The Financial Reporting Panel (FRP) is a statutory authority established to determine contested issues between Australian Securities and Investments Commission (ASIC) and entities concerning the application of accounting standards and the true and fair view requirement in financial reports. The FRP is an independent third party mechanism which allows disputes between ASIC and entities lodging financial reports to be resolved without the cost of court proceedings. Whilst a dispute is predominantly referred to the FRP by ASIC, it may, with consent from ASIC, also be referred to it by the lodging entity.
The FRP is a peer review body, with part-time members from the business and accounting community. The FRP's current membership consists of 8 part-time members and a part-time Chairperson.