14th May 2012

The Parliamentary Secretary to the Treasurer, the Hon Bernie Ripoll MP, today announced the appointment of Ms Belinda Gibson and Mr Ian Purchas as Members of the Financial Reporting Council (FRC). Ms Gibson is appointed up until 5 May 2013 and Mr Purchas is appointed for a term of three years.

The FRC is the peak body responsible for overseeing the effectiveness of the financial reporting framework in Australia. Its key functions include the oversight of the accounting and auditing standards setting processes for the public and private sectors, and advising the Minister on these matters.

The FRC's 19 members represent key stakeholder bodies in financial reporting, including a broad spectrum of preparers and users of financial statements, the Commonwealth as well as State and Territory governments, and other government bodies such as standard setters and regulators.

Ms Gibson was nominated by ASIC, of which she is the Deputy Chairman. Her responsibilities at ASIC include the supervision of corporations (and consequently their financial reporting practices), as well as the financial reporting and audit and insolvency practitioner teams within ASIC.

Mr Purchas was nominated by the Institute of Public Accountants. He is a Principal at RMG Partners Business Solutions, a Sydney-based insolvency and accounting practice, and is a Registered Liquidator and an Official Liquidator of the Supreme Court of NSW and Federal Court of Australia. He has practised in the insolvency profession for in excess of 26 years, including over 10 years' experience in a Principal/Senior Manager position in a specialist insolvency practice and 10 years' experience in a senior role at Coopers and Lybrand.

Mr Ripoll welcomed Ms Gibson and Mr Purchas to the FRC. "On behalf of the Government, I am very pleased to appoint them as Members. I am sure they will bring significant financial experience to the Council".

Source: https://ministers.treasury.gov.au/ministers/bernie-ripoll-2012/media-releases/appointment-members-financial-reporting-council