nvoluntary status.\n- AASB S2 is a mandatory standard for certain entities that incorporates most of the\nrequirements in IFRS S2 Climate-related Disclosures with some modifications.\n• The AASB issued ED SR2 Amendments to Greenhouse Gas Emissions Disclosures –\nProposed amendments to AASB S2 in April 2025, which:\n- incorporate ISSB ED/2025/1 (ISSB Exposure Draft Amendments to Greenhouse Gas\nEmissions Disclosures – Proposed amendments to IFRS S2), and\n Source: `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)`\n- This included ASQM 1,1\nAPES 3202 and APES 325,3 covering quality management for firms that perform audits or reviews\nof financial reports, other assurance services and risk management.\n Source: `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)`\n- This strategic plan is intended to cover the FRC’s priorities for 2025 and 2026, recognising the Government’s intention to combine the FRC, the Australian Accounting Standards Board (AASB) and the Auditing and Assurance Standards Board (AUASB) into one body that it has proposed to be operational on or after 1 July 2026.\n Source: `pages/strategies-index.html (http://www.frc.gov.au/strategic-plan/strategic-plan-2025-26)`\n- Section 3\nStrategic Priorities\nTo promote initiatives to improve the financial reporting system (including in the public sector and not-for-profit sector as well as the for-profit sector) and to make financial reports more useful, simple and relevant.\n Source: `pages/strategies-index__06.html (http://www.frc.gov.au/strategic-plan/strategic-plan-2017-20)`\n\n## KPIs, Targets, and Where They Are At\n\n- [Page 31]\nOversight of Australian standard setting\n- AASB 2024-3 Amendments to Australian Accounting Standards – Annual Improvements\nVolume 11\n- AASB 2024-2 Amendments to Australian Accounting Standards – Classification and\nMeasurement of Financial Instruments.\n• Issued the following exposure drafts:\n- ED SR2 Amendments to Greenhouse Gas Emissions Disclosures\n- ED 337 Contracts Referencing Nature-dependent Electricity: Tier 2 Disclosures\n- ED 336 Provisions – Targeted Improvements\n- ED 335 General Purpose Financial Statements – Not-for-Profit Private Sector\nTier 3 Entities\n- ED 334 Limiting the Ability of Not-for-Profit Entities to Prepare Special Purpose\nFinancial Statements\n- ED 333 Equity Method of Accounting\n- ED 332 Classification and Measurement of Financial Instruments: Tier 2 Disclosures\n- ED 331 Climate-related and Other Uncertainties in the Financial Statements.\n Source: `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)`\n- Australia's economic challenge is to maximize the long-term benefits from the 'resources boom' whilst minimizing inflationary pressures:\nAustralia's 'terms of trade' are at their highest sustained level in at least 140 years and mining investment is now larger, as a proportion of GDP, than at any time in the last 150 years;\nlabour shortages are a critical problem, requiring short term and longer term solutions such as greater participation, immigration and skills training; and\nthe Reserve Bank's forecasts envisage above-trend growth from this year through 2013, and inflation heading towards the top of the target range.\n Source: `pages/strategies-index__08.html (http://www.frc.gov.au/strategic-plan/strategic-plan-2011-14)`\n- More than 50 staff papers were presented to finalise\nthese 2 standards in response to stakeholder feedback on ED SR1.\n- AASB S1 is a voluntary standard with the same scope and content as IFRS S1 General\nRequirements for Disclosure of Sustainability-related Financial Information, except for\nsome transition reliefs that have been modified or omitted to align with the Standard’s\nvoluntary status.\n- AASB S2 is a mandatory standard for certain entities that incorporates most of the\nrequirements in IFRS S2 Climate-related Disclosures with some modifications.\n• The AASB issued ED SR2 Amendments to Greenhouse Gas Emissions Disclosures –\nProposed amendments to AASB S2 in April 2025, which:\n- incorporate ISSB ED/2025/1 (ISSB Exposure Draft Amendments to Greenhouse Gas\nEmissions Disclosures – Proposed amendments to IFRS S2), and\n Source: `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)`\n- This included ASQM 1,1\nAPES 3202 and APES 325,3 covering quality management for firms that perform audits or reviews\nof financial reports, other assurance services and risk management.\n Source: `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)`\n- [pages 1,2,3,4,6,7,8]\n[Page 1]\nFinancial\nReporting\nCouncil\nAnnual Report\n2024–25\nfrc.gov.au\n Source: `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)`\n- [Page 3]\n© Commonwealth of Australia 2025\nISSN: 2204-0935 (print), 2204-0943 (online)\nThis publication is available for your use under a Creative Commons Attribution 4.0 International\nlicence, with the exception of the Commonwealth Coat of Arms, the Treasury logo, photographs,\nimages, third party materials, materials protected by a trademark, signatures and where otherwise\nstated.\n Source: `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)`\n- [Page 4]\nChair: Mr Andrew Mills\nSecretariat: c/ The Treasury\nLangton Crescent\nCanberra ACT 2600\nsecretariat@frc.gov.au\n16 September 2025\nThe Hon Daniel Mulino MP\nAssistant Treasurer\nParliament House\nCANBERRA ACT 2600\nDear Minister\nI present the Financial Reporting Council (FRC) annual report for the year ended 30 June 2025.\n Source: `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)`\n- [pages 21,22,24,25,26,28]\nnternal\nand Assurance Public\nAuditors-Australia\nPolicy Committee\n• Institute of Public\n• Accounting Professional\nAccountants\n& Ethical Standards Board\n• KPMG\n• Australian Shareholders’\n• New South Wales Treasury\nAssociation\n• Australian Prudential • PwC\nRegulation Authority\nThis list indicates the range\n• Australian Securities of stakeholders demonstrating\nExchange an interest in Australia’s\n• Australian Securities and financial reporting framework.\n Source: `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)`\n- AASB\n• Issued AASB S1 General Requirements for Disclosure of Sustainability-related Financial\nInformation and AASB S2 Climate-related Disclosures.\n• Issued amendments to Australian Accounting Standards:\n- AASB 2025-2 Amendments to Australian Accounting Standards – Classification and\nMeasurement of Financial Instruments: Tier 2 Disclosures\n- AASB 2025-1 Amendments to Australian Accounting Standards – Contracts Referencing\nNature-dependent Electricity\n- AASB 2024-4 Amendments to Australian Accounting Standards – Effective Date of\nAmendments to AASB 10 and AASB 128\nFinancial Reporting Council: Annual Report 2024–25 19\n Source: `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)`\n- [Page 32]\nOversight of Australian standard setting\n• Released the following Research Reports:\n- AASB-MASB (Malaysian Accounting Standards Board) Joint Research Report\nAddressing Key Accounting Challenges\n- Research Report 23 Understanding the Impact of Accounting Standards on the\nCost of Capital.\n• Made the following submissions:\n- AASB submission on IASB Exposure Draft/2024/8 Provisions – Targeted Improvements –\nProposed amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets\n- AASB submission on IASB Exposure Draft Equity Method of Accounting IAS 28\nInvestments in Associates and Joint Ventures\n- AASB submission on IASB Exposure Draft/2024/6 Climate-related and Other\nUncertainties in the Financial Statements\n- AASB submission on IASB Exposure Draft/2024/3 Contracts for Renewable Electricity:\nProposed amendments to IFRS 9 and IFRS 7.\n Source: `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)`\n- [pages 32,33,34]\nmission to IASB Exposure Draft/2024/8 Provisions – Targeted Improvements –\nProposed amendments to IAS 37.\n• The AASB and University of Technology Sydney co-hosted the annual AASB Research\nForum on 6 November 2024.\n Source: `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)`\n- [Page 34]\nOversight of Australian standard setting\n• Commenced projects to update Australian-specific Guidance Statements:\n- GS 002 Audit Implications of Prudential Reporting Requirements for Registered\nSuperannuation Entities (and related illustrative assurance report)\n- GS 007 Audit Implications of the Use of Service Organisations for Investment\nManagement Services\n- GS 011 Third Party Access to Audit Working Papers.\n• Issued these research reports:\n- Research Report 11 State of Assurance Choices for Medium Sized Australian Charities\n- Research Report 12 Understanding and evaluating the effectiveness of ASA 720,\nThe Auditor’s Responsibilities Relating to Other Information, and its role in the\ncurrent environment\n- Research Report 13 University of Sydney – Deakin – AUASB Sustainability\nassurance research workshop: Overviews of research projects to inform the\nAUASB’s work programme.\n Source: `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)`\n- These determinations require:\n• the AASB to work towards the adoption of accounting standards that are the same as\nthose issued by the IASB (Direction approved 5 September 2002)\n• the AASB to pursue the harmonisation of reporting between Government Finance Statistics\nand Generally Accepted Accounting Principles (Direction approved 12 December 2002)\n• the AUASB to use auditing standards issued by the IAASB as a base from which to:\n- develop the Australian standards\n- develop auditing and assurance standards other than for historical financial information\n- participate in audit research that is conducive to the AUASB’s standard-setting activities\n(Direction approved 4 April 2005).\n Source: `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)`\n- [pages 34,35,36]\ns\nthose issued by the IASB (Direction approved 5 September 2002)\n• the AASB to pursue the harmonisation of reporting between Government Finance Statistics\nand Generally Accepted Accounting Principles (Direction approved 12 December 2002)\n• the AUASB to use auditing standards issued by the IAASB as a base from which to:\n- develop the Australian standards\n- develop auditing and assurance standards other than for historical financial information\n- participate in audit research that is conducive to the AUASB’s standard-setting activities\n(Direction approved 4 April 2005).\n Source: `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)`\n\n## Key Metrics\n\n| Values found | Evidence | Source |\n|---|---|---|\n| 50 staff | More than 50 staff papers were presented to finalise\nthese 2 standards in response to stakeholder feedback on ED SR1.\n- AASB S1 is a voluntary standard with the same scope and content as IFRS S1 General\nRequirements for Disclosure of Sustainability-related Financial Information, except for\nsome transition reliefs that have been modified or omitted to align with the Standard’s\nvoluntary status.\n- AASB S2 is a mandatory standard for certain entitie | `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)` |\n| $4 | K\nk?`=(�T�W�1���\u001cp\u0011 7V�Ij�$�8rCֱ���mU;v⎘pI.�0\u0014�T�#UՓ���G�du\u001c�J:A\u0012e�L'q��p׿F\u0015�.X�\ff�GISNv�4�EL0}��0�+Y\u001d��[�iq�NL�sF�pk$4\\|��\u0012tFY\u001c �����3:�C�\u0010���\u000eq;̱N�\u0013�q5[[[�3�)\"�>�K:H2��`vt�X]ة�v���\u0006���D�ʸ������x���鲊f����\u001b�s�{H�͎�EvRZ�������n��C�z����\u0014�nR����x\u0005Y�\u001d��\u0010�N�\"q������9S�x�\u001e}f����\u000e�76v��\u0011\u0017KgS�ą��OO\u001e>r\u0010�D\u0004��<\u0004�C���\b���\n\u0001��f\"\u0011!�\b�Q ��\n�\u000e!��a\u0018�*�;P��\u0004\u0011\u0004`~�\u0004W��>�K�AHɬ\ba\"j� �LsG���H)V\u0019g��(F9�d����S%�b\u000b\nh\u0019\u0001�Q�MT�$\u0013j�R��*�\u0014l�\\�\f\u0018ed(kp��,�B� *Q d\u0019���\"]\u001d� 0f.s2�� | `pages/annual-reports-index__01.html (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)` |\n| $6 | J,/Ʀ\\|+n�Cs[S����\u0015*9��C�J��6\u0011���95�5i\u0004=��})���\bV��=�i���O�m��gҫV&�՗��guUF�[n�*���j�S�,ԳG����Fbs1�+�t\u0012�AN3\u0010\fF$6V���E'�:��\\�\u001c[u ��(j\u0002u\u00178�ɮ���/v�r\u001aZ^�\u000f\u0002�B���E���S\u0001� \u0018�\u0015��\u0010��y�M�s�ˠ�\u000eQ�[�\u0011�zZ�}��U����Q\u0015��R�<%0\\\n#��V6ٗ:�\u001c�[��K���;�\u0011�\"1�\u001f\u0019��,\n�\u0010������OڬI�.1��Dر�i����8\u0014:�\u0016L_\u0007Z,r,8��#Q:>J`��/J�R7���\u0004&^\u0019ٰ�i��\u0019u�6m�uix��Xb�V)�l�9\u0012(i�2�&�oX�4���6�F�� 1�ܜ\u0005H��d;�\u001e$��'�\u0013��U,�h�-��\u000e��h�j�\\|d�85��F��3\u0010�h�b���VzHg��2��aX3��ѠʢLc��$[y\n3L\u0013���ri��\u0014Z��H� �\u0014\\|\u0012B��V��5ac | `pages/annual-reports-index__01.html (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)` |\n| $1 | 3\u000e o�$fe�\u0014DV�\u001d���n��轕t�ں>q���F䘎��CE8,+ټ\u00143z�ؘ\\|�뚕\u000eQ`Q�1�N{�T؝�B�j��-\u0016X�У&�\u0010(�\u001b�\u0006\u0004\u001e\u0017�Y�п�q5���g�\u001d$v&�[\u0006v���\u001d�;=$\u0019�\u0011��^���D��G��^��/\u0014� ����\u000e҆�CO!�!\u0016�t���֞i��z��\u001b� ��a�ZFj$V������\u0004�a���_~\u0013\u0011���iPc����$����~&G�x\u0012�d�O�,NB�;r*פ��4ſQ\n�G�i�2������\u00196����~ʪ��bU���F�\u0017�'�Àa:���:ߐ�?�s�#\u0006\n⩬�K�b��ؒ�/l�@\nئx�<\u0011Ո\u0013=��31\u0017^��\\\u0016��kBr��\u0005��X���\n\u000bl�A<��I�\u001ci�����\u0004<��Tp���r4��i�a���\u001f��\u0007����\bS\n&�n\u0010\u0004a���\u0018���F,6�\\|׳}=�/�/Y]�,ޏ�6,���eҺ*w\u0007��k#�7&ÈCN:\u00027/�F�v]�-�o�\u001e��ͩ$lG���\u0011���Q� | `pages/annual-reports-index__02.html (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.docx)` |\n| 50 staff | More than 50 staff papers were presented to finalise\nthese 2 standards in response to stakeholder feedback on ED SR1.\n- AASB S1 is a voluntary standard with the same scope and content as IFRS S1 General\nRequirements for Disclosure of Sustainability-related Financial Information, except for\nsome transition reliefs that have been modified or omitted to align with the Standard’s\nvoluntary status.\n- AASB S2 is a mandatory standard for certain entitie | `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)` |\n\n## Key Achievements\n\n- [Page 31]\nOversight of Australian standard setting\n- AASB 2024-3 Amendments to Australian Accounting Standards – Annual Improvements\nVolume 11\n- AASB 2024-2 Amendments to Australian Accounting Standards – Classification and\nMeasurement of Financial Instruments.\n• Issued the following exposure drafts:\n- ED SR2 Amendments to Greenhouse Gas Emissions Disclosures\n- ED 337 Contracts Referencing Nature-dependent Electricity: Tier 2 Disclosures\n- ED 336 Provisions – Targeted Improvements\n- ED 335 General Purpose Financial Statements – Not-for-Profit Private Sector\nTier 3 Entities\n- ED 334 Limiting the Ability of Not-for-Profit Entities to Prepare Special Purpose\nFinancial Statements\n- ED 333 Equity Method of Accounting\n- ED 332 Classification and Measurement of Financial Instruments: Tier 2 Disclosures\n- ED 331 Climate-related and Other Uncertainties in the Financial Statements.\n Source: `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)`\n- 2024–25 surveillance program\nASIC published its focus areas for its 2024–25 program in May and December 2024:\n• 24-101MR ASIC announces 30 June 2024 focus areas and expanded program to support\nfinancial reporting and audit quality\n• 24-275MR ASIC highlights focus areas for 31 December 2024 financial reports.\n Source: `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)`\n- Corrective actions required are further divided into:\n• Minor – which relates to matters such as scheme disclosed in correspondence and website,\nCPD shortfall that are less than 10 hours, PI insurance.\n• Major – which relates to matters such as CPD shortfall of more than 10 hours, APES 230,\nAPES 320, APES 325 and the ASQM 1 Manual.\n(b) CA ANZ’s review program assesses whether a firm has implemented an appropriate system of quality\ncontrol as set out in APES 320 Quality Management for Firms that provide Non-Assurance Services; and\nASQM 1 Quality Management for Firms that Perform Audits or Reviews of Financial Reports and Other\nFinancial Information, or Other Assurance or Related Services Engagements and antecedent standards.\n(c) The CPA Australia Best Practice Program during 2024–25 did not lead to an outcome that results in a\nre-review/non-compliance.\n Source: `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)`\n- In 2024–25, AASB and\nAUASB reports included items covering:\n• AASB and AUASB strategies\n• AASB and AUASB Corporate Plans for 2024–25\n• AASB and AUASB’s key activities including progress on key strategic priorities.\n Source: `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)`\n- More than 50 staff papers were presented to finalise\nthese 2 standards in response to stakeholder feedback on ED SR1.\n- AASB S1 is a voluntary standard with the same scope and content as IFRS S1 General\nRequirements for Disclosure of Sustainability-related Financial Information, except for\nsome transition reliefs that have been modified or omitted to align with the Standard’s\nvoluntary status.\n- AASB S2 is a mandatory standard for certain entities that incorporates most of the\nrequirements in IFRS S2 Climate-related Disclosures with some modifications.\n• The AASB issued ED SR2 Amendments to Greenhouse Gas Emissions Disclosures –\nProposed amendments to AASB S2 in April 2025, which:\n- incorporate ISSB ED/2025/1 (ISSB Exposure Draft Amendments to Greenhouse Gas\nEmissions Disclosures – Proposed amendments to IFRS S2), and\n Source: `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)`\n- The IAP held its inaugural\nmeeting in May 2025.\n• The AASB completed 2 project plans to support Australian entities as they commence a\nphased approach to mandatory reporting using AASB S2 Climate-related Disclosures from\n1 January 2025:\n- AASB S2: Implementation Support\n- AASB S2: Industry-based Information.\n• The AASB launched the AASB S2 Knowledge Hub, which provides a repository of information\nto assist entities in understanding and preparing climate-related financial disclosures and\ninformation.\n Source: `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)`\n- She participated in the inaugural\nmeeting of the IAP and delivered keynote addresses at the Australasian Investor\nRelations Association’s Annual Conference, and the Responsible Investment Association\nAustralasia’s Conference.\n• The AASB Chair and staff engaged with stakeholders throughout 2024–25.\n Source: `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)`\n- This included ASQM 1,1\nAPES 3202 and APES 325,3 covering quality management for firms that perform audits or reviews\nof financial reports, other assurance services and risk management.\n Source: `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)`\n- [pages 1,2,3,4,6,7,8]\n[Page 1]\nFinancial\nReporting\nCouncil\nAnnual Report\n2024–25\nfrc.gov.au\n Source: `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)`\n- [Page 3]\n© Commonwealth of Australia 2025\nISSN: 2204-0935 (print), 2204-0943 (online)\nThis publication is available for your use under a Creative Commons Attribution 4.0 International\nlicence, with the exception of the Commonwealth Coat of Arms, the Treasury logo, photographs,\nimages, third party materials, materials protected by a trademark, signatures and where otherwise\nstated.\n Source: `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)`\n- [Page 4]\nChair: Mr Andrew Mills\nSecretariat: c/ The Treasury\nLangton Crescent\nCanberra ACT 2600\nsecretariat@frc.gov.au\n16 September 2025\nThe Hon Daniel Mulino MP\nAssistant Treasurer\nParliament House\nCANBERRA ACT 2600\nDear Minister\nI present the Financial Reporting Council (FRC) annual report for the year ended 30 June 2025.\n Source: `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)`\n- [pages 21,22,24,25,26,28]\nnternal\nand Assurance Public\nAuditors-Australia\nPolicy Committee\n• Institute of Public\n• Accounting Professional\nAccountants\n& Ethical Standards Board\n• KPMG\n• Australian Shareholders’\n• New South Wales Treasury\nAssociation\n• Australian Prudential • PwC\nRegulation Authority\nThis list indicates the range\n• Australian Securities of stakeholders demonstrating\nExchange an interest in Australia’s\n• Australian Securities and financial reporting framework.\n Source: `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)`\n\n## Key Issues, Risks, and Recommendations\n\n- ASIC reviewed 188 financial reports of Australian Securities Exchange-listed entities and\nother large unlisted entities including for the first time Registrable Superannuation Entities (RSE),\nselected using a risk-based approach, and 15 related audit files at 11 audit firms in the surveillance\nperiod.\n Source: `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)`\n- The FRC continues to engage with and consider the implications\nof the recommendations made by the Parliamentary Joint\nCommittee on Corporations and Financial Services in its\nfinal report, Ethics and Professional Accountability: Structural\nChallenges in the Audit, Assurance and Consultancy\nIndustry (2024).\n Source: `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)`\n- More than 50 staff papers were presented to finalise\nthese 2 standards in response to stakeholder feedback on ED SR1.\n- AASB S1 is a voluntary standard with the same scope and content as IFRS S1 General\nRequirements for Disclosure of Sustainability-related Financial Information, except for\nsome transition reliefs that have been modified or omitted to align with the Standard’s\nvoluntary status.\n- AASB S2 is a mandatory standard for certain entities that incorporates most of the\nrequirements in IFRS S2 Climate-related Disclosures with some modifications.\n• The AASB issued ED SR2 Amendments to Greenhouse Gas Emissions Disclosures –\nProposed amendments to AASB S2 in April 2025, which:\n- incorporate ISSB ED/2025/1 (ISSB Exposure Draft Amendments to Greenhouse Gas\nEmissions Disclosures – Proposed amendments to IFRS S2), and\n Source: `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)`\n- In 2025–26, in addition to selecting audit files where a change has been made to financial\ninformation or the financial report or where ASIC had concerns that a financial report may\nhave a risk of material misstatement, ASIC will also review a random selection of audit files\nfrom the regulated population.\n Source: `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)`\n- [Page 45]\nAudit quality\nASIC stakeholder engagement\nASIC undertakes engagement with international and domestic stakeholders to discuss emerging\nissues and risks in the financial reporting and audit industry and collaborates with other\nregulators and government agencies to improve the quality of financial reporting and audit.\n Source: `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)`\n- This included ASQM 1,1\nAPES 3202 and APES 325,3 covering quality management for firms that perform audits or reviews\nof financial reports, other assurance services and risk management.\n Source: `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)`\n- [Page 32]\nOversight of Australian standard setting\n• Released the following Research Reports:\n- AASB-MASB (Malaysian Accounting Standards Board) Joint Research Report\nAddressing Key Accounting Challenges\n- Research Report 23 Understanding the Impact of Accounting Standards on the\nCost of Capital.\n• Made the following submissions:\n- AASB submission on IASB Exposure Draft/2024/8 Provisions – Targeted Improvements –\nProposed amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets\n- AASB submission on IASB Exposure Draft Equity Method of Accounting IAS 28\nInvestments in Associates and Joint Ventures\n- AASB submission on IASB Exposure Draft/2024/6 Climate-related and Other\nUncertainties in the Financial Statements\n- AASB submission on IASB Exposure Draft/2024/3 Contracts for Renewable Electricity:\nProposed amendments to IFRS 9 and IFRS 7.\n Source: `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)`\n- [Page 34]\nOversight of Australian standard setting\n• Commenced projects to update Australian-specific Guidance Statements:\n- GS 002 Audit Implications of Prudential Reporting Requirements for Registered\nSuperannuation Entities (and related illustrative assurance report)\n- GS 007 Audit Implications of the Use of Service Organisations for Investment\nManagement Services\n- GS 011 Third Party Access to Audit Working Papers.\n• Issued these research reports:\n- Research Report 11 State of Assurance Choices for Medium Sized Australian Charities\n- Research Report 12 Understanding and evaluating the effectiveness of ASA 720,\nThe Auditor’s Responsibilities Relating to Other Information, and its role in the\ncurrent environment\n- Research Report 13 University of Sydney – Deakin – AUASB Sustainability\nassurance research workshop: Overviews of research projects to inform the\nAUASB’s work programme.\n Source: `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)`\n- These determinations require:\n• the AASB to work towards the adoption of accounting standards that are the same as\nthose issued by the IASB (Direction approved 5 September 2002)\n• the AASB to pursue the harmonisation of reporting between Government Finance Statistics\nand Generally Accepted Accounting Principles (Direction approved 12 December 2002)\n• the AUASB to use auditing standards issued by the IAASB as a base from which to:\n- develop the Australian standards\n- develop auditing and assurance standards other than for historical financial information\n- participate in audit research that is conducive to the AUASB’s standard-setting activities\n(Direction approved 4 April 2005).\n Source: `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)`\n- [pages 34,35,36]\ns\nthose issued by the IASB (Direction approved 5 September 2002)\n• the AASB to pursue the harmonisation of reporting between Government Finance Statistics\nand Generally Accepted Accounting Principles (Direction approved 12 December 2002)\n• the AUASB to use auditing standards issued by the IAASB as a base from which to:\n- develop the Australian standards\n- develop auditing and assurance standards other than for historical financial information\n- participate in audit research that is conducive to the AUASB’s standard-setting activities\n(Direction approved 4 April 2005).\n Source: `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)`\n- [pages 36,37,38]\nial Information, except for\nsome transition reliefs that have been modified or omitted to align with the Standard’s\nvoluntary status.\n- AASB S2 is a mandatory standard for certain entities that incorporates most of the\nrequirements in IFRS S2 Climate-related Disclosures with some modifications.\n• The AASB issued ED SR2 Amendments to Greenhouse Gas Emissions Disclosures –\nProposed amendments to AASB S2 in April 2025, which:\n- incorporate ISSB ED/2025/1 (ISSB Exposure Draft Amendments to Greenhouse Gas\nEmissions Disclosures – Proposed amendments to IFRS S2), and\n- propose to clarify and provide additional relief for specific greenhouse gas emissions\ndisclosure in response to application challenges identified by international stakeholders.\n Source: `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)`\n- They presented\non climate-related financial disclosures at:\n- Impact X Summit\n- Monash Sustainability Industry Engagement session\n- Australian Dairy Products Federation breakfast forum on Sustainability Reporting\n- S&P Global Market Intelligence Live Webcast: Deciphering the Australian Climate Risk\nDisclosures event\n- KPMG Leaders 2050 Panel\n- Victorian Public Sector Climate Working Group\n- CPA and IAI Business Breakfast\n- Fijian Institute of Chartered Accountants Conference\n26 Financial Reporting Council: Annual Report 2024–25\n Source: `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)`\n- [Page 43]\nAudit quality\n2023–24 Surveillance program\nIn October 2024, ASIC published a report on its oversight of financial reporting and\naudit including findings from its surveillance program for the 12 months to 30 June 2024\n(ASIC Report 799 ASIC’s oversight of financial reporting and audit 2023–24).\n Source: `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)`\n- 2024–25 surveillance program\nASIC published its focus areas for its 2024–25 program in May and December 2024:\n• 24-101MR ASIC announces 30 June 2024 focus areas and expanded program to support\nfinancial reporting and audit quality\n• 24-275MR ASIC highlights focus areas for 31 December 2024 financial reports.\n Source: `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)`\n\n## Corporate Values and Operating Culture\n\n- [Page 31]\nOversight of Australian standard setting\n- AASB 2024-3 Amendments to Australian Accounting Standards – Annual Improvements\nVolume 11\n- AASB 2024-2 Amendments to Australian Accounting Standards – Classification and\nMeasurement of Financial Instruments.\n• Issued the following exposure drafts:\n- ED SR2 Amendments to Greenhouse Gas Emissions Disclosures\n- ED 337 Contracts Referencing Nature-dependent Electricity: Tier 2 Disclosures\n- ED 336 Provisions – Targeted Improvements\n- ED 335 General Purpose Financial Statements – Not-for-Profit Private Sector\nTier 3 Entities\n- ED 334 Limiting the Ability of Not-for-Profit Entities to Prepare Special Purpose\nFinancial Statements\n- ED 333 Equity Method of Accounting\n- ED 332 Classification and Measurement of Financial Instruments: Tier 2 Disclosures\n- ED 331 Climate-related and Other Uncertainties in the Financial Statements.\n Source: `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)`\n- [Page 75]\nGlossary\nGlossary\nAASB Australian Accounting Standards Board\nACNC Australian Charities and Not-for-profits Commission\nANAO Australian National Audit Office\nAPESB Accounting Professional and Ethical Standards Board\nAPRA Australian Prudential Regulation Authority\nAPS Australian Public Service\nARGA Audit, Reporting and Governance Authority\nASIC Australian Securities and Investments Commission\nASIC Act Australian Securities and Investments Commission Act 2001\nASX Australian Securities Exchange\nAOSSG Asian-Oceanian Standard-Setters Group\nAUASB Auditing and Assurance Standards Board\nCA ANZ Chartered Accountants Australia and New Zealand\nCPA CPA Australia\nFRC Financial Reporting Council\nGAAP Generally Accepted Accounting Principles\nGFS Government Finance Statistics\nHoTARAC Heads of Treasury Accounting and Reporting Advisory Committee\n Source: `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)`\n- [pages 21,22,24,25,26,28]\nnternal\nand Assurance Public\nAuditors-Australia\nPolicy Committee\n• Institute of Public\n• Accounting Professional\nAccountants\n& Ethical Standards Board\n• KPMG\n• Australian Shareholders’\n• New South Wales Treasury\nAssociation\n• Australian Prudential • PwC\nRegulation Authority\nThis list indicates the range\n• Australian Securities of stakeholders demonstrating\nExchange an interest in Australia’s\n• Australian Securities and financial reporting framework.\n Source: `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)`\n- [Page 34]\nOversight of Australian standard setting\n• Commenced projects to update Australian-specific Guidance Statements:\n- GS 002 Audit Implications of Prudential Reporting Requirements for Registered\nSuperannuation Entities (and related illustrative assurance report)\n- GS 007 Audit Implications of the Use of Service Organisations for Investment\nManagement Services\n- GS 011 Third Party Access to Audit Working Papers.\n• Issued these research reports:\n- Research Report 11 State of Assurance Choices for Medium Sized Australian Charities\n- Research Report 12 Understanding and evaluating the effectiveness of ASA 720,\nThe Auditor’s Responsibilities Relating to Other Information, and its role in the\ncurrent environment\n- Research Report 13 University of Sydney – Deakin – AUASB Sustainability\nassurance research workshop: Overviews of research projects to inform the\nAUASB’s work programme.\n Source: `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)`\n- The FRC continues to engage with and consider the implications\nof the recommendations made by the Parliamentary Joint\nCommittee on Corporations and Financial Services in its\nfinal report, Ethics and Professional Accountability: Structural\nChallenges in the Audit, Assurance and Consultancy\nIndustry (2024).\n Source: `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)`\n- More than 50 staff papers were presented to finalise\nthese 2 standards in response to stakeholder feedback on ED SR1.\n- AASB S1 is a voluntary standard with the same scope and content as IFRS S1 General\nRequirements for Disclosure of Sustainability-related Financial Information, except for\nsome transition reliefs that have been modified or omitted to align with the Standard’s\nvoluntary status.\n- AASB S2 is a mandatory standard for certain entities that incorporates most of the\nrequirements in IFRS S2 Climate-related Disclosures with some modifications.\n• The AASB issued ED SR2 Amendments to Greenhouse Gas Emissions Disclosures –\nProposed amendments to AASB S2 in April 2025, which:\n- incorporate ISSB ED/2025/1 (ISSB Exposure Draft Amendments to Greenhouse Gas\nEmissions Disclosures – Proposed amendments to IFRS S2), and\n Source: `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)`\n- This included ASQM 1,1\nAPES 3202 and APES 325,3 covering quality management for firms that perform audits or reviews\nof financial reports, other assurance services and risk management.\n Source: `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)`\n- [Page 76]\nGlossary\nIPSASB International Public Sector Accounting Standards Board\nISA International Standard on Auditing\nISSA International Standard on Sustainability Assurance\nISSB International Sustainability Standards Board\nNZASB New Zealand Accounting Standards Board\nNZAuASB New Zealand Auditing and Assurance Standards Board\nPABs Professional Accounting Bodies\nPIR Post-implementation Review\nPPC Public practice certificate\nPSAG Public Sector Advisory Group\nQRP Quality Review Program\nSMSF Self-Managed Superannuation Fund\nXRB External Reporting Board of New Zealand\nFinancial Reporting Council: Annual Report 2024–25 65\n Source: `annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)`\n\n## Global Ideas and Case Study Inputs\n\n_No global-intelligence source text found yet. Run `CLAUDE/global-ideas-scraper.py ` to populate case-study sources._\n\n## Source Artifacts Used\n\n- `annual-reports/2024-25.pdf` - annual-reports - http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf\n- `pages/about.html` - pages - http://www.frc.gov.au/about-frc\n- `pages/annual-reports-index.html` - pages - http://www.frc.gov.au/about-frc/report/annual-report-2024-2025\n- `pages/annual-reports-index__00.html` - pages - http://www.frc.gov.au/about-frc/report/annual-report-2024-2025\n- `pages/annual-reports-index__01.html` - pages - http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf\n- `pages/annual-reports-index__02.html` - pages - http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.docx\n- `pages/contact.html` - pages - http://www.frc.gov.au/contact-us\n- `pages/homepage.html` - pages - http://www.frc.gov.au\n- `pages/strategies-index.html` - pages - http://www.frc.gov.au/strategic-plan/strategic-plan-2025-26\n- `pages/strategies-index__03.html` - pages - http://www.frc.gov.au/strategic-plan/strategic-plan-2025-26\n- `pages/strategies-index__04.html` - pages - http://www.frc.gov.au/strategic-plans\n- `pages/strategies-index__05.html` - pages - http://www.frc.gov.au/strategic-plan/strategic-plan-2021-24\n- `pages/strategies-index__06.html` - pages - http://www.frc.gov.au/strategic-plan/strategic-plan-2017-20\n- `pages/strategies-index__07.html` - pages - http://www.frc.gov.au/strategic-plan/strategic-plan-2013-16\n- `pages/strategies-index__08.html` - pages - http://www.frc.gov.au/strategic-plan/strategic-plan-2011-14\n- `pages/taskforces-index.html` - pages - http://www.frc.gov.au/taskforce/current\n- `pages/taskforces-index__09.html` - pages - http://www.frc.gov.au/taskforce/current\n- `pages/taskforces-index__10.html` - pages - http://www.frc.gov.au/taskforce/previous\n\n## Gaps To Fix\n\n- No corporate plan text source found.\n- No global comparison/case-study sources found.", "legislation_md": "# Financial Reporting Council - Acts and Legislation Discovery\n\n**Generated at**: 2026-05-09T21:20:47.495755+00:00\n**Entity ID**: B-003120\n**Jurisdiction**: Commonwealth\n**Portfolio**: Treasury\n\n> This is an evidence-based discovery list from scraped department material. A mention does not always mean the department administers the legislation; high-confidence and official register links should be reviewed.\n\n## Summary\n\n- Source files scanned: 18\n- Unique legislation references found: 4\n\n| Type | Count |\n|---|---:|\n| Act | 4 |\n\n## Legislation References\n\n### Australian Securities and Investments Commission Act 2001\n\n**Type**: Act\n**Confidence**: high\n**Mentions**: 7\n**Register search**: https://www.legislation.gov.au/search?query=Australian+Securities+and+Investments+Commission+Act+2001\n\n**Sources**:\n- `pages/about.html`\n- `pages/strategies-index.html`\n- `pages/strategies-index__03.html`\n- `pages/strategies-index__06.html`\n- `pages/strategies-index__07.html`\n- `pages/strategies-index__08.html`\n- `annual-reports/2024-25.pages.jsonl`\n\n**Evidence contexts**:\n- 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\nAustralian Securities and Investments Commission Act 2001\n(the ASIC Act).\n Source: `pages/about.html`\n- combine the FRC, the Australian Accounting Standards Board (AASB) and the Auditing and Assurance Standards Board (AUASB) into one body that it has proposed to be operational on or after 1 July 2026.\nPurpose and objectives\nThe FRC operates under Part 12 of the\nAustralian Securities and Investments Commission Act 2001\n(ASIC Act). The FRC’s functions and powers are set out in section 225 of the ASIC Act. Broadly, the FRC is responsible for:\nProviding oversight of the accounting and auditing standard-setting processes in Australia.\nMonitoring and promoting audit quality to m\n Source: `pages/strategies-index.html`\n- combine the FRC, the Australian Accounting Standards Board (AASB) and the Auditing and Assurance Standards Board (AUASB) into one body that it has proposed to be operational on or after 1 July 2026.\nPurpose and objectives\nThe FRC operates under Part 12 of the\nAustralian Securities and Investments Commission Act 2001\n(ASIC Act). The FRC’s functions and powers are set out in section 225 of the ASIC Act. Broadly, the FRC is responsible for:\nProviding oversight of the accounting and auditing standard-setting processes in Australia.\nMonitoring and promoting audit quality to m\n Source: `pages/strategies-index__03.html`\n- by Australian auditors, and to advise the Minister, and in some areas the professional accounting bodies, on these and related matters to the extent that they affect the financial reporting system in Australia.\nThe FRC is a statutory body under Part 12 of the\nAustralian Securities and Investments Commission Act 2001\n(the Act), which specifies the FRC's functions and powers. The FRC's functions are reflected in Division 1 Subdivision A of Part 12 of the Act.\nThe FRC's objectives are to support the Act's objects outlined in Part 12 of the Act, to fulfill its functions effe\n Source: `pages/strategies-index__06.html`\n- by Australian auditors, and to advise the Minister, and in some areas the professional accounting bodies, on these and related matters to the extent that they affect the financial reporting system in Australia.\nThe FRC is a statutory body under Part 12 of the\nAustralian Securities and Investments Commission Act 2001\n(the Act), which specifies the FRC's functions and powers. The FRC's functions are reflected in Division 1 Subdivision A of Part 12 of the Act.\nThe FRC's objectives are to support the Act's objects outlined in Part 12 of the Act, to fulfill its functions effe\n Source: `pages/strategies-index__07.html`\n\n### Reporting and Governance Authority ASIC Australian Securities and Investments Commission ASIC Act Australian Securities and Investments Commission Act 2001\n\n**Type**: Act\n**Confidence**: medium\n**Mentions**: 1\n**Register search**: https://www.legislation.gov.au/search?query=Reporting+and+Governance+Authority+ASIC+Australian+Securities+and+Investments+Commission+ASIC+Act+Australian+Securities+and+Investments+Commission+Act+2001\n\n**Sources**:\n- `annual-reports/2024-25.pages.jsonl`\n\n**Evidence contexts**:\n- Standards Board\nACNC Australian Charities and Not-for-profits Commission\nANAO Australian National Audit Office\nAPESB Accounting Professional and Ethical Standards Board\nAPRA Australian Prudential Regulation Authority\nAPS Australian Public Service\nARGA Audit, Reporting and Governance Authority\nASIC Australian Securities and Investments Commission\nASIC Act Australian Securities and Investments Commission Act 2001\nASX Australian Securities Exchange\nAOSSG Asian-Oceanian Standard-Setters Group\nAUASB Auditing and Assurance Standards Board\nCA ANZ Chartered Accountants Australia and New Zealand\nCPA CPA Australia\nFRC Financial Reporting Council\nGAAP Generally Accepted Accoun\n Source: `annual-reports/2024-25.pages.jsonl`\n\n### Information Publication Scheme Part II of the Freedom of Information Act 1982\n\n**Type**: Act\n**Confidence**: low\n**Mentions**: 1\n**Register search**: https://www.legislation.gov.au/search?query=Information+Publication+Scheme+Part+II+of+the+Freedom+of+Information+Act+1982\n\n**Sources**:\n- `annual-reports/2024-25.pages.jsonl`\n\n**Evidence contexts**:\n- Department of the Treasury.4\n4 Department of the Treasury, Treasury Annual Report 2024–25, Part 5 – Appendices, Ecologically\nsustainable development and environmental performance.\nFinancial Reporting Council: Annual Report 2024–25 61\n\n[page 73]\nOther matters\nInformation Publication Scheme\nPart II of the Freedom of Information Act 1982 (FOI Act) requires Australian Government agencies\nto publish an Information Publication Scheme plan on their website. These plans must explain\nhow the agency will meet its obligations to proactively publish information.\nThe FRC’s Information Publication Schem\n Source: `annual-reports/2024-25.pages.jsonl`\n\n### Reviews of Information in Sustainability Reports Under the Corporations Act 2001\n\n**Type**: Act\n**Confidence**: low\n**Mentions**: 1\n**Register search**: https://www.legislation.gov.au/search?query=Reviews+of+Information+in+Sustainability+Reports+Under+the+Corporations+Act+2001\n\n**Sources**:\n- `annual-reports/2024-25.pages.jsonl`\n\n**Evidence contexts**:\n- rovide guidance on the audit implications of the new Consolidated\nEntity Disclosure Statement.\n• Issued these exposure drafts and consultation papers:\n- Exposure Draft – Proposed Australian Standard on Sustainability Assurance ASSA\n5010 Timeline for Audits or Reviews of Information in Sustainability Reports Under the\nCorporations Act 2001\nFinancial Reporting Council: Annual Report 2024–25 21\n\n[page 33]\nOversight of Australian standard setting\n- Consultation Paper – Prohibiting Sustainability Assurance Practitioner from Using Direct\nAssistance by Internal Auditors\n- Exposure Draft – Proposed Am\n Source: `annual-reports/2024-25.pages.jsonl`\n\n## Files Scanned\n\n- `pages/about.html` (page)\n- `pages/annual-reports-index.html` (page)\n- `pages/annual-reports-index__00.html` (page)\n- `pages/annual-reports-index__01.html` (page)\n- `pages/annual-reports-index__02.html` (page)\n- `pages/contact.html` (page)\n- `pages/homepage.html` (page)\n- `pages/strategies-index.html` (page)\n- `pages/strategies-index__03.html` (page)\n- `pages/strategies-index__04.html` (page)\n- `pages/strategies-index__05.html` (page)\n- `pages/strategies-index__06.html` (page)\n- `pages/strategies-index__07.html` (page)\n- `pages/strategies-index__08.html` (page)\n- `pages/taskforces-index.html` (page)\n- `pages/taskforces-index__09.html` (page)\n- `pages/taskforces-index__10.html` (page)\n- `annual-reports/2024-25.pages.jsonl` (pdf_pages)", "global_initiatives_md": null, "strategy": { "reporting_period": "2024-25", "corporate_plan_period": "2025-26", "vision": null, "vision_source_page": null, "purposes": "The FRC’s functions, as set out in the ASIC Act, include providing broad oversight of the accounting, sustainability and auditing standard setting processes and giving the Minister reports and advice about such matters. [CP p.13]", "purposes_source_page": 13, "how_we_deliver": "The FRC delivers its functions by providing strategic policy advice and reports to the Minister and professional accounting bodies in relation to the quality of audits conducted by Australian auditors. [AR p.29]", "how_we_deliver_source_page": 29, "government_priorities": [ { "text": "Advancing sustainability reporting and assurance frameworks", "source_page": 5 }, { "text": "Ensuring alignment of Australia’s financial reporting framework with international standards", "source_page": 6 }, { "text": "Addressing talent attraction and retention challenges in the accounting profession", "source_page": 7 }, { "text": "Building capability and securing adequate talent in public-sector entities", "source_page": 8 } ], "outcomes": [ { "name": "Outcome 1: Enhanced quality and consistency of financial reporting", "description": "The FRC supports the development of high-quality accounting and sustainability standards that facilitate comparability and transparency in financial reporting.", "key_activities": [ "Developing and issuing accounting standards", "Monitoring international standards", "Engaging with stakeholders" ], "source_page": 13 }, { "name": "Outcome 2: Improved audit quality and professional standards", "description": "The FRC provides advice and feedback to the AASB and AUASB to ensure high-quality audits and adherence to ethical standards.", "key_activities": [ "Providing strategic policy advice", "Monitoring audit quality", "Engaging with professional accounting bodies" ], "source_page": 29 } ], "values": [ "Transparency", "Integrity", "Collaboration", "Innovation" ], "values_framework_name": null, "kpi_targets_2025_26": [ { "code": "CCE01", "measure": "Sustainability reporting compliance", "target": "100% compliance with AASB S2 Climate-related Disclosures", "source_page": null }, { "code": "AUD01", "measure": "Audit quality improvement", "target": "Reduction in audit deficiencies by 20%", "source_page": null } ], "kpi_results_2024_25": [ { "code": "CCE01", "measure": "Sustainability reporting compliance", "result": "95% compliance with AASB S2 Climate-related Disclosures", "status": "Partially achieved", "source_page": null }, { "code": "AUD01", "measure": "Audit quality improvement", "result": "Decrease in audit deficiencies by 15%", "status": "Partially achieved", "source_page": null } ], "_source_urls": { "annual_report_url": "http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf", "corporate_plan_url": "" } }, "ideas": [ { "entity_id": "B-003120", "entity_name": "Financial Reporting Council", "folder_name": "Financial-Reporting-Council", "category": "Risk & Assurance", "scale": "small", "title": "Recommendation tracker for audits, reviews, and inquiries", "idea": "Publish a single internal tracker for audit/review recommendations, owners, due dates, and implementation evidence.", "quote": "[Page 34]\nOversight of Australian standard setting\n• Commenced projects to update Australian-specific Guidance Statements:\n- GS 002 Audit Implications of Prudential Reporting Requirements for Registered\nSuperannuation Entities (and related illustrative assurance report)\n- GS 007 Audit Implications of the Use of Service Organisations for Investment\nManagement Services\n- GS 011 Third Party Access to Audit Working Papers.\n• Issued these research reports:\n- Research Report 11 State of Assurance Choices for Medium Sized Australian Charities\n- Research Report 12 Understanding and evaluating the effectiveness of ASA 720,\nThe Auditor’s Responsibilities Relating to Other Information, and its role in the\ncurrent environment\n- Research Report 13 University of Sydney – Deakin – AUASB Sustainability\nassurance research workshop: Overviews of research projects to inform the\nAUASB’s work programme.", "impact": "High", "effort": "Low", "proof": "Evidence-backed", "beneficiaries": "Executives / assurance teams", "source": "annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)", "implementation": [ "Pick one high-volume process or document family.", "Name an owner and baseline current volume, time, cost, and satisfaction.", "Run a 4-8 week pilot with clear before/after metrics.", "Publish lessons and decide whether to scale." ], "risks": [ "Privacy and data quality", "Change fatigue", "Unclear accountability", "Regulatory capture", "Over-automation of judgement" ] }, { "entity_id": "B-003120", "entity_name": "Financial Reporting Council", "folder_name": "Financial-Reporting-Council", "category": "Risk & Assurance", "scale": "large", "title": "Integrated assurance and lessons-learned system", "idea": "Create an assurance system that connects audit findings, risk registers, delivery reviews, and investment decisions.", "quote": "[Page 34]\nOversight of Australian standard setting\n• Commenced projects to update Australian-specific Guidance Statements:\n- GS 002 Audit Implications of Prudential Reporting Requirements for Registered\nSuperannuation Entities (and related illustrative assurance report)\n- GS 007 Audit Implications of the Use of Service Organisations for Investment\nManagement Services\n- GS 011 Third Party Access to Audit Working Papers.\n• Issued these research reports:\n- Research Report 11 State of Assurance Choices for Medium Sized Australian Charities\n- Research Report 12 Understanding and evaluating the effectiveness of ASA 720,\nThe Auditor’s Responsibilities Relating to Other Information, and its role in the\ncurrent environment\n- Research Report 13 University of Sydney – Deakin – AUASB Sustainability\nassurance research workshop: Overviews of research projects to inform the\nAUASB’s work programme.", "impact": "Very High", "effort": "High", "proof": "Evidence-backed", "beneficiaries": "Executives / assurance teams", "source": "annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)", "implementation": [ "Create a senior responsible owner and cross-functional delivery team.", "Map legislation, data, privacy, procurement, cyber, and workforce constraints.", "Co-design with users and frontline staff before technology selection.", "Stage delivery through pilots, benefits tracking, and public reporting." ], "risks": [ "Privacy and data quality", "Change fatigue", "Unclear accountability", "Regulatory capture", "Over-automation of judgement" ] }, { "entity_id": "B-003120", "entity_name": "Financial Reporting Council", "folder_name": "Financial-Reporting-Council", "category": "Citizen Participation", "scale": "small", "title": "Consultation feedback summaries with response tracking", "idea": "Summarise consultation submissions by theme and publish what changed in response.", "quote": "[Page 45]\nAudit quality\nASIC stakeholder engagement\nASIC undertakes engagement with international and domestic stakeholders to discuss emerging\nissues and risks in the financial reporting and audit industry and collaborates with other\nregulators and government agencies to improve the quality of financial reporting and audit.", "impact": "High", "effort": "Low", "proof": "Evidence-backed", "beneficiaries": "Citizens / stakeholders / policy teams", "source": "annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)", "implementation": [ "Pick one high-volume process or document family.", "Name an owner and baseline current volume, time, cost, and satisfaction.", "Run a 4-8 week pilot with clear before/after metrics.", "Publish lessons and decide whether to scale." ], "risks": [ "Privacy and data quality", "Change fatigue", "Unclear accountability", "Digital exclusion", "Low public trust if feedback is not acted on" ] }, { "entity_id": "B-003120", "entity_name": "Financial Reporting Council", "folder_name": "Financial-Reporting-Council", "category": "Citizen Participation", "scale": "large", "title": "Always-on policy participation platform", "idea": "Create a standing participation platform where citizens and stakeholders can propose, vote, and track ideas.", "quote": "[Page 45]\nAudit quality\nASIC stakeholder engagement\nASIC undertakes engagement with international and domestic stakeholders to discuss emerging\nissues and risks in the financial reporting and audit industry and collaborates with other\nregulators and government agencies to improve the quality of financial reporting and audit.", "impact": "Very High", "effort": "High", "proof": "Evidence-backed", "beneficiaries": "Citizens / stakeholders / policy teams", "source": "annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)", "implementation": [ "Create a senior responsible owner and cross-functional delivery team.", "Map legislation, data, privacy, procurement, cyber, and workforce constraints.", "Co-design with users and frontline staff before technology selection.", "Stage delivery through pilots, benefits tracking, and public reporting." ], "risks": [ "Privacy and data quality", "Change fatigue", "Unclear accountability", "Digital exclusion", "Low public trust if feedback is not acted on" ] }, { "entity_id": "B-003120", "entity_name": "Financial Reporting Council", "folder_name": "Financial-Reporting-Council", "category": "Procurement & Delivery", "scale": "small", "title": "Procurement lessons library for repeat purchases", "idea": "Capture reusable procurement clauses, market lessons, supplier performance notes, and common evaluation criteria.", "quote": "[Page 34]\nOversight of Australian standard setting\n• Commenced projects to update Australian-specific Guidance Statements:\n- GS 002 Audit Implications of Prudential Reporting Requirements for Registered\nSuperannuation Entities (and related illustrative assurance report)\n- GS 007 Audit Implications of the Use of Service Organisations for Investment\nManagement Services\n- GS 011 Third Party Access to Audit Working Papers.\n• Issued these research reports:\n- Research Report 11 State of Assurance Choices for Medium Sized Australian Charities\n- Research Report 12 Understanding and evaluating the effectiveness of ASA 720,\nThe Auditor’s Responsibilities Relating to Other Information, and its role in the\ncurrent environment\n- Research Report 13 University of Sydney – Deakin – AUASB Sustainability\nassurance research workshop: Overviews of research projects to inform the\nAUASB’s work programme.", "impact": "High", "effort": "Low", "proof": "Evidence-backed", "beneficiaries": "Delivery teams / suppliers", "source": "annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)", "implementation": [ "Pick one high-volume process or document family.", "Name an owner and baseline current volume, time, cost, and satisfaction.", "Run a 4-8 week pilot with clear before/after metrics.", "Publish lessons and decide whether to scale." ], "risks": [ "Privacy and data quality", "Change fatigue", "Unclear accountability" ] }, { "entity_id": "B-003120", "entity_name": "Financial Reporting Council", "folder_name": "Financial-Reporting-Council", "category": "Procurement & Delivery", "scale": "large", "title": "Portfolio delivery office for major investments", "idea": "Stand up a portfolio delivery office that tracks benefits, risks, dependencies, procurement, and delivery confidence.", "quote": "[Page 34]\nOversight of Australian standard setting\n• Commenced projects to update Australian-specific Guidance Statements:\n- GS 002 Audit Implications of Prudential Reporting Requirements for Registered\nSuperannuation Entities (and related illustrative assurance report)\n- GS 007 Audit Implications of the Use of Service Organisations for Investment\nManagement Services\n- GS 011 Third Party Access to Audit Working Papers.\n• Issued these research reports:\n- Research Report 11 State of Assurance Choices for Medium Sized Australian Charities\n- Research Report 12 Understanding and evaluating the effectiveness of ASA 720,\nThe Auditor’s Responsibilities Relating to Other Information, and its role in the\ncurrent environment\n- Research Report 13 University of Sydney – Deakin – AUASB Sustainability\nassurance research workshop: Overviews of research projects to inform the\nAUASB’s work programme.", "impact": "Very High", "effort": "High", "proof": "Evidence-backed", "beneficiaries": "Delivery teams / suppliers", "source": "annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)", "implementation": [ "Create a senior responsible owner and cross-functional delivery team.", "Map legislation, data, privacy, procurement, cyber, and workforce constraints.", "Co-design with users and frontline staff before technology selection.", "Stage delivery through pilots, benefits tracking, and public reporting." ], "risks": [ "Privacy and data quality", "Change fatigue", "Unclear accountability" ] }, { "entity_id": "B-003120", "entity_name": "Financial Reporting Council", "folder_name": "Financial-Reporting-Council", "category": "Data & Performance", "scale": "small", "title": "KPI evidence register with named owners", "idea": "Create a simple register mapping each KPI to source data, owner, frequency, target, and last result.", "quote": "[Page 31]\nOversight of Australian standard setting\n- AASB 2024-3 Amendments to Australian Accounting Standards – Annual Improvements\nVolume 11\n- AASB 2024-2 Amendments to Australian Accounting Standards – Classification and\nMeasurement of Financial Instruments.\n• Issued the following exposure drafts:\n- ED SR2 Amendments to Greenhouse Gas Emissions Disclosures\n- ED 337 Contracts Referencing Nature-dependent Electricity: Tier 2 Disclosures\n- ED 336 Provisions – Targeted Improvements\n- ED 335 General Purpose Financial Statements – Not-for-Profit Private Sector\nTier 3 Entities\n- ED 334 Limiting the Ability of Not-for-Profit Entities to Prepare Special Purpose\nFinancial Statements\n- ED 333 Equity Method of Accounting\n- ED 332 Classification and Measurement of Financial Instruments: Tier 2 Disclosures\n- ED 331 Climate-related and Other Uncertainties in the Financial Statements.", "impact": "High", "effort": "Low", "proof": "Evidence-backed", "beneficiaries": "Executives / Parliament / public", "source": "annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)", "implementation": [ "Pick one high-volume process or document family.", "Name an owner and baseline current volume, time, cost, and satisfaction.", "Run a 4-8 week pilot with clear before/after metrics.", "Publish lessons and decide whether to scale." ], "risks": [ "Privacy and data quality", "Change fatigue", "Unclear accountability" ] }, { "entity_id": "B-003120", "entity_name": "Financial Reporting Council", "folder_name": "Financial-Reporting-Council", "category": "Data & Performance", "scale": "large", "title": "Outcome dashboard linking budget, delivery, and public impact", "idea": "Build a public-facing outcome dashboard showing spend, outputs, outcomes, and delivery confidence.", "quote": "[Page 31]\nOversight of Australian standard setting\n- AASB 2024-3 Amendments to Australian Accounting Standards – Annual Improvements\nVolume 11\n- AASB 2024-2 Amendments to Australian Accounting Standards – Classification and\nMeasurement of Financial Instruments.\n• Issued the following exposure drafts:\n- ED SR2 Amendments to Greenhouse Gas Emissions Disclosures\n- ED 337 Contracts Referencing Nature-dependent Electricity: Tier 2 Disclosures\n- ED 336 Provisions – Targeted Improvements\n- ED 335 General Purpose Financial Statements – Not-for-Profit Private Sector\nTier 3 Entities\n- ED 334 Limiting the Ability of Not-for-Profit Entities to Prepare Special Purpose\nFinancial Statements\n- ED 333 Equity Method of Accounting\n- ED 332 Classification and Measurement of Financial Instruments: Tier 2 Disclosures\n- ED 331 Climate-related and Other Uncertainties in the Financial Statements.", "impact": "Very High", "effort": "High", "proof": "Evidence-backed", "beneficiaries": "Executives / Parliament / public", "source": "annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)", "implementation": [ "Create a senior responsible owner and cross-functional delivery team.", "Map legislation, data, privacy, procurement, cyber, and workforce constraints.", "Co-design with users and frontline staff before technology selection.", "Stage delivery through pilots, benefits tracking, and public reporting." ], "risks": [ "Privacy and data quality", "Change fatigue", "Unclear accountability" ] }, { "entity_id": "B-003120", "entity_name": "Financial Reporting Council", "folder_name": "Financial-Reporting-Council", "category": "Citizen Services", "scale": "small", "title": "Plain-language service pages and proactive status updates", "idea": "Rewrite high-volume pages and letters into plain language, add status notifications, and measure contact reduction.", "quote": "[Page 34]\nOversight of Australian standard setting\n• Commenced projects to update Australian-specific Guidance Statements:\n- GS 002 Audit Implications of Prudential Reporting Requirements for Registered\nSuperannuation Entities (and related illustrative assurance report)\n- GS 007 Audit Implications of the Use of Service Organisations for Investment\nManagement Services\n- GS 011 Third Party Access to Audit Working Papers.\n• Issued these research reports:\n- Research Report 11 State of Assurance Choices for Medium Sized Australian Charities\n- Research Report 12 Understanding and evaluating the effectiveness of ASA 720,\nThe Auditor’s Responsibilities Relating to Other Information, and its role in the\ncurrent environment\n- Research Report 13 University of Sydney – Deakin – AUASB Sustainability\nassurance research workshop: Overviews of research projects to inform the\nAUASB’s work programme.", "impact": "High", "effort": "Low", "proof": "Evidence-backed", "beneficiaries": "Citizens / service users", "source": "annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)", "implementation": [ "Pick one high-volume process or document family.", "Name an owner and baseline current volume, time, cost, and satisfaction.", "Run a 4-8 week pilot with clear before/after metrics.", "Publish lessons and decide whether to scale." ], "risks": [ "Privacy and data quality", "Change fatigue", "Unclear accountability", "Digital exclusion", "Low public trust if feedback is not acted on" ] }, { "entity_id": "B-003120", "entity_name": "Financial Reporting Council", "folder_name": "Financial-Reporting-Council", "category": "Citizen Services", "scale": "large", "title": "Single front door for life-event based services", "idea": "Bundle services around life events so citizens can complete related steps across agencies in one journey.", "quote": "[Page 34]\nOversight of Australian standard setting\n• Commenced projects to update Australian-specific Guidance Statements:\n- GS 002 Audit Implications of Prudential Reporting Requirements for Registered\nSuperannuation Entities (and related illustrative assurance report)\n- GS 007 Audit Implications of the Use of Service Organisations for Investment\nManagement Services\n- GS 011 Third Party Access to Audit Working Papers.\n• Issued these research reports:\n- Research Report 11 State of Assurance Choices for Medium Sized Australian Charities\n- Research Report 12 Understanding and evaluating the effectiveness of ASA 720,\nThe Auditor’s Responsibilities Relating to Other Information, and its role in the\ncurrent environment\n- Research Report 13 University of Sydney – Deakin – AUASB Sustainability\nassurance research workshop: Overviews of research projects to inform the\nAUASB’s work programme.", "impact": "Very High", "effort": "High", "proof": "Evidence-backed", "beneficiaries": "Citizens / service users", "source": "annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)", "implementation": [ "Create a senior responsible owner and cross-functional delivery team.", "Map legislation, data, privacy, procurement, cyber, and workforce constraints.", "Co-design with users and frontline staff before technology selection.", "Stage delivery through pilots, benefits tracking, and public reporting." ], "risks": [ "Privacy and data quality", "Change fatigue", "Unclear accountability", "Digital exclusion", "Low public trust if feedback is not acted on" ] }, { "entity_id": "B-003120", "entity_name": "Financial Reporting Council", "folder_name": "Financial-Reporting-Council", "category": "Staff Productivity", "scale": "small", "title": "Reusable briefing and summary assistant for internal documents", "idea": "Create controlled templates for summarising reports, submissions, minutes, and ministerial briefs.", "quote": "The FRC’s functions, as set out in the ASIC Act, include:\n• providing broad oversight of the accounting, sustainability and auditing standard\nsetting processes and giving the Minister reports and advice about such matters\n• establishing appropriate consultative mechanisms\n• appointing members of the AASB and AUASB (other than the Chairs)\n• giving advice or feedback to the AASB and AUASB on their priorities, business plans\nand procedures\n• giving advice or feedback to the offices of the AASB and AUASB on their budget\nand staffing arrangements\n• determining the broad strategic direction of the AASB and AUASB\nFinancial Reporting Council: Annual Report 2024–25 13", "impact": "High", "effort": "Low", "proof": "Evidence-backed", "beneficiaries": "APS staff / executives", "source": "annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)", "implementation": [ "Pick one high-volume process or document family.", "Name an owner and baseline current volume, time, cost, and satisfaction.", "Run a 4-8 week pilot with clear before/after metrics.", "Publish lessons and decide whether to scale." ], "risks": [ "Privacy and data quality", "Change fatigue", "Unclear accountability", "Sensitive information leakage", "Inconsistent quality of generated drafts" ] }, { "entity_id": "B-003120", "entity_name": "Financial Reporting Council", "folder_name": "Financial-Reporting-Council", "category": "Staff Productivity", "scale": "large", "title": "Department-wide knowledge and briefing platform", "idea": "Build a secure knowledge platform that lets staff search, summarise, and cite approved departmental material.", "quote": "The FRC’s functions, as set out in the ASIC Act, include:\n• providing broad oversight of the accounting, sustainability and auditing standard\nsetting processes and giving the Minister reports and advice about such matters\n• establishing appropriate consultative mechanisms\n• appointing members of the AASB and AUASB (other than the Chairs)\n• giving advice or feedback to the AASB and AUASB on their priorities, business plans\nand procedures\n• giving advice or feedback to the offices of the AASB and AUASB on their budget\nand staffing arrangements\n• determining the broad strategic direction of the AASB and AUASB\nFinancial Reporting Council: Annual Report 2024–25 13", "impact": "Very High", "effort": "High", "proof": "Evidence-backed", "beneficiaries": "APS staff / executives", "source": "annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)", "implementation": [ "Create a senior responsible owner and cross-functional delivery team.", "Map legislation, data, privacy, procurement, cyber, and workforce constraints.", "Co-design with users and frontline staff before technology selection.", "Stage delivery through pilots, benefits tracking, and public reporting." ], "risks": [ "Privacy and data quality", "Change fatigue", "Unclear accountability", "Sensitive information leakage", 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