From www.themandarin.com.au: Stakeholders have one month to respond to a proposal from Treasury to merge the existing accounting and audit standard-setting bodies into a single organization, which will replace the Financial Reporting Council, the Australian Accounting Standards Board, and the Auditing and Assurance Standards Board.

The new governing board will possess the authority of the three existing bodies and can delegate standard-setting responsibilities to technical committees.

This restructuring is described as the most significant change since the establishment of the FRC in 2000 and aligns with standard-setting models in the UK and New Zealand.