The Financial Reporting Panel operated between 2009-2012. The Panel’s primary function was to resolve disputes between ASIC and companies concerning accounting treatments in their financial reports.
The Panel was established under the Corporate Law and Economic Reform Program (Audit Reform and Corporate Disclosure) Act 2004 and aimed to remove the need to initiate legal proceedings in Court in order to resolve disputes about financial reporting matters. The FRP was designed to provide an efficient and cost effective way of dealing with disputes, the opportunity to be heard by persons with relevant expertise, and remove concerns of courts’ limited understanding of accounting standards.
The Panel was comprised of part-time members with knowledge or experience in accounting, auditing, business, company administration or law. The nine members of the Panel were:
- Mr Ken McKenzie (Chairman, New South Wales)
- Professor David Boymal AM (Victoria)
- Professor Michael Burgess (South Australia)
- Mr Roger Cotton (Victoria)
- Dr Allen Craswell (Queensland)
- Ms Brigid Curran (Queensland)
- Mr Martin Fensome (Victoria)
- Mr Bill Palmer (South Australia)
- Mr Ted Rofe AM (New South Wales)
Due to lower than expected referral rates the Financial Reporting Panel closed on 1 October 2012. Disputes are now resolved between the parties or dealt with in proceedings before a court.