The Finance Minister has announced three new figures will stand as part-time members of the Financial Reporting Council (FRC).

Minister for Finance and acting assistant treasurer Mathias Cormann announced Graeme Mitchell, David Nicol and Bill Edge will join the council this week.

The Financial Reporting Council is an independent adviser to the Government on the financial reporting frameworks in Australia.

It provides strategic advice on accounting and audit standard-setting processes for both public and private sectors.

Mr David Nicol is currently Under-Treasurer of the ACT and Chair of the Heads of Treasuries Accounting and Reporting Advisory Committee. Mr Nicol brings a valuable State and Territory perspective and will help ensure consistency across financial reporting frameworks. Mr Nicol has been appointed until 7 March 2017.

Mr Graeme Mitchell is currently the Chairperson of the New Zealand External Reporting Board. Mr Mitchell will assist to maintain harmonisation between Australia and New Zealand's financial reporting frameworks. Mr Mitchell has been appointed until 28 February 2019.

Mr Bill Edge will represent the Institute of Chartered Accountants Australia on the Financial Reporting Council. Mr Edge brings over 30 years of experience in accounting and auditing, including over 18 years with PricewaterhouseCoopers. Mr Edge has been appointed until 28 July 2019.