The purpose of the Financial Reporting Act 2013 is to do several things. You will see it continues the External Reporting Board and defines what it can do. It also provides for the issue of financial reporting standards, climate standards, and auditing and assurance standards. The Act provides for auditor qualifications and other standard provisions relating to financial reporting duties under other laws. It provides for standard provisions relating to climate-related disclosure duties under the Financial Markets Conduct Act 2013.