Australian Government, Financial Reporting Council

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FRC Bulletins Archive

 

2007  2006  2005  2004  2003  2002  2001  2000  1999

 

2007

Bulletin 2007/5 – 17 December 2007
The meeting considered the 2008 round of appointments to the AASB and AUASB.  In addition, the meeting appointed a new Chair of the Audit Independence Committee, noted that Professor Stephen Zeff of Rice University has accepted an invitation to deliver the 2008 Ken Spencer Memorial Lecture and noted reports by Treasury on progress with the implementation of proposed governance reforms and the objectives of standard business reporting regime.
Bulletin 2007/4 – 13 September 2007
The 42nd meeting of the Financial Reporting Council (FRC) was held in Melbourne on 5 September 2007. The main issues considered at the meeting were: the annual report of the FRC and the associated reports and financial statements of the Australian Accounting Standards Board (AASB) and the Auditing and Assurance Standards Board (AUASB); the preparation of the FRC’s 2006‑07 auditor independence report; 2008 appointments to the AASB and AUASB; and reports from standard setters and committees.
Bulletin 2007/3 – 1 June 2007
The 41st meeting of the Financial Reporting Council (FRC) was held in Sydney on 1 June 2007. The main issues considered at the meeting were: financial matters; update on work of Committees; peer review of Board Members; and reports from Chair of the Standard Boards.
Bulletin 2007/2 – 13 March 2007
Sir David Tweedie, Chairman of the International Accounting Standards Board, provided the Council with an overview of the work of the IASB and the future direction of that work. In addition, the Council considered a number of financial issues, the scope of work under its audit independence function, a proposal to appoint a communications manager and received an update on the Uhrig review and its implications for the AASB, AUASB and FRC.
Bulletin 2007/1 – 8 March 2007
The Council considered the public comments on the Simpkins' report on sector neutral accounting standards, received an update on differential accounting standards for SMEs and clarified its strategic direction to the AUASB addressing the need to promote the recognition of IFRS adoption in Australia.

2006

Bulletin 2006/10 – 21 December 2006
The Council announces appointments to the AASB and AUASB.
Bulletin 2006/9 – 18 December 2006
The Council considered the AASB project to harmonise GAAP and GFS reporting; the recognition of IFRS adoption in Australia; SMEs and differential reporting; the auditor independence function work programme; and appointments to the AASB and the AUASB.
Bulletin 2006/8 – 31 October 2006
Release of FRC Annual Report and Auditor Independence Report:  AUSTRALIA IN LINE WITH INTERNATIONAL ACCOUNTING STANDARDS, FINANCIAL REPORTING COUNCIL SAYS
Bulletin 2006/7 – 25 October 2006
The Council announces the appointment of a media consultant.
Bulletin 2006/6 – 4 October 2006
The Council approved the 2005-06 annual reports of the FRC, AASB and AUASB; guidelines for the development of strategic directions to the AASB and AUASB; procedures to be followed for filling vacancies on the AASB and AUASB that occur up to the end of June 2007; and changes to the membership of the FRC’s sub-committees.
Bulletin 2006/5 – 5 July 2006
The Council agreed to the appointment of Mr Brett Rix to the Australian Accounting Standards Board.
Bulletin 2006/4 – 27 June 2006
The Council considered the report by the FRC’s sector neutral consultant, and the 2006‑07 budgets and business plans for the Australian Accounting Standards Board (AASB) and the Auditing and Assurance Standards Board (AUASB).
Bulletin 2006/3 – 21 April 2006
The FRC has contracted three new consultants to assist it in undertaking the FRC's audit independence functions.
Bulletin 2006/2 – 24 March 2006
The Council discussed the AASB’s proposed interpretations model and agreed that it would provide a response to it by the end of March.
The Council agreed to increase sitting fees received by AASB and AUASB members for attendance at regular meetings of those Boards, and to review sitting fees at the final FRC meeting of each calendar year.
The Council noted a progress report on the work being undertaken by Mr Kevin Simpkins, a consultant on sector neutral accounting standards.
Bulletin 2006/1 – 2 March 2006
The FRC met on 20 February 2006 to consider a number of strategic issues concerning the role of the FRC and assess its progress to date.

2005

Bulletin 2005/8 – 21 December 2005
The Council announces appointments to the AASB and AUASB.
Bulletin 2005/7 – 21 December 2005
The Council considered issues surrounding the implementation of International Financial Reporting Standards (IFRS).
The Council approved revised 2005-06 Budgets for the FRC, AASB and AUASB.
The Council appointed members to the AASB and AUASB.
Bulletin 2005/6 – November 2005
The FRC announces the appointment of a consultant to undertake research into the merits of a ‘sector neutral’ approach to the development of accounting standards.
Bulletin 2005/5 – September 2005
The Council considered issues raised by stakeholders on IFRS implementation.
The Council approved the FRC Auditor Independence Report for 2004-05, annual reports for the FRC, AASB and AUASB for 2004-05, and an auditor independence work programme fro 2005-06.
The Council updated the criteria for appointment and assessment of performance by members of the AASB and AUASB.
Bulletin 2005/4 – July 2005
The Council approved the 2005-06 budgets for the FRC, AASB and AUASB, as well as business plans for the AASB and AUASB.
The Council endorsed the AUASB’s governance guidelines.
The Council agreed to undertake an assessment by members of its own performance.
Bulletin 2005/3 – May 2005
FRC announces appointment to the AASB.
Bulletin 2005/2 – April 2005
The Council agreed to provide a strategic direction to the AUASB on the development of auditing standards.
The Council approved updated 2004-05 budgets for the FRC, AASB and AUASB.
The Council appointed Mr Des Pearson, the Auditor General of Western Australia, to the AASB.
Bulletin 2005/1 – February 2005
The Council noted and provided feedback on amendments to the AASB’s Governance Guidelines.
The Council considered a number of issues related to its own operations.
The Council agreed to a protocol governing the payment of travel expenses for overseas travel by FRC representatives attending official international meetings and by other Australians attending IASB or IAASB related activities.

2004

Bulletin 2004/10 – 23 December 2004
FRC announces engagement to the auditor independence consultancy.
Bulletin 2004/9 – 17 December 2004
FRC announces appointments to the AASB and AUASB.
Bulletin 2004/8 – December 2004
The Council considered International Financial Reporting Standards (IFRS) implementation issues.
On the recommendation of the Nominations Committee, the FRC agreed to all the recommended appointments to the AASB and AUASB, with notification of successful and unsuccessful applicants expected to be completed within the next week.
The FRC has agreed to the engagement of a consultant on auditor independence.
Bulletin 2004/7 – September 2004
The Council considered International Financial Reporting Standards (IFRS) implementation issues.
The September 2004 meeting was the first time the Council met since taking on its new responsibilities for oversight of auditing standard setting and auditor independence requirements under CLERP 9.
Bulletin 2004/6 – August 2004
The FRC has agreed to appoint board members to the AUASB.
Bulletin 2004/5 – June 2004
The meeting agreed with the proposed scope of work for the FRC regarding FRC’s auditor independence functions under CLERP 9.
The meeting approved the MOU’s.
Report from FRC Audit Committee Chair.
Bulletin 2004/4 — May 2004
FRC considered a number of issues including FRC funding, AUASB staffing and accommodation arrangements, and progress reports on MOU’s.
FRC re-appointed AASB member, Mr Wayne Cameron.
Bulletin 2004/3 — April 2004
FRC ratified its decision to proceed with the existing 2005 timetable for adoption of international accounting standards.
Report from the Audit Committee Chair.
Bulletin 2004/2 — March 2004
FRC discussed the appropriateness of the existing 2005 timetable for adoption of international accounting standards.
Bulletin 2004/1 — February 2004
AuASB Chair and AARF Executive Director address the FRC
FRC discuss the Transition to 2005
FRC approves timetable for implementation of expanded functions proposed under CLERP

2003

Bulletin 2003/5 — December 2003
FRC amends its rules of procedure
FRC amends audit committee and nominations committee charters
New AASB Chairman updates FRC on implications of IFRS 1
Bulletin 2003/4 — November 2003
FRC agrees on its CLERP 9 submission
FRC approves updated AASB Budget and Business plan
FRC appoints a new AASB member
Bulletin 2003/3 — 12 September 2003
FRC/AASB draft annual report for 2002-03 approved
Update on FRC CLERP 9 taskforce
Bulletin 2003/2 — 9 July 2003
Funding of AASB and IASB operations including financial contribution by Australia to the IASB for
2002-03
FRC approves AASB's 2003-04 Business Plan
Bulletin 2003/1 — 11 April 2003
FRC modifies public sector broad strategic direction
Funding of AASB and IASB operations including financial contribution by Australia to the IASB for 2002-03
Question of opening FRC meetings to the public discussed

2002

Bulletin 2002/6 — 18 December 2002
FRC appoints four new members to the AASB.
Bulletin 2002/5 — 18 December 2002
FRC sets broad strategic direction for public sector accounting standard setting.
Bulletin 2002/4 — 3 July 2002
FRC supports adoption of international accounting standards by 1 January 2005.
Bulletin 2002/3 — 12 June 2002
Additional funding for accounting standard setting.
Bulletin 2002/2 — 16 May 2002
AASB International Convergence and Harmonisation Policy Statement.
Bulletin 2002/1 — 19 February 2002
Announcement of four appointments, two retirements and one resignation from the AASB.

2001

Bulletin 2001/6 — 19 December 2001
FRC workshop.
Proposed AASB budget for 2001-02.
AASB appointments and remuneration.
Resignation of Kevin Stevenson from the AASB.
Bulletin 2001/5 — 5 November 2001
Appointments of Mr Ian Mackintosh and Mr Phillip Prior as members of the FRC.
Appointment of Mr Jim Kerwin as an alternate member of the FRC.
Reports by FRC and AASB Chairmen.
Proposed FRC Workshop.
Amended conflict of interest guidelines for FRC members.
Bulletin 2001/4 — 18 June 2001
New framework for appointment of AASB members.
FRC approved the AASB's proposed standard setting priorities for 2001-2002, its governance arrangements, and its risk management program.
Extension of the FRC's consultation processes.
Additional funding for accounting standard setting in Australia.
Report on the first meeting of the IASB.
Bulletin 2001/3 — 5 June 2001
Mr Wayne Cameron appointed a member of the AASB.
Bulletin 2001/2 — 26 March 2001
Resignation of Dr Douglas McTaggart as a member of the AASB.
Bulletin 2001/1 — 23 February 2001
Resignation of Mr Paul Rizzo as Chairman of the FRC.

2000

Bulletin 2000/7 — 21 December 2000
Mr Kevin Stevenson appointed a member of the AASB.
Resignation of Mr Ian Mackintosh as a member of the AASB.
Bulletin 2000/6 — 27 September 2000
FRC approved the AASB's revised draft budget for 2000-2001.
AASB adopted FRC recommendation that the voting majority to make a standard be the affirmative vote of 7 of the 10 members of the AASB.
AASB Audit Committee established.
Bulletin 2000/5 — 18 July 2000
Interim standard setting priorities proposed by AASB, approved by FRC.
Remuneration of AASB members.
Appointments of Mr Mark Armour and Mr David Edwards as alternate members of the FRC.
Bulletin 2000/4 — 23 May 2000
Appointment of Trustees to the restructured International Accounting Standards Committee.
Appointment of Mr Ken Spencer as a Trustee of the restructured IASC.
Bulletin 2000/3 — 20 April 2000
Appointment of Mr Keith Alfredson as AASB Chairman.
Appointment of Mr Michael Ullmer as FRC Deputy Chairman.
Bulletin 2000/2 — 7 March 2000
Consideration by Council of its statutory functions.
Discussion of funding for the new standard setting process.
Progress in establishing dedicated AASB Secretariat.
Bulletin 2000/1 — 14 February 2000
Announcement of nine appointments to the AASB.

1999

Bulletin 1999/1 — 4 November 1999
Outline of role and functions of the Financial Reporting Council.
Transfer of staff from AARF to AASB.
Approval for establishment of Urgent Issues Group.