Bulletin
2000/1 - 14 February 2000
The Financial Reporting Council (FRC) today announced the appointment of the members of the new Australian Accounting Standards Board (AASB), except the Chair who will be appointed by the Treasurer.
The FRC is the peak body responsible for the broad oversight of the accounting standard setting process for the private and public sectors. It comprises key stakeholders from the business community, the professional accounting bodies, governments and regulatory agencies.
FRC Chairman Mr Paul Rizzo congratulated the new members who were chosen from a strong field of nominees.
Mr Rizzo said that the FRC was keen to appoint a Board that was balanced and technically strong, combining technical expertise with experience in business and broader economic developments in Australia.
The new AASB members, who are appointed on a part-time basis, are:
- Mr Peter Batten, Group Accounting Adviser, WMC Limited, Melbourne;
- Mr George Carter, Special Adviser, Department of Finance and Administration, Canberra;
- His Honour Dr Neil Conn, AO, who is currently Administrator of the Northern Territory (previously Under-Treasurer of the Northern Territory), Darwin;
- Ms Brigid Curran, Partner, Assurance and Business Advisory Services, PricewaterhouseCoopers, Melbourne;
- Mr Ian Mackintosh, Consultant, Sydney; Chairman of the outgoing Public Sector Accounting Standards Board;
- Dr Doug McTaggart, Chief Executive Officer, Queensland Investment Corporation, Brisbane;
- Professor Graham Peirson, Department of Accounting and Finance, Monash University, Melbourne; member of the outgoing Public Sector Accounting Standards Board;
- Ms Ruth Picker, Partner, National Accounting and Auditing Standards, Ernst and Young, Melbourne;
- Mr Greg Ward, Chief Financial Officer, Macquarie Bank, Sydney; member of the outgoing AASB.
Mr Rizzo said the members of the new Board have diverse experience, strong technical skills - including from the perspective of both preparers and users of financial reports - a broad policy perspective, and a full understanding of the practical business and government environments in which accounting standards are applied. They will also bring a keen public interest perspective to the Board.
He said it was also important to note that several of the members are experienced in standard setting, having been members of the Board's predecessor bodies or the Urgent Issues Group.
The reconstituted AASB is being established under the new accounting standard setting arrangements established by the Government under its Corporate Law Economic Reform Program. The legislation establishing these arrangements came into effect on 1 January 2000.
The new Board replaces the previous AASB and Public Sector Accounting Standards Board and will be responsible for making accounting standards for the private, public and non-profit sectors and participating in the formulation of international accounting standards.
Mr Rizzo noted that the appointments of Ian Mackintosh, Graham Peirson and Greg Ward will be important in ensuring continuity between the old and the new Boards and he paid tribute to the work of the outgoing Boards.
The FRC will approve the AASB's priorities, business plan, budget and staffing arrangements, but will have no power to direct the AASB in relation to the development or making of a particular standard.
Mr Rizzo said that the Commonwealth had obtained expressions of interest from individuals interested in appointment to the position of AASB Chair and it was hoped that the Treasurer would be in a position to announce the new Chair shortly.
For further information, please contact the secretariat of the Financial Reporting Council, c/- The Treasury, Parkes Place, Parkes ACT 2600.
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Mr Michael Kooymans |
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Ph: |
(02) 6263 3984 |
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Fax: |
(02) 6263 2770 |
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E–mail: |
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