Major shake-up of accountancy bodies

The Treasurer has advised that the following three bodies which currently oversee financial reporting and set the reporting standards will be combined into a single entity:

• Australian Accounting Standards Board (AASB)
• Auditing and Assurance Standards Board and
• Financial Reporting Council.

It is intended that the body will be operational on or after 1 July 2026, subject to the passage of legislation. The government will finalise the details of the governance arrangements for the new entity (which has not been given a name as yet) which will involve “appropriate transitional arrangements”.