AST FRC Financial Reporting Meeting


On May 3, AST FRC issued communique regarding Mar. 31 meeting.


  • AST FRC held a meeting on Mar. 31, 2021, with updates from AASB and AUASB chairs.
  • Meeting
  • AASB (Australian Accounting Standards Board) chair updated on post-implementation review of AASB 1049, which is expected to be completed by Nov. 2021.
  • AASB research report 15 on review of auditor remuneration disclosures requirements.
  • AUASB (Auditing and Assurance Standards Board)revised quality management standards, is finalizing a strategic plan to support extended external reporting (EER).
  • Will issue a bulletin providing guidance for auditors on matters to consider as the removal of special purpose financial statements (SPFS) comes into effect on Jun. 30.
  • AUASB is finalizing its new digital portal to make the auditing standards and other pronouncements more easily accessible online, which will be released in Apr. 2021.
  • Carrying out biannual survey of professional investors, report to be released in May.
  • The next AST FRC meeting is scheduled for Jun. 3, 2021.

Regulators AST FRC
Entity Types Auditor; Corp
Reference PR 5/3/2021; Mt 3/31/2021
Functions Accounting; Compliance; Financial; Reporting; Risk; Treasury
Countries Australia
Products Corporate
Regions AP
Rule Type Guidance
Rule Date 5/3/2021
Effective Date 6/3/2021
Rule Id 104473
Linked to N/A
Reg. Last Update 5/3/2021
Report Section International

Last substantive update on 05/04/2021