The XRB’s functions are prescribed by Section 12 of the Financial Reporting Act 2013 and are as follows:
- Developing and implementing an overall strategy for financial reporting standards (both accounting and auditing & assurance standards), including developing and implementing tiers of financial reporting;
- Preparing and issuing accounting standards, including where applicable “non-GAAP standards” for entities entitled by Law to use cash accounting, and authoritative pronouncements;
- Preparing and issuing auditing & assurance standards, including the professional and ethical standards that will govern the professional conduct of auditors; and
- Liaising with national and international organisations that exercise functions that correspond with, or are similar to, those conferred on the XRB.