Bulletin
2000/4 - 23 May 2000
The Deputy Chairman of the Financial Reporting Council (FRC), Mr Michael Ullmer, today welcomed the appointment of Mr Ken Spencer as one of 19 individuals who have agreed to serve as the initial group of Trustees for the restructured International Accounting Standards Committee (IASC). The Trustee appointments were announced by the IASC in London overnight.
Mr Spencer was Chairman of the Australian Accounting Standards Board until December 1999 and has wide experience of accounting standard setting both nationally and internationally. `On behalf of the FRC - including its Chairman, Paul Rizzo, who is currently overseas - I congratulate Mr Spencer on his appointment and look forward to working closely with him in his new capacity', Mr Ullmer said. He noted that the IASC restructure offered a major opportunity for the further convergence of accounting standard setting and a potential vehicle for eventual agreement on internationally accepted accounting standards.
In this regard, Mr Ullmer also welcomed the decision of the International Organization of Securities Commissions (IOSCO) in Sydney last week to facilitate cross-border capital flows by endorsing a core set of IASC accounting standards for use in cross-border offerings and listings. Where necessary, these core standards will be supplemented by reconciliation, disclosure or interpretation at the national or regional level.
The IASC Trustees were selected by an IASC Nominating Committee chaired by Mr Arthur Levitt, Chairman of the US Securities and Exchange Commission. Trustees are appointed as individuals rather than representatives of an organisation and are charged to act in the public interest. Eight Trustees (including Mr Spencer) were selected after consultation with specified international bodies while the remaining eleven are `at large' members. To ensure a broad international base, six Trustees were appointed from North America, six from Europe, four from Asia Pacific, and three from other areas.
The initial Chair of the Board of Trustees will be Mr Paul Volcker, former Chairman of the US Federal Reserve Board.
The Trustee appointments were made against the background of proposals for restructuring of the IASC approved last year by the IASC Board, subject to confirmation by the IASC's membership. A membership vote on the proposals is scheduled for 24 May. Under the proposals, the Board of Trustees will select and appoint members of a restructured IASC Technical Standards Board and will be responsible for oversight of the organisation and fundraising.
The IASC press release announcing the appointments, and further information about the IASC restructuring proposals, can be found on the IASC website, www.iasc.org.uk.
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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(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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