Australian Securities and Investments Commission (Australian Accounting Standards Board—Part-time Member) Appointment (No. 2) 2021

Overview

The Australian Securities and Investments Commission (Australian Accounting Standards Board—Part-time Member) Appointment (No. 2) 2021 is a notifiable instrument designed to address the need for skilled and qualified part-time members within the Australian Accounting Standards Board (AASB). Enacted by the Financial Reporting Council under subsection 236B(2) of the Australian Securities and Investments Commission Act 2001, the appointment of Paul Rogers as a part-time member for the period 1 January 2022 to 31 December 2024 aims to ensure the AASB maintains a robust and diverse membership, capable of contributing effectively to the development of accounting standards. The appointment was made on the basis that Mr. Rogers is qualified in accordance with subsection 236B(3) of the Act, reflecting the policy objective to enhance the AASB's expertise and capacity in addressing the evolving needs of the financial reporting landscape.

Scope and Application

The Australian Securities and Investments Commission (Australian Accounting Standards Board—Part-time Member) Appointment (No. 2) 2021 is a legislative instrument issued under the authority of the Australian Securities and Investments Commission Act 2001. This notifiable instrument appoints Paul Rogers as a part-time member of the Australian Accounting Standards Board, effective from 1 January 2022 to 31 December 2024. The Financial Reporting Council, having determined that Paul Rogers is suitably qualified as per the criteria set out in subsection 236B(3) of the Act, made the appointment on behalf of the Council. This appointment is limited to the individual named and does not extend to other persons, entities, or broader industry conduct. The geographic and jurisdictional reach of this appointment is national, operating within the framework of Australian federal law. There are no specific exclusions, exemptions, or thresholds outlined in this particular instrument, though the broader applicability of the Australian Securities and Investments Commission Act 2001 may impose additional conditions or limitations on the role and responsibilities of the appointed member.

Key Provisions

The Australian Securities and Investments Commission (Australian Accounting Standards Board—Part-time Member) Appointment (No. 2) 2021 is a notifiable instrument that appoints Paul Rogers as a part-time member of the Australian Accounting Standards Board, effective from 1 January 2022 to 31 December 2024. This appointment is made under the authority conferred by subsection 236B(2) of the Australian Securities and Investments Commission Act 2001, with the Financial Reporting Council confirming Paul Rogers’ qualifications in accordance with subsection 236B(3) of that Act. Under this legislation, Paul Rogers is granted a specific role and responsibilities as a part-time member of the Australian Accounting Standards Board. His duties would typically include participating in the formulation and setting of accounting standards in Australia, contributing to discussions, and voting on matters related to accounting and financial reporting standards. His part-time status means he may not be required to dedicate full-time hours to these responsibilities, but he is expected to contribute to the board’s activities during the specified term. The obligations imposed on Paul Rogers as a member include maintaining a high level of professional integrity, ensuring compliance with the standards and practices of the Australian Accounting Standards Board, and participating in board meetings and discussions as scheduled. He is also required to avoid any conflicts of interest and to uphold the independence necessary for his role. These obligations ensure that the accounting standards set are robust, transparent, and in the public interest. Breach of these obligations or failure to fulfil the responsibilities outlined in the legislation could result in disciplinary actions or revocation of the appointment. While specific offences and penalties are not detailed in this notifiable instrument, breaches of the Australian Securities and Investments Commission Act 2001 can lead to severe civil or criminal penalties, including fines and imprisonment, depending on the nature and severity of the breach. The Financial Reporting Council and the Australian Securities and Investments Commission have the authority to enforce compliance and take appropriate actions against any member found to be in breach of their duties.