Bulletin
2000/3 - 20 April 2000
The Chairman of the Financial Reporting Council (FRC), Mr Paul Rizzo, today welcomed the Treasurer's appointment, announced yesterday, of Mr Keith Alfredson as Chairman of the new Australian Accounting Standards Board (AASB).
`On behalf of the FRC, I congratulate Mr Alfredson on his appointment and look forward to working closely with him in implementing the new accounting standard setting arrangements', Mr Rizzo said.
The Treasurer's appointment of Mr Alfredson completes the membership of the new Board. Nine members were appointed by the FRC on 15 February 2000. As announced at the time, they are: Mr Peter Batten, Mr George Carter, Dr Neil Conn, AO, Ms Brigid Curran, Mr Ian Mackintosh, Dr Doug McTaggart, Professor Graham Peirson, Ms Ruth Picker and Mr Greg Ward.
The FRC met on 10 April 2000 to further consider how it will carry out its statutory functions, particularly as they relate to the operations of the AASB. These functions include approving the AASB's priorities, business plan, budget and staffing arrangements, determining its broad strategic direction, and giving it directions, advice or feedback on matters of general policy and the Board's procedures.
The FRC agreed on a set of approaches to carrying out these functions and will imbed them in its advice to the new AASB Chair and, subject to feedback from the AASB, in its ongoing work.
The FRC also agreed to appoint Mr Michael Ullmer as the Council's Deputy Chairman. Mr Ullmer is Group General Manager, Financial and Risk Management, Commonwealth Bank of Australia, and is based in Sydney. He was appointed to the FRC on the nomination of the Business Council of Australia. Mr Rizzo welcomed Mr Ullmer's appointment to the Deputy Chairmanship, noting that it would enhance the FRC's interface with the business and wider community.
The FRC is the peak body responsible for the broad oversight of the accounting standard setting process for the private, public and non-profit sectors. It comprises key stakeholders from the business community, the professional accounting bodies, governments and regulatory agencies.
- Key functions of the FRC are to advise the Government on the accounting standard setting process and the development of international accounting standards, and to determine the broad strategic direction of the standard setter, the Australian Accounting Standards Board.
- The legislation formally establishing the new accounting standard setting arrangements came into effect on 1 January 2000.
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 |
Mr Les Pascoe |
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Ph: |
(02) 6263 3984 |
Ph: |
(02) 6263 3978 |
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Fax: |
(02) 6263 2770 |
Fax: |
(02) 6263 2770 |
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E-mail: |
E-mail: |
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