1. This Charter

The Taskforce is established as a taskforce of the Financial Reporting Council (FRC) on the terms set out in this charter.

2. Objective

  1. The primary objective of the Taskforce is to assist the FRC in:
    • its role as the key external advisor to the Australian Government on the financial reporting system; and
    • delivering on its Strategic Plan.
  2. The Taskforce is set up to complete a particular project as specified in the minutes of the FRC meeting approving the establishment of the Taskforce.

3. Membership

  1. The Taskforce will comprise no more than 8 members, such members to comprise a minimum of 3 FRC Members and up to 2 non-members who have high level expertise and interest in financial reporting and are approved by the Treasury General Manager.
  2. Appointments to the Taskforce will be made by the Chairman and Deputy Chairman of the FRC on behalf of the FRC.
  3. FRC Members will be appointed to the Taskforce for terms to be specified by the Chairman and the Deputy Chairman when establishing the Taskforce (or such shorter time as they remain in the office of FRC Member). Non‑members will be appointed to the Taskforce for the same or shorter term, as determined by the Chairman of the FRC.
  4. The Chairman of the Taskforce will be appointed by the Chairman and Deputy Chairman of the FRC.
  5. Any FRC Member may attend any meeting of the Taskforce.

4. Secretary

Generally, members of the FRC Secretariat and other members of the Corporations and Capital Markets Division will act as the secretary to the Taskforce. However, other parties can provide secretariat and other support and research services to the Taskforce, with the approval of the Treasury General Manager.

5. Meeting & Work Program

  1. The Taskforce will hold at least 3 meetings, including by phone, per year, unless otherwise determined by the Taskforce Chairman.
  2. A simple majority of Taskforce Members will constitute a quorum, and a simple majority of Members present at the meeting will constitute a majority for voting purposes.
  3. The Taskforce will agree a work program, setting out a timeline of its activities and the deliverables which will demonstrate the project has been completed.

6. Reporting

  1. The Taskforce Chairman will report at each FRC meeting on the activities of the Taskforce.
  2. Minutes recording key matters and actions agreed at each Taskforce meeting will be circulated to Taskforce members within two weeks of each Taskforce meeting and included in the meeting papers for the next FRC meeting.

7. Review

The FRC Strategic Planning Committee will review this charter each year.