Bernie Ripoll (Oxley, Australian Labor Party, Parliamentary Secretary to the Treasurer) Share this | Hansard source

Firstly, I thank all those honourable members who have taken part in this debate on the Corporations Legislation Amendment (Financial Reporting Panel) Bill 2012. I particularly thank the member for Casey, the member for Blair and the member for Canberra for their good work in this area and their support of this bill—and of course the support across the chamber. The Financial Reporting Panelwas designed to provide an alternative means of resolving disputes relating to the application of accounting standards to financial statements. However, due to lower than expected referral rates, the panel will be wound up.

The amendment in this bill will close the Financial Reporting Panel by repealing references to its functions and powers in the ASIC Act and the Corporations Act. To give companies greater certainty, the amendment in this bill clarifies that courts may continue to have regard to reports previously issued by the panel despite its closure. I thank the House and commend the bill.

Question agreed to.

Bill read a second time.

Ordered that this bill be reported to the House without amendment.

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