28 August 2012

Appointments and Reappointments to the Financial Reporting Council

The Parliamentary Secretary to the Treasurer, the Hon Bernie Ripoll MP, today announced the appointments of Messrs Ross Barker and Roger Burrows, and the reappointments of Ms Noelle Kelleher and Messrs Michael Coleman, Mark Coughlin, and Jim Murphy for three years as part-time members of the Financial Reporting Council (FRC).

The FRC is the peak body responsible for overseeing the effectiveness of the financial reporting framework in Australia. Its key functions include the oversight of the accounting and auditing standards setting processes for the public and private sectors, providing strategic advice in relation to the quality of audits conducted by Australian auditors, and advising the Minister on these and related matters to the extent that they affect the financial reporting framework in Australia.

The FRC monitors the development of international accounting and auditing standards, works to promote the development of a single set of accounting and auditing standards for worldwide use, and promotes the adoption of these standards.

The FRC's 19 members represent key stakeholder bodies in financial reporting, including a broad spectrum of preparers and users of financial statements, the Commonwealth as well as State and Territory governments, and other government bodies such as standard setters and regulators.

Mr Ross Barker was nominated by the Business Council of Australia, and is currently Managing Director of four listed investment companies. Mr Roger Burrows was nominated by the Group of 100 Inc, and is currently the Chief Financial Officer of Perpetual Limited. Both members have over 20 years of experience in senior management roles across a broad range of industries.

Mr Ripoll welcomed Messrs Barker and Burrows to the FRC, and congratulated Messrs Coleman, Coughlin and Murphy and Ms Kelleher on their reappointments.

28 August 2012