Establishing External Reporting Australia’s standard-setting boards

The Financial Reporting Council seeks feedback on a draft determination that will establish External Reporting Australia’s standard-setting boards.

The final determination will establish the boards for:

• accounting standards

• auditing and assurance standards

• sustainability standards.

The draft determination also sets out:

• each board’s functions and powers

• how the boards operate, consult and make decisions

• reporting requirements.

The draft determination includes the strategic direction of the boards. The attached supporting document sets out how the Financial Reporting Council’s historical strategic directions to the Australian Accounting Standards Board and Auditing and Assurance Standards Board have been preserved where relevant. It is provided to help stakeholders.

Your feedback will help refine the draft determination before the Financial Reporting Council issues the final determination.

Roundtable discussions

The Financial Reporting Council plans to hold roundtable discussions between 7 and 9 October 2026.

To express interest in attending, email secretariat@frc.gov.au by 28 September 2026.

Background

The Financial Reporting Council, Australian Accounting Standards Board and Auditing and Assurance Standards Board will become a single entity called External Reporting Australia. External Reporting Australia will begin operating on 1 December 2026.

For External Reporting Australia to operate from that date, the Financial Reporting Council has received powers to establish External Reporting Australia’s standard-setting boards and make appointments to those boards.