Financial Reporting Council
Australian Accounting Standards Board
Annual Reports
2000-01
© Commonwealth of Australia 2001
ISBN 0 642 74081 X
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28 September 2001
The Hon Peter Costello, MP
Treasurer
Parliament House
CANBERRA ACT 2600
Dear Treasurer
I have pleasure in presenting the annual reports of the Financial Reporting Council (FRC) and Australian Accounting Standards Board (AASB) for the year ended 30 June 2001. The reports have been prepared in accordance with section 235B of the Australian Securities and Investments Commission Act 2001 (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 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.
Yours sincerely
SIGNED
Jeffrey Lucy, AM
Chairman
Contents
Letter of Transmission iii
Abbreviations used in Report vii
Contact Officer viii
Overview 1
Australian Accounting Standard Setting - Structure of
Institutional Arrangements 5
Financial Reporting Council 6
FRC Chairman's Report 6
FRC Governance 9
Operations and Activities 10
Freedom of Information 12
Contacting the FRC 13
Australian Accounting Standards Board 14
AASB Chairman's Report 14
AASB Directors' Report of Operations 20
AASB Publications 28
Freedom of Information 28
Contacting the AASB 29
Financial Report 30
Appendices
A Members of the FRC 51
B Members of the AASB 54
C Members of the UIG 56
D Attendance at Meetings 58
E Progress made on AASB's Work Program 1/7/00 - 30/6/01 62
F AASB's Work Program 1/7/01 - 30/6/02 66
G Authoritative Pronouncements issued by the AASB and UIG 69