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Financial Reporting Council

Australian Accounting Standards Board

Annual Reports

2003-04

© Commonwealth of Australia 2004

ISBN 0 642 74266 9

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20 September 2004

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 2004. 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 and the Auditing and Assurance Standards Board (AUASB) during the year and on the achievement of the objects of Part 12 of the ASIC Act relating to accounting and auditing standards. Under subsection 235B(4) of the ASIC Act, the report must be tabled in each House of the Parliament as soon as practicable.

As the AUASB came into being as a statutory body on 1 July 2004, there is no annual report covering its activities in 2003-04. Similarly, the FRC’s responsibilities in relation to auditing standards and auditor independence commenced on 1 July 2004 and are not considered in this annual report.

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

Charles Macek
Chairman

Contents

Abbreviations

Contact officer

Overview

Oversight by the Financial Reporting Council
Direction-setting activities of the FRC
Other activities of the FRC
Standard setting
Consultation
International
Accountability
Australian accounting standard setting in 2003-04

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 2003 to 30 June 2004
Members of the AASB 1 July 2003 to 30 June 2004
Members of the UIG 1 July 2003 to 30 June 2004
Attendance at meetings
Progress made on 2003-04 work programme
AASB work programme 2004-05
AASB and UIG pronouncements as at 30 June 2004

Abbreviations

The following abbreviations are used throughout this report:

Contact officer

The contact officer for this Annual Report is the FRC Secretary, who may be contacted at: