Treasury Laws Amendment (2023 Measures No. 1) Act 2023 (101 of 2023)

Schedule 2   Sustainability standards

Australian Securities and Investments Commission Act 2001

8   After subsection 225(1)

Insert:

Standards functions

(1A) The FRC functions include:

(a) monitoring the development of international accounting standards, international auditing standards and international sustainability standards; and

(b) monitoring the development of the accounting standards, auditing standards, and sustainability standards that apply in major international financial centres; and

(c) furthering the development of a single set of each of the following for world-wide use with appropriate regard to international developments:

(i) accounting standards;

(ii) auditing standards;

(iii) sustainability standards; and

(d) promoting the continued adoption of international best practice:

(i) accounting standards; and

(ii) auditing standards; and

(iii) sustainability standards;

in the Australian standard-setting processes if doing so would be in the best interests of both the private and public sectors in the Australian economy; and

(e) monitoring the operation of:

(i) accounting standards; and

(ii) auditing standards; and

(iii) sustainability standards;

to assess their continued relevance and their effectiveness in achieving their objectives in respect of both the private and public sectors of the Australian economy; and

(f) monitoring the effectiveness of the consultative arrangements used by the AASB and the AUASB.