Treasury Laws Amendment (Financial Reporting System Reform) Bill 2026

Submission Date: 26 March 2026

The Law Council of Australia provided a submission to the Senate Economics Legislation Committee to comment on the Treasury Laws Amendment (Financial Reporting System Reform) Bill 2026 (the Bill).

In February 2025, the Law Council made a submission in response to the Treasury’s January 2025 Discussion Paper Positioning Australia’s financial reporting system for the future: Designing a single, flexible standard setting body (2025 submission).¹ The present submission should be read in conjunction with our 2025 submission.

The 2025 submission, while noting support for a ‘climate first’ financial reporting strategy, encouraged Treasury to consider a broader conception of ‘sustainability’ in designing a new standard-setting oversight body to replace the Financial Reporting Council, the Australian Accounting Standards Board, and the Auditing and Assurance Standards Board.

^{1 Law Council of Australia, Public Consultation—Positioning Australia’s financial reporting system for the future (Submission, 26 February 2025).}

Last Updated on 10/04/2026

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