Consultation Paper: Positioning Australia’s financial reporting system for the future

Please click here to view the Submission 'Consultation Paper: Positioning Australia’s financial reporting system for the future'.

Overview of the Submission:

The Institute of Public Accountants (IPA) provided a submission to the Treasury regarding the consultation paper on positioning Australia's financial reporting system for the future. Overall, the IPA supported the proposed structure and principles but expressed concerns regarding the timing, level of detail, competencies, and independence of the new body. The IPA emphasised the importance of transparency, accountability, and functional separation between the governing board and technical standard-setting committees. The IPA suggested more public transparency in deliberations and expressed concern regarding the role of external experts, potential conflicts of interest, and Board member termination guidelines. The IPA also commented on the eligibility requirements for board and committee appointments and suggested strengthening institutional governance.