Financial Reporting Panel

Thu, Feb 9 2012

Financial Reporting Panel

The Government has announced that the Financial Reporting Panel (FRP) will be wound up.

The FRP was established in 2006 to resolve contested issues between the Australian Securities and Investments Commission (ASIC) and reporting entities over the application of accounting standards to financial reports.

The Parliamentary Secretary to the Treasurer, David Bradbury said: 'The concept of the FRP as an alternative dispute resolution mechanism was a worthy one, but demand for the mechanism has proven to be too low to justify its continued operation."

The Government previously announced it would wind up the FRP in 2010-11 after only one case was referred to the FRP between 2006 and 2010. Four cases were referred to the FRP in August 2010, which led to the Government reviewing the ongoing role of the FRP. However, there have been no referrals to the body since that time.

ENDS