Legal functions

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.
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