Bulletin
2005 / 8 – 21 December 2005
The Financial Reporting Council (FRC) today publicly announced new appointments and re-appointments of members to the Australian Accounting Standards Board (AASB) and the Auditing and Assurance Standards Board (AUASB).
The members will join the Boards during a very important period encompassing consolidation of the implementation of International Financial Reporting Standards and the making of legally-binding Australian Auditing Standards.
AUASB members, appointed on a part-time basis, are:
- Mr Chris Hall, Partner, KPMG
(Appointed from 1 January 2006 until 31 December 2008); - Mr David Simmonds, Partner, Ernst & Young
(Appointed from 1 January 2006 until 31 December 2008); - Mr Mike Blake, Auditor-General of Tasmania
(Appointed from 1 January 2006 until 31 December 2008); - Mr Greg Pound, Independent Consultant
(Appointed from 1 January 2006 until 31 December 2008); and - Ms Elizabeth Johnstone, Partner, Blake Dawson Waldron
(Appointed from 1 January 2006 until 31 December 2008).
In addition, Mr Ian McPhee, Auditor-General of the Commonwealth of Australia, has been re-appointed to the AUASB for three years from 1 January 2006.
As a consequence of these appointments, membership of the AUASB will expand from 11 to 13 part-time members.
AASB members, appointed on a part-time basis, are:
- Ms Jan McCahey, Partner, PricewaterhouseCoopers
(Appointed from 1 January 2006 until 31 December 2008); - Mr John O’Grady, Partner, Ernst & Young
(Appointed from 1 January 2006 until 31 December 2008); and - Mr Colin Parker, Principal, GAAP Consulting Services
(Appointed from 15 February 2006 until 14 February 2009)
AASB members, re-appointed on a part-time basis, are:
- Mr Glenn Appleyard, Economic Consultant
(Appointed from 1 January 2006 until 31 December 2008); - Mr Brett Kaufmann, Manager, Accounting Policy Branch, Commonwealth Department
of Finance and Administration
(Appointed from 15 February 2006 until 14 February 2007); and - Ms Joanna Perry, Chairman of the New Zealand Financial Reporting Standards Board (Appointed from 1 January 2006 until 31 December 2006).
The re-appointment of Ms Joanna Perry is consistent with the objective of developing closer Trans-Tasman ties on accounting issues between Australia and New Zealand.
All the appointments to the Boards were agreed to by the FRC at its 16 December 2005 meeting, following the recommendations made by the FRC Nominations Committee.
In addition to the experience and qualities demonstrated by applicants to the Boards, other factors considered by the FRC in making these appointments and reappointments included:
- a preference to have appropriate representation from the four major accounting firms which between them prepare or audit accounts for a significant proportion of listed Australian entities;
- the numbers on the Board providing for a range of skills and backgrounds without being so large so as to become unwieldy;
- the need for the end of members’ terms to be spaced out so as to provide for regular turnover of Board membership to allow for fresh ideas and input; and
- the requirement that members appreciate the public interest perspective in standard setting, and have the capacity to work for the overall public good, ahead of sectional or vested interests.
The FRC also noted that it would be desirable to encourage candidates from the corporate sector, in particular from users of accounting and auditing standards, to put themselves forward for the Boards in the future.
The FRC Chairman, Mr Charles Macek, and the Chairman of the FRC Nominations Committee, Mr Phillip Prior, congratulate the newly appointed and re-appointed members, and thank a number of members of each Board who will retire upon the expiration of their appointments over the next few months.
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For further information, please contact the Secretary of the Financial Reporting Council, c/- The Treasury, Langton Crescent, Parkes ACT 2600.
Mr Jorge del Busto
Ph: (02) 6263 3144
Fax: (02) 6263 2770
E-mail:jdelbusto@frc.gov.au
or visit the FRC’s website at www.frc.gov.au.