Australian Securities and Investments Commission (Australian Accounting Standards Board—Part-time Member) Appointment (No. 2) 2024

Overview

The Australian Securities and Investments Commission (Australian Accounting Standards Board—Part-time Member) Appointment (No. 2) 2024 was enacted to fill a critical role within the Australian Accounting Standards Board (AASB) by appointing a part-time member. This instrument addresses the need for experienced and qualified individuals to contribute to the AASB's decision-making processes, ensuring the maintenance and enhancement of financial reporting standards. The appointment was 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 the appointee meets the qualifications specified in subsection 236B(3) of that Act. The objective of this appointment is to bolster the AASB's capacity to develop robust accounting standards that foster transparency and investor confidence in Australia’s financial markets.

Scope and Application

The Australian Securities and Investments Commission (Australian Accounting Standards Board—Part-time Member) Appointment (No. 2) 2024 applies to the appointment of Rebecca Gordon as a part-time member of the Australian Accounting Standards Board. This appointment is governed by subsection 236B(2) of the Australian Securities and Investments Commission Act 2001, contingent on the Financial Reporting Council's determination that Rebecca Gordon is qualified as per subsection 236B(3) of that Act. The appointment is effective from 1 January 2025 until 30 June 2026. The legislation applies to Rebecca Gordon and the Australian Accounting Standards Board, and its geographic and jurisdictional reach is within the Commonwealth of Australia. The Act does not explicitly state any exclusions, exemptions, or thresholds, nor does it extend or restrict its application through subordinate instruments. The appointment is made in accordance with the provisions set out in 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. 2) 2024, dated 19 October 2024, appoints Rebecca Gordon as a part-time member of the Australian Accounting Standards Board, effective from 1 January 2025 until 30 June 2026 (section 1). This appointment is made under the authority granted by the Financial Reporting Council, which is satisfied that Ms Gordon meets the qualifications stipulated in subsection 236B(3) of the Australian Securities and Investments Commission Act 2001 (section 2). This notifiable instrument serves to formalise the appointment and outlines the duration of Ms Gordon's role on the Board. The obligations imposed on the parties governed by this Act include ensuring that the Financial Reporting Council follows the necessary procedures for appointing a part-time member to the Australian Accounting Standards Board. Specifically, the Council must be satisfied that the appointee is qualified as per the criteria set out in subsection 236B(3) of the Australian Securities and Investments Commission Act 2001. Additionally, the appointee must perform their duties diligently and in accordance with the requirements of their role during their term of appointment. Under the Australian Securities and Investments Commission Act 2001, any failure to comply with the requirements for appointing a member of the Australian Accounting Standards Board could lead to significant consequences. Although the specific penalties are not detailed in this notifiable instrument, general provisions in the Act could include civil penalties for non-compliance, which may be substantial depending on the severity and impact of the breach. Furthermore, if the breach leads to misconduct or improper conduct in the performance of duties, it may result in criminal charges, with potential penalties including fines and imprisonment, depending on the seriousness of the offence.