The Financial Reporting Panel is an alternative dispute resolution body in relation to the treatment of accounting standards. It is an independent third party mechanism, which alleviates ASIC from initiating court proceedings whenever a dispute regarding the application of accounting standards arise between companies and ASIC. Whilst a dispute is predominantly referred to FRP by ASIC, it may with consent from ASIC also be referred to it by the lodging entity.
FRP is a peer review body, with part-time members from the business and accounting community. FRP’s current membership consists of 7 members with more to be appointed in due course.