The Accounting and Financial Reporting Council (AFRC) has announced that it ‘welcomes’ the government’s proposal for its non-recurrent commitment of $200m for injection to the AFRC and its approval by the Finance Committee of the Legislative Council on 22 March 2024.
Since acquiring full regulatory functions over public interest entity (PIE) auditors in October 2019, the AFRC has been exercising strict budgetary controls in order to discharge its statutory functions, including its prudent use of the initial seed capital of $400m for the disbursement of its first two years’ operating expenses in the absence of any levy income.
The AFRC will continue to prioritise its work, flexibly allocate manpower, and exercise strict control over its expenditure to maintain the current regulatory standards and to work with the government to establish a long-term sustainable financing model to ensure the effective discharge of its regulatory responsibilities in protecting the public interest, upholding financial reporting quality and fostering a healthy and sustainable development of the accounting profession.
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