Law Council of Australia

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Public Consultation—Positioning Australia’s Financial Reporting System for the Future

Submission Date: 26 February 2025

The Law Council of Australia provided comments on the Treasury’s January 2025 Discussion Paper Positioning Australia’s financial reporting system for the future: Designing a single, flexible standard setting body.1

As set out in the December 2023 submission on the Sustainable Finance Strategy Consultation Paper,2 the Law Council supports the adoption of a ‘climate first’ approach to the financial reporting strategy, under which there would be a climate-related focus in the short-to-medium term, before eventual expansion to incorporate broader sustainability considerations.3

In November 2023, the Government announced its intention to streamline the financial reporting architecture by combining the Financial Reporting Council, the Australian Accounting Standards Board, and the Auditing and Assurance Standards Board  into a single body. We understand that, as foreshadowed in Treasury’s relevant December 2022 Consultation Paper,4 the present consultation seeks feedback from stakeholders to assist in refining and settling the proposed design of the new single, flexible standard-setting body ahead of draft legislation being finalised.

1 Treasury, Positioning Australia’s financial reporting system for the future, 2025 (Discussion Paper): <https://treasury.gov.au/consultation/c2025-536708>.
2 Law Council, Sustainable Finance Strategy Consultation Paper (Submission to Treasury, 15 December 2023): <https://lawcouncil.au/resources/submissions/finance-strategy-consultation-paper>.
3 Ibid, 1.
4 Treasury, Climate-related financial disclosure, Consultation paper, December 2022: <https://treasury.gov.au/sites/default/files/2022-12/c2022-314397_0.pdf> 19-20.

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Last Updated on 30/04/2025

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