ASIC deputy chairman Belinda Gibson and RMG Partners Business Solutions principal Ian Purchas have been appointed as members of the Financial Reporting Council (FRC).
Gibson was nominated by ASIC, and will be a member until 5 May 2013.
Purchas was nominated by the Institute of Public Accountants, and will be a member for three years.
"On behalf of the government, I am very pleased to appoint them as members. I am sure they will bring significant financial experience to the council," Parliamentary Secretary to the Treasurer Bernie Ripoll said.
The FRC is responsible for overseeing the effectiveness of the financial reporting framework in Australia.
Its key functions include the oversight of the accounting and auditing standards setting processes for the public and private sectors, and advising the government on these matters.
The council has 19 members, who represent stakeholder organisations in financial reporting, including preparers and users of financial statements, the Federal as well as state and territory governments, and other government bodies such as standard setters and regulators.
