Financial Reporting Council
Australian
Accounting Standards Board
Annual Reports
2001-02
© Commonwealth of Australia 2002
ISBN 0 642 74173 5
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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 2002. 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
Abbreviations
Contact officer
Overview
Oversight by FRC
Direction-setting activities of the FRC
Other activities of the FRC
Standard setting
Consultation
International
Accountability
Australian accounting standard setting
Financial Reporting Council
Chairman's report
Financial Reporting Council governance
Operations and activities
Freedom of information
Contacting the FRC
Australian Accounting Standards Board
Chairman's report
AASB Directors' report of operations
AASB publications
Freedom of information
Commonwealth disability strategy
Contacting the AASB
Financial report
Australian Accounting Standards Board
Notes to and forming part of the financial statements
Appendices
Members of the FRC 1 July 2001 to 30 June 2002
Members of the AASB 1 July 2001 to 30 June 2002
Members of the UIG 1 July 2001 to 30 June 2002
Attendance at meetings
Progress made on 2001-02 work program
AASB work program 2002-03
AASB and UIG pronouncements to 30 June 2002
Abbreviations
The following abbreviations are used throughout this report:
| AASB | Australian Accounting Standards Board |
| ASIC | Australian Securities and Investments Commission |
| ASIC Act | Australian Securities and Investments Commission Act 2001 |
| ASX | Australian Stock Exchange |
| CAC Act | Commonwealth Authorities and Companies Act 1997 |
| CPAA | CPA Australia (formerly the Australian Society of Certified Practising Accountants) |
| ED | Exposure Draft |
| FIDA | Financial Industry Development Account |
| FRC | Financial Reporting Council |
| G4+1 | National accounting standard setting bodies of Australia, Canada, New Zealand, the United States and the United Kingdom (with an observer from the IASC). The G4+1 was disbanded in January 2001. |
| HOTARAC | Heads of Treasuries Accounting and Reporting Advisory Committee |
| IAS | International Accounting Standard |
| IASB | International Accounting Standards Board |
| IASC | International Accounting Standards Committee |
| ICAA | The Institute of Chartered Accountants in Australia |
| IFAC PSC | International Federation of Accountants Public Sector Committee |
| IFRIC | International Financial Reporting Interpretations Committee |
| IOSCO | International Organisation of Securities Commissions |
| PSASB | Public Sector Accounting Standards Board |
| SAC | Standards Advisory Council (of the IASB) |
| UIG | Urgent Issues Group |
Contact officer
The contact officer for this Annual Report is the FRC's Secretary, Mr Michael Kooymans, who may be contacted at:
Post: The Treasury
Langton Crescent
PARKES ACT 2600
Telephone: (02) 6263 3984
Facsimile: (02) 6263 2770
E-mail: mkooymans@treasury.gov.au