Treasury Laws Amendment (Financial Reporting System Reform) Act 2026 (61 of 2026)

Schedule 1   Financial reporting system reform

Part 1   Main amendments

Australian Securities and Investments Commission Act 2001

3   Subsection 5(1)

Insert:

board member means a member of a standard-setting board (including the Chair and the Deputy Chair of the board).

Council associate member means an associate member of the Governing Council.

Council Chair means the Chair of the Governing Council.

Council Deputy Chair means the Deputy Chair of the Governing Council.

Council member means a member of the Governing Council (including the Council Chair and Council Deputy Chair), but does not include a Council associate member.

External Reporting Australia eligible representative means an individual who is not any of the following:

(a) a partner in a partnership that is a prescribed auditing firm;

(b) a director, secretary or senior manager of a company that is a prescribed auditing firm;

(c) a former partner in a partnership that is currently a prescribed auditing firm, if the individual is receiving regular and ongoing benefits, or has within the last 6 months received a material benefit, from the partnership;

(d) a former director, secretary or senior manager of a company that is currently a prescribed auditing firm, if either of the following apply:

(i) the individual is receiving regular and ongoing benefits, or has within the last 6 months received a material benefit, from the company;

(ii) the individual holds shares in the company.

Note: The term prescribed auditing firm is defined by reference to the number of registered company auditors in a partnership or company. For the purposes of the definition External Reporting Australia eligible representative , it is irrelevant whether or not the individual is a registered company auditor.