Australian Securities and Investments Commission (Australian Accounting Standards Board—Part-time Member) Appointment (No. 2) 2022

Overview

The Australian Securities and Investments Commission (Australian Accounting Standards Board—Part-time Member) Appointment (No. 2) 2022 was enacted to address the need for a qualified part-time member on the Australian Accounting Standards Board (AASB). This notifiable instrument is an appointment made by the Financial Reporting Council under the authority granted by subsection 236B(2) of the Australian Securities and Investments Commission Act 2001, ensuring that Adrian King, who is deemed qualified in accordance with subsection 236B(3) of that Act, will serve on the AASB for a period starting on 1 January 2023 and ending on 31 December 2025. The policy objective of this appointment is to enhance the expertise and diversity of the AASB, thereby improving the quality and consistency of financial reporting standards in Australia.

Scope and Application

The Australian Securities and Investments Commission (Australian Accounting Standards Board—Part-time Member) Appointment (No. 2) 2022 appoints Adrian King as a part-time member of the Australian Accounting Standards Board for a term beginning on 1 January 2023 and ending on 31 December 2025. The appointment is made by the Financial Reporting Council under subsection 236B(2) of the Australian Securities and Investments Commission Act 2001, provided that Adrian King is qualified for appointment in accordance with subsection 236B(3) of that Act. This legislation applies specifically to Adrian King, a person deemed qualified for the role, and pertains to his part-time membership on the Australian Accounting Standards Board, an entity within the Commonwealth of Australia. The Act does not specify any geographic or jurisdictional exclusions, exemptions, or thresholds, and its application is confined to the stipulated term of Adrian King's appointment. The scope of this legislation is narrowly focused on the appointment of the specified individual to the particular role, with no broader implications or extensions provided for in subordinate instruments.

Key Provisions

The Australian Securities and Investments Commission (Australian Accounting Standards Board—Part-time Member) Appointment (No. 2) 2022 (F2022N00257) outlines the appointment of Adrian King as a part-time member of the Australian Accounting Standards Board (AASB) for the period from 1 January 2023 to 31 December 2025. This notifiable instrument is made under the authority provided by subsection 236B(2) of the Australian Securities and Investments Commission Act 2001. The appointment is based on the Financial Reporting Council's (FRC) determination that Adrian King meets the qualifications stipulated in subsection 236B(3) of the Act. The FRC, acting in its capacity as the appointing authority, has endorsed the appointment, with Andrew Mills, the Chair of the FRC, signing the document on behalf of the Council on 7 November 2022. This legislation imposes specific obligations on Adrian King, who is now a part-time member of the AASB. His role will involve participating in the development of Australian Accounting Standards and ensuring that these standards are of high quality and in the public interest. As a member of the AASB, Adrian King must adhere to the professional standards and ethical requirements applicable to members of the AASB, including those related to conflicts of interest and confidentiality. Furthermore, he is expected to contribute to the AASB's work with due diligence, expertise, and impartiality, ensuring that the standards developed are robust and transparent. There are no explicit offences, penalties, or consequences for breach outlined in this notifiable instrument itself. However, any breaches of the professional or ethical standards applicable to members of the AASB may have consequences under the broader framework of the Australian Securities and Investments Commission Act 2001 and related regulations. For instance, serious breaches of professional standards or ethical conduct could potentially lead to disciplinary actions, including removal from office. Moreover, if Adrian King were to violate the public interest requirement, this could result in legal consequences, as the AASB operates within a regulatory environment designed to protect the integrity and reliability of financial reporting in Australia. The appointment is a formal acknowledgment of Adrian King's qualifications and suitability for the role, ensuring that the AASB has a member who can contribute effectively to its mandate. The notifiable instrument serves as an official record of this appointment, providing clarity and transparency regarding the term and conditions of Adrian King's part-time membership. This appointment is crucial for maintaining the AASB's capacity to develop and uphold high-quality accounting standards, which are essential for the stability and transparency of the Australian financial market.