|Date:||Friday 7 August 2020|
|Time:||2:00pm - 4:00pm|
1a. Attendees and apologies
|Members in attendance:||Observers:||Guests:|
|Bill Edge – Chair||Greg Yanco, Doug Niven – ASIC||John Stanhope – Australian Business Reporting Leaders Forum|
|Keith Kendall – AASB Chair||Charles Brukner, Dee Oxley – Treasury||Michael Bray – Australian Business Reporting Leaders Forum|
|Roger Simnett – AUASB Chair||Justin Williams - AASB|
|Stein Helgeby – Deputy Chair||Anne Waters - AUASB|
|Suzanne Bell||April Mackenzie - XRB|
|Michele Embling – XRB Chair||Anita Cuming – FRC Secretariat|
1b. Declarations of interest
The Chair noted the following interests as declared by the member:
- Roger Simnett – declared that he had been a member of the International Integrated Reporting Committee’s Framework Review Panel.
- Suzanne Bell – declared that she is a partner at KPMG where Michael Bray had been a partner, and that KPMG hosted meetings of the Australian Business Reporting Leaders Forum.
2. FRC’s role in reporting on non-financial information in light of global developments
John Stanhope and Michael Bray from the Australian Business Reporting Leaders Forum provided an update on global developments on reporting on non-financial information based on their personal experience.
In particular, they reported on growing support internationally for a body to oversee two standard setting boards – one for financial reporting standards and one for standards on reporting of non-financial information.
Members expressed their views on the need for and current practice on reporting on non-financial information both locally and internationally, and the position that the FRC should take.
To provide a succinct statement of the FRC’s view, simply to provide a basis for any further discussions about the matter, the Chair proposed the following two resolutions.
As developments in corporate reporting evolve globally, the FRC agrees that:
- Should an oversight body for reporting on non-financial information (or Extended External Reporting), and if appropriate, assurance over that information, be warranted in Australia, the FRC should become that body.
- The Australian Business Reporting Leaders Forum should take a non-exclusive advisory role to support the FRC.
Members approved Resolution 1 but not Resolution 2.
The Chair suggested that this issue be brought back to the September FRC meeting for further discussion.