Opened the debate
Chisholm argued that the bill represents the most significant reform to financial reporting standard-setting institutions in over twenty years. Chisholm stated that the legislation creates External Reporting Australia by combining the functions of the Australian Accounting Standards Board, the Auditing and Assurance Standards Board, and the Financial Reporting Council. Chisholm explained that this new body will oversee accounting, auditing, assurance, and sustainability standards, with a dedicated specialist board for sustainability reporting. Chisholm emphasised that the reform enhances flexibility to respond to emerging issues while preserving technical expertise through expert-led boards. Chisholm also highlighted improved accountability measures, including stricter conflict of interest management and public meetings for standard-setting discussions.