External Reporting Australia Must Follow Accounting Standards and Directions, While Council and Board Must Meet New Conduct and Eligibility Rules
Treasury Laws Amendment (Financial Reporting System Reform) Bill 2026
House of Representatives
Senate
Assent
Links to official parliament websites
Effects of this bill
If this bill passes, it means that:
External Reporting Australia must disclose information under specific confidentiality rules.
External Reporting Australia must monitor international and domestic accounting, auditing, and sustainability standards.
Council and board members must follow a formal Code of Conduct.
The Governing Council must fire any board member who leaks confidential information.
Board members must record any conflicts of interest in the meeting minutes.
The Minister must agree in writing before a council member is appointed to a board.
The Governing Council must ensure at least one board is available to handle each category of standards.
External Reporting Australia must monitor changes to international and domestic accounting, auditing, and sustainability standards.
External Reporting Australia must follow directions given to it.
People who are bankrupt or cannot pay their debts are not eligible to be the Chair or a member of the Governing Council.
Governing Council members cannot also be board members unless the Minister agrees in writing.
Board members must record any conflicts of interest in the meeting minutes.
The Governing Council must fire a board member if they leak confidential information.
The External Reporting Australia Code of Conduct now applies to all Governing Council members, associate members, and board members.