Australian Securities and Investments Commission (Australian Accounting Standards Board—Part-time Member) Appointment (No. 1) 2021

Overview

The Australian Securities and Investments Commission (Australian Accounting Standards Board—Part-time Member) Appointment (No. 1) 2021 was enacted to fill a part-time position on the Australian Accounting Standards Board (AASB). This notifiable instrument was introduced by the Financial Reporting Council (FRC) under the authority granted by subsection 236B(2) of the Australian Securities and Investments Commission Act 2001. The purpose of the appointment is to ensure the AASB has the necessary expertise and experience to effectively perform its functions in setting accounting standards in Australia. By appointing a part-time member, the FRC aims to maintain a dynamic and skilled board while considering the professional commitments of potential candidates. The policy objective of this appointment is to bolster the AASB's capacity to uphold high standards of financial reporting and accountability within the Australian economy.

Scope and Application

This notifiable instrument pertains to the appointment of James Grant as a part-time member of the Australian Accounting Standards Board (AASB), effective from 1 January 2022 to 31 December 2024. This appointment is made by the Financial Reporting Council (FRC) under the authority conferred by subsection 236B(2) of the Australian Securities and Investments Commission Act 2001. The FRC's decision is grounded on its determination that James Grant is qualified for this role as stipulated by subsection 236B(3) of the Act. This appointment does not extend beyond the specified term and is confined to the individual named, James Grant, in his capacity as a part-time member of the AASB. No additional exclusions, exemptions, or thresholds are stated within the scope of this particular instrument, although broader regulatory frameworks and subsidiary instruments may further define the roles, responsibilities, and operational scope of the AASB and its members.

Key Provisions

The main operative sections of the Australian Securities and Investments Commission (Australian Accounting Standards Board—Part-time Member) Appointment (No. 1) 2021 notifiable instrument (sections 2, 3, and 4) outline the appointment of James Grant as a part-time member of the Australian Accounting Standards Board, effective from 1 January 2022 to 31 December 2024. This appointment is made by the Financial Reporting Council under the authority provided by the Australian Securities and Investments Commission Act 2001, specifically subsection 236B(2), with the understanding that James Grant meets the qualifications stipulated in subsection 236B(3) of the Act. Under this legislation, the obligations and requirements imposed on James Grant primarily revolve around his role and responsibilities as a part-time member of the Australian Accounting Standards Board. His duties will include contributing to the setting of accounting and auditing standards in Australia, ensuring these standards are consistent with international practices, and promoting transparency and accountability in financial reporting. The appointment specifies that his role is part-time, thus balancing his responsibilities with other professional commitments. The Act also mandates that the Financial Reporting Council must ensure that the appointed member is qualified and capable of fulfilling the responsibilities associated with the position. In terms of consequences for non-compliance or breaches of the provisions outlined in this legislation, the notifiable instrument does not explicitly detail specific offences, penalties, or consequences. However, any breach of the duties or responsibilities associated with the role could potentially lead to disciplinary actions or termination of the appointment, as stipulated under the broader governance and accountability frameworks within the Australian Securities and Investments Commission Act 2001. Given that this is a notifiable instrument, any failure to adhere to the terms of the appointment could result in legal scrutiny or review by the relevant authorities.