The Treasurer has unveiled significant reforms for accounting standards and ASIC. 

Treasurer Jim Chalmers has outlined a new statement of expectations for the Australian Securities and Investments Commission (ASIC), calling for a greater focus on cybersecurity, financial services, and climate change. 

Chalmers also expressed openness to further restructuring at ASIC, aiming to align it with the renewed focus on institutions like the Reserve Bank, Australian Prudential Regulation Authority, and the Productivity Commission.

ASIC Chairman Joe Longo has welcomed the initiative but stressed the need for adequate resources to support expanded responsibilities. 

Chalmers further announced plans to amalgamate three accounting bodies – the Australian Accounting Standards Board, the Auditing and Assurance Standards Board, and the Financial Reporting Council – into a unified entity by 2026. 

This move, prompted by the PwC tax leaks scandal, aims to enhance collaboration, effectiveness, and adherence to forthcoming mandatory climate disclosure rules.

Longo applauded the statement of expectations and introduced three new ASIC commissioners, reinforcing the regulator's commitment to robust oversight. 

The commissioners bring diverse expertise, including Simone Constant focusing on markets and superannuation, Alan Kirkland on insurance, credit, and financial management, and Katherine O’Rourke overseeing banking, payments, audit, insolvency, and registers.

However, concerns have been raised about consultation and potential exclusions within the accounting sector. 

Liberal Senator Richard Colbeck has cautioned against replicating past oversights, stressing the need for broad consultation and avoiding arbitrary rules. 

Chartered Accountants ANZ criticised the lack of sector consultation, urging a more inclusive approach to reform.