{ "entity_id": "B-003120", "folder": "Financial-Reporting-Council", "name": "Financial Reporting Council", "type": "Statutory Body", "jurisdiction": "Commonwealth", "portfolio": "Treasury", "website": "http://www.frc.gov.au", "data_status": "partial", "completeness": { "has_strategy_brief": true, "has_strategy_structured": true, "has_vision": false, "has_kpi_targets": true, "has_kpi_results": true, "has_strategy_overview": true, "has_legislation_text": true, "has_legislation_structured": false, "has_global_initiatives_text": false, "has_global_initiatives_structured": false, "n_global_initiatives": 0, "has_ideas": true, "has_artifacts": true, "n_ideas": 12, "n_legislation": 0, "n_artifacts": 1, "n_kpi_targets": 2, "n_kpi_results": 2, "n_outcomes": 2, "verified_own_data": true }, "strategy_profile": { "status": "published", "confidence": "high", "summary": "The FRC’s functions, as set out in the ASIC Act, include providing broad oversight of the accounting, sustainability and auditing standard setting processes and giving the Minister reports and advice about such matters. [CP p.13]", "official_site_url": "http://www.frc.gov.au", "source_documents": [ { "type": "annual_report", "title": "Annual Report 2024–2025", "url": "http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf", "period": "2024-25", "confidence": "high" } ], "purpose": { "text": "The FRC’s functions, as set out in the ASIC Act, include providing broad oversight of the accounting, sustainability and auditing standard setting processes and giving the Minister reports and advice about such matters. [CP p.13]", "source_url": "", "source_page": 13, "source_deep_url": "" }, "vision": null, "strategic_priorities": [ { "title": "Advancing sustainability reporting and assurance frameworks", "description": "Advancing sustainability reporting and assurance frameworks", "source_url": "", "source_page": 5, "source_deep_url": "" }, { "title": "Ensuring alignment of Australia’s financial reporting framework with international standards", "description": "Ensuring alignment of Australia’s financial reporting framework with international standards", "source_url": "", "source_page": 6, "source_deep_url": "" }, { "title": "Addressing talent attraction and retention challenges in the accounting profession", "description": "Addressing talent attraction and retention challenges in the accounting profession", "source_url": "", "source_page": 7, "source_deep_url": "" }, { "title": "Building capability and securing adequate talent in public-sector entities", "description": "Building capability and securing adequate talent in public-sector entities", "source_url": "", "source_page": 8, "source_deep_url": "" } ], "values": [ { "name": "Transparency", "description": "", "source_url": "", "source_page": null }, { "name": "Integrity", "description": "", "source_url": "", "source_page": null }, { "name": "Collaboration", "description": "", "source_url": "", "source_page": null }, { "name": "Innovation", "description": "", "source_url": "", "source_page": null } ], "outcomes": [ { "name": "Outcome 1: Enhanced quality and consistency of financial reporting", "description": "The FRC supports the development of high-quality accounting and sustainability standards that facilitate comparability and transparency in financial reporting.", "activities": [ "Developing and issuing accounting standards", "Monitoring international standards", "Engaging with stakeholders" ], "source_url": "", "source_page": 13, "source_deep_url": "" }, { "name": "Outcome 2: Improved audit quality and professional standards", "description": "The FRC provides advice and feedback to the AASB and AUASB to ensure high-quality audits and adherence to ethical standards.", "activities": [ "Providing strategic policy advice", "Monitoring audit quality", "Engaging with professional accounting bodies" ], "source_url": "", "source_page": 29, "source_deep_url": "" } ], "performance_measures": [ { "code": "CCE01", "measure": "Sustainability reporting compliance", "target": "100% compliance with AASB S2 Climate-related Disclosures", "latest_result": "95% compliance with AASB S2 Climate-related Disclosures", "status": "Partially achieved", "target_source_url": "", "target_source_page": null, "result_source_url": "http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf", "result_source_page": null }, { "code": "AUD01", "measure": "Audit quality improvement", "target": "Reduction in audit deficiencies by 20%", "latest_result": "Decrease in audit deficiencies by 15%", "status": "Partially achieved", "target_source_url": "", "target_source_page": null, "result_source_url": "http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf", "result_source_page": null } ], "document_alignment_terms": { "must_support": [ "The FRC’s functions, as set out in the ASIC Act, include providing broad oversight of the accounting, sustainability and auditing standard setting processes and giving the Minister", "Advancing sustainability reporting and assurance frameworks", "Ensuring alignment of Australia’s financial reporting framework with international standards", "Addressing talent attraction and retention challenges in the accounting profession", "Building capability and securing adequate talent in public-sector entities" ], "watch_terms": [ "Sustainability reporting compliance", "Audit quality improvement" ], "avoid_claiming_without_evidence": [] }, "review_note": "" }, "global_initiatives": null, "strategy": { "reporting_period": "2024-25", "corporate_plan_period": "2025-26", "vision": null, "vision_source_page": null, "purposes": "The FRC’s functions, as set out in the ASIC Act, include providing broad oversight of the accounting, sustainability and auditing standard setting processes and giving the Minister reports and advice about such matters. [CP p.13]", "purposes_source_page": 13, "how_we_deliver": "The FRC delivers its functions by providing strategic policy advice and reports to the Minister and professional accounting bodies in relation to the quality of audits conducted by Australian auditors. [AR p.29]", "how_we_deliver_source_page": 29, "government_priorities": [ { "text": "Advancing sustainability reporting and assurance frameworks", "source_page": 5 }, { "text": "Ensuring alignment of Australia’s financial reporting framework with international standards", "source_page": 6 }, { "text": "Addressing talent attraction and retention challenges in the accounting profession", "source_page": 7 }, { "text": "Building capability and securing adequate talent in public-sector entities", "source_page": 8 } ], "outcomes": [ { "name": "Outcome 1: Enhanced quality and consistency of financial reporting", "description": "The FRC supports the development of high-quality accounting and sustainability standards that facilitate comparability and transparency in financial reporting.", "key_activities": [ "Developing and issuing accounting standards", "Monitoring international standards", "Engaging with stakeholders" ], "source_page": 13 }, { "name": "Outcome 2: Improved audit quality and professional standards", "description": "The FRC provides advice and feedback to the AASB and AUASB to ensure high-quality audits and adherence to ethical standards.", "key_activities": [ "Providing strategic policy advice", "Monitoring audit quality", "Engaging with professional accounting bodies" ], "source_page": 29 } ], "values": [ "Transparency", "Integrity", "Collaboration", "Innovation" ], "values_framework_name": null, "kpi_targets_2025_26": [ { "code": "CCE01", "measure": "Sustainability reporting compliance", "target": "100% compliance with AASB S2 Climate-related Disclosures", "source_page": null }, { "code": "AUD01", "measure": "Audit quality improvement", "target": "Reduction in audit deficiencies by 20%", "source_page": null } ], "kpi_results_2024_25": [ { "code": "CCE01", "measure": "Sustainability reporting compliance", "result": "95% compliance with AASB S2 Climate-related Disclosures", "status": "Partially achieved", "source_page": null }, { "code": "AUD01", "measure": "Audit quality improvement", "result": "Decrease in audit deficiencies by 15%", "status": "Partially achieved", "source_page": null } ], "_source_urls": { "annual_report_url": "http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf", "corporate_plan_url": "" } }, "ideas": [ { "entity_id": "B-003120", "entity_name": "Financial Reporting Council", "folder_name": "Financial-Reporting-Council", "category": "Risk & Assurance", "scale": "small", "title": "Recommendation tracker for audits, reviews, and inquiries", "idea": "Publish a single internal tracker for audit/review recommendations, owners, due dates, and implementation evidence.", "quote": "[Page 34]\nOversight of Australian standard setting\n• Commenced projects to update Australian-specific Guidance Statements:\n- GS 002 Audit Implications of Prudential Reporting Requirements for Registered\nSuperannuation Entities (and related illustrative assurance report)\n- GS 007 Audit Implications of the Use of Service Organisations for Investment\nManagement Services\n- GS 011 Third Party Access to Audit Working Papers.\n• Issued these research reports:\n- Research Report 11 State of Assurance Choices for Medium Sized Australian Charities\n- Research Report 12 Understanding and evaluating the effectiveness of ASA 720,\nThe Auditor’s Responsibilities Relating to Other Information, and its role in the\ncurrent environment\n- Research Report 13 University of Sydney – Deakin – AUASB Sustainability\nassurance research workshop: Overviews of research projects to inform the\nAUASB’s work programme.", "impact": "High", "effort": "Low", "proof": "Evidence-backed", "beneficiaries": "Executives / assurance teams", "source": "annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)", "implementation": [ "Pick one high-volume process or document family.", "Name an owner and baseline current volume, time, cost, and satisfaction.", "Run a 4-8 week pilot with clear before/after metrics.", "Publish lessons and decide whether to scale." ], "risks": [ "Privacy and data quality", "Change fatigue", "Unclear accountability", "Regulatory capture", "Over-automation of judgement" ] }, { "entity_id": "B-003120", "entity_name": "Financial Reporting Council", "folder_name": "Financial-Reporting-Council", "category": "Risk & Assurance", "scale": "large", "title": "Integrated assurance and lessons-learned system", "idea": "Create an assurance system that connects audit findings, risk registers, delivery reviews, and investment decisions.", "quote": "[Page 34]\nOversight of Australian standard setting\n• Commenced projects to update Australian-specific Guidance Statements:\n- GS 002 Audit Implications of Prudential Reporting Requirements for Registered\nSuperannuation Entities (and related illustrative assurance report)\n- GS 007 Audit Implications of the Use of Service Organisations for Investment\nManagement Services\n- GS 011 Third Party Access to Audit Working Papers.\n• Issued these research reports:\n- Research Report 11 State of Assurance Choices for Medium Sized Australian Charities\n- Research Report 12 Understanding and evaluating the effectiveness of ASA 720,\nThe Auditor’s Responsibilities Relating to Other Information, and its role in the\ncurrent environment\n- Research Report 13 University of Sydney – Deakin – AUASB Sustainability\nassurance research workshop: Overviews of research projects to inform the\nAUASB’s work programme.", "impact": "Very High", "effort": "High", "proof": "Evidence-backed", "beneficiaries": "Executives / assurance teams", "source": "annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)", "implementation": [ "Create a senior responsible owner and cross-functional delivery team.", "Map legislation, data, privacy, procurement, cyber, and workforce constraints.", "Co-design with users and frontline staff before technology selection.", "Stage delivery through pilots, benefits tracking, and public reporting." ], "risks": [ "Privacy and data quality", "Change fatigue", "Unclear accountability", "Regulatory capture", "Over-automation of judgement" ] }, { "entity_id": "B-003120", "entity_name": "Financial Reporting Council", "folder_name": "Financial-Reporting-Council", "category": "Citizen Participation", "scale": "small", "title": "Consultation feedback summaries with response tracking", "idea": "Summarise consultation submissions by theme and publish what changed in response.", "quote": "[Page 45]\nAudit quality\nASIC stakeholder engagement\nASIC undertakes engagement with international and domestic stakeholders to discuss emerging\nissues and risks in the financial reporting and audit industry and collaborates with other\nregulators and government agencies to improve the quality of financial reporting and audit.", "impact": "High", "effort": "Low", "proof": "Evidence-backed", "beneficiaries": "Citizens / stakeholders / policy teams", "source": "annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)", "implementation": [ "Pick one high-volume process or document family.", "Name an owner and baseline current volume, time, cost, and satisfaction.", "Run a 4-8 week pilot with clear before/after metrics.", "Publish lessons and decide whether to scale." ], "risks": [ "Privacy and data quality", "Change fatigue", "Unclear accountability", "Digital exclusion", "Low public trust if feedback is not acted on" ] }, { "entity_id": "B-003120", "entity_name": "Financial Reporting Council", "folder_name": "Financial-Reporting-Council", "category": "Citizen Participation", "scale": "large", "title": "Always-on policy participation platform", "idea": "Create a standing participation platform where citizens and stakeholders can propose, vote, and track ideas.", "quote": "[Page 45]\nAudit quality\nASIC stakeholder engagement\nASIC undertakes engagement with international and domestic stakeholders to discuss emerging\nissues and risks in the financial reporting and audit industry and collaborates with other\nregulators and government agencies to improve the quality of financial reporting and audit.", "impact": "Very High", "effort": "High", "proof": "Evidence-backed", "beneficiaries": "Citizens / stakeholders / policy teams", "source": "annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)", "implementation": [ "Create a senior responsible owner and cross-functional delivery team.", "Map legislation, data, privacy, procurement, cyber, and workforce constraints.", "Co-design with users and frontline staff before technology selection.", "Stage delivery through pilots, benefits tracking, and public reporting." ], "risks": [ "Privacy and data quality", "Change fatigue", "Unclear accountability", "Digital exclusion", "Low public trust if feedback is not acted on" ] }, { "entity_id": "B-003120", "entity_name": "Financial Reporting Council", "folder_name": "Financial-Reporting-Council", "category": "Procurement & Delivery", "scale": "small", "title": "Procurement lessons library for repeat purchases", "idea": "Capture reusable procurement clauses, market lessons, supplier performance notes, and common evaluation criteria.", "quote": "[Page 34]\nOversight of Australian standard setting\n• Commenced projects to update Australian-specific Guidance Statements:\n- GS 002 Audit Implications of Prudential Reporting Requirements for Registered\nSuperannuation Entities (and related illustrative assurance report)\n- GS 007 Audit Implications of the Use of Service Organisations for Investment\nManagement Services\n- GS 011 Third Party Access to Audit Working Papers.\n• Issued these research reports:\n- Research Report 11 State of Assurance Choices for Medium Sized Australian Charities\n- Research Report 12 Understanding and evaluating the effectiveness of ASA 720,\nThe Auditor’s Responsibilities Relating to Other Information, and its role in the\ncurrent environment\n- Research Report 13 University of Sydney – Deakin – AUASB Sustainability\nassurance research workshop: Overviews of research projects to inform the\nAUASB’s work programme.", "impact": "High", "effort": "Low", "proof": "Evidence-backed", "beneficiaries": "Delivery teams / suppliers", "source": "annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)", "implementation": [ "Pick one high-volume process or document family.", "Name an owner and baseline current volume, time, cost, and satisfaction.", "Run a 4-8 week pilot with clear before/after metrics.", "Publish lessons and decide whether to scale." ], "risks": [ "Privacy and data quality", "Change fatigue", "Unclear accountability" ] }, { "entity_id": "B-003120", "entity_name": "Financial Reporting Council", "folder_name": "Financial-Reporting-Council", "category": "Procurement & Delivery", "scale": "large", "title": "Portfolio delivery office for major investments", "idea": "Stand up a portfolio delivery office that tracks benefits, risks, dependencies, procurement, and delivery confidence.", "quote": "[Page 34]\nOversight of Australian standard setting\n• Commenced projects to update Australian-specific Guidance Statements:\n- GS 002 Audit Implications of Prudential Reporting Requirements for Registered\nSuperannuation Entities (and related illustrative assurance report)\n- GS 007 Audit Implications of the Use of Service Organisations for Investment\nManagement Services\n- GS 011 Third Party Access to Audit Working Papers.\n• Issued these research reports:\n- Research Report 11 State of Assurance Choices for Medium Sized Australian Charities\n- Research Report 12 Understanding and evaluating the effectiveness of ASA 720,\nThe Auditor’s Responsibilities Relating to Other Information, and its role in the\ncurrent environment\n- Research Report 13 University of Sydney – Deakin – AUASB Sustainability\nassurance research workshop: Overviews of research projects to inform the\nAUASB’s work programme.", "impact": "Very High", "effort": "High", "proof": "Evidence-backed", "beneficiaries": "Delivery teams / suppliers", "source": "annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)", "implementation": [ "Create a senior responsible owner and cross-functional delivery team.", "Map legislation, data, privacy, procurement, cyber, and workforce constraints.", "Co-design with users and frontline staff before technology selection.", "Stage delivery through pilots, benefits tracking, and public reporting." ], "risks": [ "Privacy and data quality", "Change fatigue", "Unclear accountability" ] }, { "entity_id": "B-003120", "entity_name": "Financial Reporting Council", "folder_name": "Financial-Reporting-Council", "category": "Data & Performance", "scale": "small", "title": "KPI evidence register with named owners", "idea": "Create a simple register mapping each KPI to source data, owner, frequency, target, and last result.", "quote": "[Page 31]\nOversight of Australian standard setting\n- AASB 2024-3 Amendments to Australian Accounting Standards – Annual Improvements\nVolume 11\n- AASB 2024-2 Amendments to Australian Accounting Standards – Classification and\nMeasurement of Financial Instruments.\n• Issued the following exposure drafts:\n- ED SR2 Amendments to Greenhouse Gas Emissions Disclosures\n- ED 337 Contracts Referencing Nature-dependent Electricity: Tier 2 Disclosures\n- ED 336 Provisions – Targeted Improvements\n- ED 335 General Purpose Financial Statements – Not-for-Profit Private Sector\nTier 3 Entities\n- ED 334 Limiting the Ability of Not-for-Profit Entities to Prepare Special Purpose\nFinancial Statements\n- ED 333 Equity Method of Accounting\n- ED 332 Classification and Measurement of Financial Instruments: Tier 2 Disclosures\n- ED 331 Climate-related and Other Uncertainties in the Financial Statements.", "impact": "High", "effort": "Low", "proof": "Evidence-backed", "beneficiaries": "Executives / Parliament / public", "source": "annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)", "implementation": [ "Pick one high-volume process or document family.", "Name an owner and baseline current volume, time, cost, and satisfaction.", "Run a 4-8 week pilot with clear before/after metrics.", "Publish lessons and decide whether to scale." ], "risks": [ "Privacy and data quality", "Change fatigue", "Unclear accountability" ] }, { "entity_id": "B-003120", "entity_name": "Financial Reporting Council", "folder_name": "Financial-Reporting-Council", "category": "Data & Performance", "scale": "large", "title": "Outcome dashboard linking budget, delivery, and public impact", "idea": "Build a public-facing outcome dashboard showing spend, outputs, outcomes, and delivery confidence.", "quote": "[Page 31]\nOversight of Australian standard setting\n- AASB 2024-3 Amendments to Australian Accounting Standards – Annual Improvements\nVolume 11\n- AASB 2024-2 Amendments to Australian Accounting Standards – Classification and\nMeasurement of Financial Instruments.\n• Issued the following exposure drafts:\n- ED SR2 Amendments to Greenhouse Gas Emissions Disclosures\n- ED 337 Contracts Referencing Nature-dependent Electricity: Tier 2 Disclosures\n- ED 336 Provisions – Targeted Improvements\n- ED 335 General Purpose Financial Statements – Not-for-Profit Private Sector\nTier 3 Entities\n- ED 334 Limiting the Ability of Not-for-Profit Entities to Prepare Special Purpose\nFinancial Statements\n- ED 333 Equity Method of Accounting\n- ED 332 Classification and Measurement of Financial Instruments: Tier 2 Disclosures\n- ED 331 Climate-related and Other Uncertainties in the Financial Statements.", "impact": "Very High", "effort": "High", "proof": "Evidence-backed", "beneficiaries": "Executives / Parliament / public", "source": "annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)", "implementation": [ "Create a senior responsible owner and cross-functional delivery team.", "Map legislation, data, privacy, procurement, cyber, and workforce constraints.", "Co-design with users and frontline staff before technology selection.", "Stage delivery through pilots, benefits tracking, and public reporting." ], "risks": [ "Privacy and data quality", "Change fatigue", "Unclear accountability" ] }, { "entity_id": "B-003120", "entity_name": "Financial Reporting Council", "folder_name": "Financial-Reporting-Council", "category": "Citizen Services", "scale": "small", "title": "Plain-language service pages and proactive status updates", "idea": "Rewrite high-volume pages and letters into plain language, add status notifications, and measure contact reduction.", "quote": "[Page 34]\nOversight of Australian standard setting\n• Commenced projects to update Australian-specific Guidance Statements:\n- GS 002 Audit Implications of Prudential Reporting Requirements for Registered\nSuperannuation Entities (and related illustrative assurance report)\n- GS 007 Audit Implications of the Use of Service Organisations for Investment\nManagement Services\n- GS 011 Third Party Access to Audit Working Papers.\n• Issued these research reports:\n- Research Report 11 State of Assurance Choices for Medium Sized Australian Charities\n- Research Report 12 Understanding and evaluating the effectiveness of ASA 720,\nThe Auditor’s Responsibilities Relating to Other Information, and its role in the\ncurrent environment\n- Research Report 13 University of Sydney – Deakin – AUASB Sustainability\nassurance research workshop: Overviews of research projects to inform the\nAUASB’s work programme.", "impact": "High", "effort": "Low", "proof": "Evidence-backed", "beneficiaries": "Citizens / service users", "source": "annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)", "implementation": [ "Pick one high-volume process or document family.", "Name an owner and baseline current volume, time, cost, and satisfaction.", "Run a 4-8 week pilot with clear before/after metrics.", "Publish lessons and decide whether to scale." ], "risks": [ "Privacy and data quality", "Change fatigue", "Unclear accountability", "Digital exclusion", "Low public trust if feedback is not acted on" ] }, { "entity_id": "B-003120", "entity_name": "Financial Reporting Council", "folder_name": "Financial-Reporting-Council", "category": "Citizen Services", "scale": "large", "title": "Single front door for life-event based services", "idea": "Bundle services around life events so citizens can complete related steps across agencies in one journey.", "quote": "[Page 34]\nOversight of Australian standard setting\n• Commenced projects to update Australian-specific Guidance Statements:\n- GS 002 Audit Implications of Prudential Reporting Requirements for Registered\nSuperannuation Entities (and related illustrative assurance report)\n- GS 007 Audit Implications of the Use of Service Organisations for Investment\nManagement Services\n- GS 011 Third Party Access to Audit Working Papers.\n• Issued these research reports:\n- Research Report 11 State of Assurance Choices for Medium Sized Australian Charities\n- Research Report 12 Understanding and evaluating the effectiveness of ASA 720,\nThe Auditor’s Responsibilities Relating to Other Information, and its role in the\ncurrent environment\n- Research Report 13 University of Sydney – Deakin – AUASB Sustainability\nassurance research workshop: Overviews of research projects to inform the\nAUASB’s work programme.", "impact": "Very High", "effort": "High", "proof": "Evidence-backed", "beneficiaries": "Citizens / service users", "source": "annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)", "implementation": [ "Create a senior responsible owner and cross-functional delivery team.", "Map legislation, data, privacy, procurement, cyber, and workforce constraints.", "Co-design with users and frontline staff before technology selection.", "Stage delivery through pilots, benefits tracking, and public reporting." ], "risks": [ "Privacy and data quality", "Change fatigue", "Unclear accountability", "Digital exclusion", "Low public trust if feedback is not acted on" ] }, { "entity_id": "B-003120", "entity_name": "Financial Reporting Council", "folder_name": "Financial-Reporting-Council", "category": "Staff Productivity", "scale": "small", "title": "Reusable briefing and summary assistant for internal documents", "idea": "Create controlled templates for summarising reports, submissions, minutes, and ministerial briefs.", "quote": "The FRC’s functions, as set out in the ASIC Act, include:\n• providing broad oversight of the accounting, sustainability and auditing standard\nsetting processes and giving the Minister reports and advice about such matters\n• establishing appropriate consultative mechanisms\n• appointing members of the AASB and AUASB (other than the Chairs)\n• giving advice or feedback to the AASB and AUASB on their priorities, business plans\nand procedures\n• giving advice or feedback to the offices of the AASB and AUASB on their budget\nand staffing arrangements\n• determining the broad strategic direction of the AASB and AUASB\nFinancial Reporting Council: Annual Report 2024–25 13", "impact": "High", "effort": "Low", "proof": "Evidence-backed", "beneficiaries": "APS staff / executives", "source": "annual-reports/2024-25.pdf (http://www.frc.gov.au/sites/frc.gov.au/files/2025-10/frc-annual-report-2024-25.pdf)", "implementation": [ "Pick one high-volume process or document family.", "Name an owner and baseline current volume, time, cost, and satisfaction.", "Run a 4-8 week pilot with clear before/after metrics.", "Publish lessons and decide whether to scale." ], "risks": [ "Privacy and data quality", "Change fatigue", "Unclear accountability", "Sensitive information leakage", "Inconsistent quality of generated drafts" ] }, { "entity_id": "B-003120", "entity_name": "Financial Reporting Council", "folder_name": "Financial-Reporting-Council", "category": "Staff Productivity", "scale": "large", "title": "Department-wide knowledge and briefing platform", "idea": "Build a secure knowledge platform that lets staff search, summarise, and cite approved departmental material.", "quote": "The FRC’s functions, as set out in the ASIC Act, include:\n• providing broad oversight of the accounting, sustainability and auditing standard\nsetting processes and giving the Minister reports and advice about such matters\n• establishing appropriate consultative mechanisms\n• appointing members of the AASB and AUASB (other than the Chairs)\n• giving advice or 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