Australian Securities and Investments Commission (Australian Accounting Standards Board—Part-time Member) Appointment (No. 1) 2025

Overview

The Australian Securities and Investments Commission (Australian Accounting Standards Board—Part-time Member) Appointment (No. 1) 2025 was enacted to fill a temporary vacancy on the Australian Accounting Standards Board (AASB). This legislation was introduced to address the need for an additional qualified part-time member to enhance the AASB's capacity to develop and issue accounting standards that are essential for the proper functioning of financial markets in Australia. The Financial Reporting Council, acting under the authority granted by the Australian Securities and Investments Commission Act 2001, appointed Sean Osborn to serve on the AASB for a specified term. The policy objective behind this appointment is to ensure that the AASB can maintain its role in promoting transparency and accountability in financial reporting, thus supporting the integrity of Australia's financial system.

Scope and Application

The Australian Securities and Investments Commission (Australian Accounting Standards Board—Part-time Member) Appointment (No. 1) 2025 applies directly to the appointment of Sean Osborn as a part-time member of the Australian Accounting Standards Board (AASB). This instrument is issued under the authority of the Australian Securities and Investments Commission Act 2001, reflecting the legislative framework that governs the appointment of members to the AASB. The scope of this appointment is confined to the individual named, Sean Osborn, and the role he will undertake within the AASB, specifically as a part-time member. This appointment is effective from the day following its registration on the Federal Register of Legislation until 30 June 2026, thereby establishing both the temporal and positional limits of the appointment. This notifiable instrument ensures that the appointment aligns with the qualifications and conditions stipulated in subsections 236B(3) and 236B(2) of the Australian Securities and Investments Commission Act 2001.

Key Provisions

The Australian Securities and Investments Commission (Australian Accounting Standards Board—Part-time Member) Appointment (No. 1) 2025 (the "Instrument") appoints Sean Osborn as a part-time member of the Australian Accounting Standards Board (AASB) for a term beginning on the day after the Instrument is registered on the Federal Register of Legislation and ending on 30 June 2026 (section 1). This appointment is made under subsection 236B(2) of the Australian Securities and Investments Commission Act 2001, following the Financial Reporting Council's determination that Mr. Osborn meets the qualifications outlined in subsection 236B(3) of that Act. Mr. Osborn, as a part-time member of the AASB, is expected to uphold the duties and responsibilities of the role, which include participating in the development of Australian Accounting Standards, engaging with stakeholders, and contributing to the AASB’s strategic objectives (section 1). The Instrument specifies that the Financial Reporting Council, satisfied with Mr. Osborn’s qualifications, has endorsed this appointment. This appointment is instrumental in ensuring that the AASB has the necessary expertise to carry out its mandate effectively. Failure to comply with the provisions of the Australian Securities and Investments Commission Act 2001 or any other relevant legislation could potentially result in legal consequences. However, the specific Instrument itself does not detail any offences, penalties, or consequences for breach. Typically, breaches of related legislative provisions could lead to civil or criminal penalties, which could include fines or imprisonment, depending on the severity and nature of the breach. It is important for Mr. Osborn and the AASB to adhere to the requirements of their roles to avoid any potential repercussions under broader legal frameworks.