The Albanese Government is streamlining Australia's financial reporting bodies to help build a more competitive, dynamic and productive economy.
Today we are releasing a consultation paper to gather insights and feedback on how we can restructure our financial reporting architecture to make it more efficient, effective and fit for purpose.
This is the next step in reforming Australia's institutional arrangements with a new single entity for the setting of accounting, sustainability, auditing and assurance standards.
It complements our other efforts to better target regulation across the economy, including through the biggest overhaul to merger settings in 50 years and our changes to strengthen and streamline the foreign investment regime.
The consultation paper seeks feedback on the proposed structure and governance arrangements for a new body responsible for the combined functions of the Australian Accounting Standards Board (AASB), the Auditing and Assurance Standards Board (AUASB) and the Financial Reporting Council (FRC).
In addition to accounting and auditing standards, this new integrated body will better support the ongoing development of climate‑related financial disclosure standards.
Our standard‑setting institutions play an important role underpinning the integrity of markets and investor confidence.
A key focus of the proposed new architecture is ensuring the new body will have the flexibility to meet evolving priorities and issues.
This reform will provide a one stop shop for the development and issuance of standards.
It will help to increase regulatory consistency, reduce unnecessary costs and avoid duplication when it comes to financial reporting.
The consultation paper is now available on the Treasury website.
Consultation is open until 21 February 2025.
