Financial Reporting Council
Australian Accounting Standards Board
Annual Reports
1999-2000
© Commonwealth of Australia 2000
ISBN 0 642 740461
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16 October 2000
The Hon Peter Costello,
MP
Treasurer
Parliament House
CANBERRA ACT 2600
Dear Treasurer
I have pleasure in presenting the inaugural annual reports of the Financial Reporting Council (FRC) and Australian Accounting Standards Board (AASB) for the year ended 30 June 2000. The reports have been prepared in accordance with section 235B of the Australian Securities and Investments Commission Act 1989 (ASIC Act) and section 9 of the Commonwealth Authorities and Companies Act 1997 (CAC Act).
Subsection 235B(1) of the ASIC Act requires the FRC, by 31 October each year, to prepare a report on its operations and those of the AASB during the year and on the achievement of the objects of Part 12 of the ASIC Act relating to accounting standards. Under subsection 235B(4) of the ASIC Act, the report must be tabled in each House of the Parliament as soon as practicable.
Subsection 9(1) of the CAC Act, which applies only to the AASB, requires the directors of the AASB to prepare, by no later than 15 October, an annual report for the past financial year which includes a report of operations, financial statements and the Auditor-General's report on those financial statements. Under subsection 9(3) of the CAC Act, the report must be tabled in each House of the Parliament as soon as practicable.
SIGNED
Paul J Rizzo
Chairman
Yours sincerely