- Advocacy
SMSF Association Submission
The SMSF Association welcomes the opportunity to provide this submission in response to the Government’s proposed establishment of a new single standard setting body, by combining the Financial Reporting Council (FRC), the Australian Accounting Standards Board (AASB) and the Auditing and Assurance Standards Board (AUASB).
We acknowledge the need to align internationally on a range of standards, for economic efficiency and to allow Australian businesses to attract investment or to compete in international markets.
While these are issues of significance, any restructure or change of remit, must also consider the roles, functions, governance, and processes of the new entity, in the discharge of its duties. It must also ensure it does not have a narrowed focus and must properly consider all stakeholders including
those operating in different frameworks