Australian Securities and Investments Commission (Australian Accounting Standards Board—Part-time Member) Appointment (No. 3) 2022

Overview

The Australian Securities and Investments Commission (Australian Accounting Standards Board—Part-time Member) Appointment (No. 3) 2022, enacted on 7 November 2022, was introduced to address the need for qualified part-time members on the Australian Accounting Standards Board (AASB). This legislation was enacted by the Financial Reporting Council, following the provisions of the Australian Securities and Investments Commission Act 2001. The primary objective of this notifiable instrument is to ensure that the AASB is composed of members who meet the qualifications outlined in subsection 236B(3) of the Australian Securities and Investments Commission Act 2001, thereby maintaining the integrity and effectiveness of the accounting standards in Australia. Liza Maimone has been appointed to this role for the period beginning on 1 January 2023 to 31 December 2025.

Scope and Application

The Australian Securities and Investments Commission (Australian Accounting Standards Board—Part-time Member) Appointment (No. 3) 2022 pertains to the appointment of Liza Maimone as a part-time member of the Australian Accounting Standards Board, effective from 1 January 2023 to 31 December 2025. This appointment is made under the authority granted by subsection 236B(2) of the Australian Securities and Investments Commission Act 2001, ensuring that the Financial Reporting Council, satisfied of Maimone's qualifications in accordance with subsection 236B(3) of the Act, can undertake this role. The legislation applies to the individual, Liza Maimone, and her role within the Australian Accounting Standards Board, impacting the standards and practices in financial reporting within Australia. The appointment is effective across the Commonwealth of Australia, signifying its national reach. The legislation does not explicitly state any exclusions, exemptions, or thresholds, but it implicitly relies on the qualifications and conditions 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. 3) 2022, published on 7 November 2022, outlines the appointment of Liza Maimone as a part-time member of the Australian Accounting Standards Board (AASB) for the period beginning on 1 January 2023 and ending on 31 December 2025. This appointment is made by the Financial Reporting Council, under subsection 236B(2) of the Australian Securities and Investments Commission Act 2001, and is subject to the condition that Liza Maimone is qualified for the role, as stipulated in subsection 236B(3) of the same Act. This legislative instrument is significant as it formalises the appointment process of a part-time member to the AASB, ensuring that the Board has the necessary expertise to fulfil its mandate. Under this legislation, the Financial Reporting Council is mandated to ensure that the appointed individual meets the qualifications required for the position, as outlined in the Australian Securities and Investments Commission Act 2001. These qualifications likely include a background in accounting, financial reporting, or related fields, and may also encompass experience in regulatory or oversight roles. The appointment process itself involves a formal nomination by the Council, followed by an assessment of the nominee's suitability by the Council, ensuring that the individual appointed is capable of contributing effectively to the AASB’s functions. This structured approach aims to maintain high standards of governance and oversight within the financial reporting sector in Australia. Failure to comply with the provisions of the Australian Securities and Investments Commission Act 2001, or any other applicable legislation, could potentially result in various legal consequences for the parties involved. While the specific legislation does not outline explicit offences or penalties within its text, breaches of the Act could lead to legal actions such as injunctions, fines, or other civil remedies. Additionally, serious breaches or misconduct could potentially result in criminal charges, depending on the nature and severity of the violation. The exact penalties would depend on the specific provisions of the Australian Securities and Investments Commission Act 2001 and any other relevant laws that apply to the circumstances of the breach. The overarching aim is to ensure that the AASB operates effectively and transparently, maintaining the integrity of financial reporting standards in Australia.