Bulletin
2002/6 - 18 December 2002
The Chairman of the Financial Reporting Council (FRC), Mr Jeffrey Lucy, AM, today announced four part-time appointments to the Australian Accounting Standards Board (AASB).
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 and investing communities, the professional accounting bodies, governments and regulatory agencies. Under the Australian Securities and Investments Commission Act 2001, the FRC is responsible for appointing members of the AASB other than the Chairman who is appointed by the Treasurer.
Apart from the Chairman, who serves on a full-time basis, the Board normally comprises nine part-time members. There are five current or prospective part-time vacancies: Dr Neil Conn, AO resigned from the Board in September 2002 and Ms Suzanne Lloyd also resigned in September 2002 following her relocation to London. The terms of appointment of three current members - Mr George Carter, Ms Brigid Curran and Mr Greg Ward - expire on 14 February 2003. They have indicated that they will not be seeking re-appointment.
The FRC has agreed on the following part-time appointments to the Board, each for a term of three years:
- Mr Glenn Appleyard, Economic Consultant, Hobart;
- Mr Appleyard has extensive experience in public sector accounting issues at whole of government and departmental level, having held the positions of Deputy Secretary, Economic and Financial Policy, at the Tasmanian and Victorian Departments of Treasury and Finance.
- Mr Brett Kaufmann, Manager, Accounting Policy Branch, Department of Finance
and Administration, Canberra;
- Mr Kaufmann is responsible for the development and promulgation of accounting and financial reporting policy for individual reporting entities within the Commonwealth and the consolidated Commonwealth entity. This role involves participation in accounting and other standard setting processes both domestically and internationally.
- Mr Steve McClintock, Partner, Corporate Finance and Recovery, PricewaterhouseCoopers,
Sydney;
- As well as bringing extensive experience and substantial technical expertise to the Board, including from his work with his firm's Technical Accounting Group, Mr McClintock has been a member of the Urgent Issues Group of the AASB since 1999.
- Ms Alice Williams, Consultant, Melbourne.
- Ms Williams has an extensive background in the financial markets at senior management level including funds management, debt and equity raising and corporate advising. This work has involved extensive analysis of company financial statements.
Mr Lucy congratulated the successful candidates and welcomed them to the Board.
On behalf of the FRC, Mr Lucy also thanked the three retiring members of the Board - Mr George Carter, Consultant, Canberra, Ms Brigid Curran, Financial Reporting Consultant, Melbourne, and Mr Greg Ward, Chief Financial Officer, Macquarie Bank, Sydney - for their valuable contributions to accounting standard setting and their willingness to make time available for this important work. He also thanked Dr Neil Conn and Ms Suzanne Lloyd for their valuable contributions to the work of the Board.
The appointments announced today result from a comprehensive merit selection process against selection criteria released by the FRC last year (and available on its website, www.frc.gov.au). They were made from a strong field of candidates drawn from responses to a national press advertisement in October 2002 calling for expressions of interest in appointment to the Board, and names previously suggested by stakeholders in the accounting standard setting process.
Mr Lucy said that he had written to unsuccessful candidates but also wanted to place on the public record the FRC's thanks to those who were willing to be considered for appointment to the Board - a demanding part-time role involving a significant public interest element.
The appointments announced today reflect the particular skill requirements of the Board at this time, Mr Lucy said. At any one time the Board needs balanced expertise from the perspective of preparers, users and auditors of financial statements for both the private and public sectors, as well as an academic perspective. The names of a number of candidates in the current selection process will be further considered as future vacancies arise.
Mr Lucy also thanked the members of the FRC Nominations Committee for their work in advancing the appointments. The Committee was established by the FRC to advise on AASB appointments and the appointment process. Its charter is available on the FRC website.
The full membership of the AASB following these changes is shown in an attachment.
For further information, please contact the secretariat of the Financial Reporting Council, c/- The Treasury, Langton Crescent, Parkes ACT 2600.
Mr Michael Kooymans
Ph: (02) 6263 3984
Fax: (02) 6263 2770
E-mail: mkooymans@frc.gov.au
ATTACHMENT
Members of the Australian Accounting Standards Board
The full-time Chairman of the AASB, appointed by the Treasurer is:
- Keith Alfredson, BCom (Hons), FCA, FCPA, FAICD
From 15 February 2003, the part-time members of the AASB, appointed by the Financial Reporting Council, will be:
- Glenn Appleyard, BEc, GAICD, Economic Consultant, Hobart;
- Wayne Cameron, BCom, FCA (NZ), FCPA, FIPAA, Auditor-General of Victoria;
- Judith Downes, BA(Hons), DipEd, GradDip (Acc), CA, FCPA, Head of Finance, ANZ Banking Group, Melbourne;
- Mr Brett Kaufmann, BA (Acc), CA, FCPA, Manager, Accounting Policy Branch, Department of Finance and Administration, Canberra;
- Ken Leo, MBA, BCom (Hons), FCPA, CA, Professor of Accounting, Curtin University of Technology, Perth;
- Mr Steve McClintock, BA, FCA, Partner, Corporate Finance and Recovery, PricewaterhouseCoopers, Sydney;
- Ruth Picker, BA, FCA, FSIA, Partner, Ernst & Young, Melbourne (Deputy Chairman from 27 February 2002);
- Ms Alice Williams, BCom, FCPA, MAICD, CFA (US), ISFA, Consultant, Melbourne.
Retiring members (present terms expire 14 February 2003):
- George Carter, FCPA, Consultant, Canberra;
- Brigid Curran, BCom, MFM, FCA, CPA, Financial Reporting Consultant, Melbourne;
- Greg Ward, MEc, FCA, ASIA, Chief Financial Officer, Macquarie Bank, Sydney.