Statutory functions

Our main statutory functions are prescribed by Section 12 of the Financial Reporting Act 2013 and are as follows:

  • To issue:
    • Reporting strategies and frameworks for the issue of standards
    • Financial reporting standards that describe how to report an entity’s financial activities to make financial information meaningful and comparable for users
    • Climate standards that describe how to report an entity’s climate-related risks and opportunities
    • Auditing and assurance standards that establish the objectives and requirements for conducting audits and other assurance engagements
    • Professional and ethical standards that apply to all assurance practitioners applying the XRB auditing and assurance standards
    • Non-binding guidance on a wider range of non-financial matters
  • Liaising with national and international organisations that exercise functions that correspond with, or are similar to, those conferred on the XRB

The XRB is not a regulator; monitoring and enforcement functions are carried out by regulators such as the Financial Markets Authority and Charities Services.

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