Meeting Date
Friday 10th of March 2023
Meeting Time
10.00am – 4.00pm
Meeting Location
Microsoft Teams meeting (details to be provided on registration)
Meeting Details

Members of the public are advised that the meeting will be held by Microsoft Teams videoconference and public attendance is via registration only. Members of the public should register their interest in attending the public sessions no later than 24 hours in advance of the meeting, being 10:00 am, Thursday 9 March by emailing secretariat@treasury.gov.au detailing:

  • Name
  • Affiliation
  • Contact details

Registered attendees will be emailed Microsoft Teams details by Thursday, 9 March 2023.

Download meeting papers [PDF 4.42MB]

Item Report by Time
NON‑PUBLIC SESSION    
1. Matters for non‑public session* Chair 9.30 am
PUBLIC SESSION    
2. Introduction   10.00 am
  1. Attendees and apologies
  2. Declarations of interest 
 Chair
Chair		  
3. Matters for noting/action   10.05 am
  1. Minutes of previous meeting – 23 November 2022
  2. Minutes of out‑of‑session meetings – 2 February 2023
  3. Matters arising
 Chair
Chair
Chair		  
4. Oversight of Australian Standards (Accounting and Auditing) per s225(1) to (2A)   10.15am
  1. Australian Accounting Standards Board
  2. Auditing and Assurance Standards Board
 Keith Kendall
Bill Edge
 		  
Morning Tea   10.45 am
5. Monitoring and influencing international developments per 225(2)(e) to (2)(f) and s225(2A)(f) to (2A)(g)    
  1. XRB Update – verbal
  2. Presentation about IFRS Foundation
  3. International developments – financial reporting
  4. Funding International Bodies
  5. International developments (including recent media releases)
 Michele Embling
Joanna Perry
Kris Peach and Robert Buchanan
Chair
Chair and Michael Bray		 11.00 am
11.15 am
11.30 am
12.00 pm
12.30 pm
Lunch   12.45 pm
6. Financial Reporting Framework Objects - Indicators per s225(1)(g) Chair 1.15 pm
7. Audit Quality per s225 (2A)(h), (2A)(g), (2B) and (2C)   1.45 pm
  1. Audit Quality in Australia: The Perspectives of Audit Committees – Final Report
  2. Updated Audit Quality Action Plan
  3. Auditor Quality Management Review
 Chair
Chair
Chair/Anne Waters		  
8. Extended External Reporting per s225(1)(a) to (1)(e) and s225(1)(g) Chair 2.15 pm
9. Public Sector Advisory Group per s225(2)(g), (2)(h)(i) and s225(2A)(g) and (2A)(h)(i)   2.45 pm
10. Emerging issues and FRC priorities per s225(1)(a) to (d), (1)(g), (2B) and (2C)(e) Chair 3.00 pm
11. Monitoring and influencing Australian developments per s225(1)(f)   3.15 pm
  1. Stakeholder reports
    • At the time of drafting the meeting papers, the FRC received 8 stakeholder reports and 3 responses confirming nil update from its request to 19 stakeholders.
 Chair  
12. Other business   3.45 pm
  1. Nominations Committee [per s225(2)(a) and s225(2A)(a)]
  2. Correspondence received and sent
  3. Key Action Items Summary
 FRC Nominations Committee Chair
Chair/FRC Secretariat
Chair/FRC Secretariat		  
13. Next meeting Chair 3.55 pm
  1. Revised FRC Meeting Schedule
  2. 5 July 2023
    
Meeting Close   4.00 pm

* NB: Agenda item 1 will be held in private. The order of agenda items may be changed during a meeting.

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Notices of Meeting