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Introduced into the House of
Representatives on 21 June 2012
Portfolio: Treasury
1.2
This bill amends the Australian Securities and Investments Commission
Act 2001, the Corporations Act 2001 and the Corporations (Fees)
Act 2001 to repeal the functions and powers of the Financial Reporting
Panel (FRP).
1.3
The FRP was established to resolve contested issues between the
Australian Securities and Investments Commission and reporting entities over
the application of the accounting standards to financial reports. It is being
closed because of a low number of referrals.
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