Australian Accounting Standards Board
Chairman’s report
Introduction
Following the formal making of the ‘stable platform’ of the Australian equivalents of International Financial Reporting Standards on 15 July 2004, the activities of the AASB during 2004-5 became more focused upon the second FRC Strategic Directive to converge Generally Accepted Accounting Principles (GAAP) and Government Finance Statistics (GFS) in public sector accounting. At the same time considerable AASB resources were devoted to monitoring subsequent changes to the suite of International Standards, to participating in IASB research projects and other international developments and to updating the existing UIG Consensus Views upon the introduction of the new International Standards. As a consequence, a backlog of other desirable AASB projects unconnected with IFRS is starting to appear owing to the heavy demand upon AASB resources during 2004-05 and these projects will require attention in the near future.
The 2005 project
The 2005 project did not conclude as expected with the issuance of the ‘stable platform’ of standards, as the IASB found that the European Union insisted upon a number of changes to IAS 39 before granting European endorsement to the standards. The proposed changes were published in a number of exposure drafts and these changes were seen to have considerable effects upon financial reporting in Australia particularly in the financial services industries. In addition, problems began to be identified by the IASB in some of its newer standards, necessitating further amendments in time for the transition on 1 January 2005.
Ongoing compliance with international standards and relationships with the International Accounting Standards Board
In order for the Australian economy to fully benefit from the adoption of IFRS, it is also necessary for us to keep up with subsequent changes to those standards in order that companies can continue to claim to be IFRS compliant. Furthermore it is important that Australian companies and the AASB maximise their influence upon the outcome of any such proposed changes.
Once the ‘stable platform’ of standards for 1 January 2005 adoption was completed, the IASB quickly moved forward, to consider further improvements and to move towards convergence with US GAAP.
As a consequence, 2004-05 has proven to be a year of considerable change to the new suite of standards, both in terms of exposure drafts issued and final changes made. Based upon the IASB's current work programme this rapid pace of change can also be expected to continue for the foreseeable future. It is important that constituents are aware of and take appropriate action to adapt to this changing environment
In order to maximise its influence, the AASB closely monitors the meetings, decisions and publications of the IASB and keeps its Australian constituency appraised of these events. New and amended standards, and exposure drafts issued by the IASB, are appropriately ‘Australianised’ by the AASB to conform with local legislation and are issued by the AASB within a short time of their original publication. The AASB also itself responds to all IASB exposure drafts.
The AASB is presently leading three research projects for the IASB, namely joint ventures, intangible assets and extractive activities. AASB staff periodically make presentations to the IASB on the progress of these projects. AASB staff are also on IASB project teams developing new international standards for insurance contracts and liability/revenue recognition. AASB staff have also been the principal drafters of an IASB document currently on exposure which is intended to become a Memorandum of Understanding between the IASB and national standard setters such as the AASB.
The relationship with the IASB remains healthy, and the IASB is appreciative of our ongoing efforts. However, maintaining and enhancing this relationship requires considerable effort and allocation of resources.
Urgent Issues Group
During the year, the UIG completed the exercise of reviewing existing interpretations for their applicability under the new suite of international standards. This resulted in some interpretations being retained, some withdrawn and some needing substantial rewriting.
In addition, the UIG considered each of the interpretations issued by IFRIC (the interpretation arm of the IASB) for suitability for issuance in Australia and issued these as UIG Interpretations for inclusion in the suite of Australian equivalents of international standards. The UIG also referred some topics to IFRIC for consideration and worked on a small number of interpretations on purely local issues.
Because the IFRIC’s draft interpretations are exposed in a manner similar to the standards themselves, and the AASB now votes on both the adoption of domestic interpretations and the adoption of the Australian equivalents of IFRIC Interpretations, the existing Charter of the UIG in relation to membership representation, voting protocols and due process now needs reconsideration. The AASB has appointed a subcommittee to review these matters and the role of the UIG with a view to issuing a discussion document for comment and bringing recommendations for change to the FRC.
The Generally Accepted Accounting Principles/Government Finance Statistics project
During 2004-05, the AASB continued to work on the FRC’s second strategic directive that with regard to public sector reporting, the AASB pursue as an urgent priority the harmonisation of GFS and GAAP reporting, and devoted considerable resources to the project. The AASB has decided to progress the project in stages — dealing first with the general government sectors of the Australian, State and Territory governments with the intention of progressing to consider other sectors, local government and other public sector entities at later stages.
The AASB has no authority to alter GFS reporting. Therefore, it determined that the best approach would be to propose to align the two systems to the extent appropriate and to propose a single set of financial statements and notes covering both systems, with explanations of the differences.
On 21 July 2005, an Exposure Draft was issued containing proposals to combine GAAP and GFS in the financial reports of general government sectors. Some of the proposals are controversial, and when the comment period for the Exposure Draft closes on 21 October 2005, the responses will be analysed to determine a way forward to complete the project.
International Federation of Accountants (IFAC) International Public Sector Accounting Standards Board (IPSASB)
The AASB is a strong supporter of the IFAC IPSASB and its standard setting activities for public sector entities. We respond to all IPSASB exposure drafts and a senior AASB technical manager attends each IPSASB meeting to act as the technical adviser to the Australian member of IPSASB.
The Australian equivalents of IFRS are made ‘sector-neutral’ by including the requirements of IPSASB into the standards, where appropriate, and otherwise adjusting the IFRS where necessary. However, the IPSASB does not have the same level of resources as the IASB with the consequence that there are significant timing lags between when the IASB and the IPSASB deal with topics.
Copyright
Initial problems with IASB copyright and the need to make AASB standards freely available as delegated legislation have now been resolved. Some Implementation Guidance and Bases for Conclusions are only available through a secure section of our website upon payment of an annual fee as a consequence of the IASB copyright entitlements.
Work programme
The status of the 2004-05 AASB work programme is reported in Appendix E, and the AASB’s standard setting priorities for the year ended 30 June 2006 have been approved by the FRC and are also set out in Appendix E.
The concentration of AASB efforts in the past few years to fulfil the two major FRC directives has resulted in a backlog of other AASB domestic projects which now require urgent attention. The 2005-06 work programme reflects these changing needs.
New Zealand convergence
Greater convergence of Australian and New Zealand Accounting Standards is now the policy of the Governments of both countries. The Chair of the AASB is now a member of the New Zealand FRSB and the Chair of the FRSB, Ms Joanna Perry, is a member of the AASB.
Additional resources are devoted to attending and preparing for meetings of the FRSB, to monitoring the directions of the FRSB and to removing differences between the two countries’ standards wherever possible.
On the other hand, convergence of the two countries’ standards provides an opportunity to minimise duplication of effort by allocation of projects between the staff in the two countries and by sharing the significant task of monitoring the expanding activities of the IASB.
New premises
On 1 November 2004, the AASB moved to new premises on the 4th floor of 530 Collins Street, Melbourne. These premises are shared with the newly constituted Auditing and Assurance Standards Board.
Future
The implementation of the Year 2005 strategic directive provides the AASB with the opportunity to reflect on its role and activities and how it should be responding to the changing environment. In March 2005, the AASB held a one-day strategy meeting at which the AASB discussed its role, position, activities and how it engages with its constituency.
Decisions taken at that meeting are now being implemented and include enhancing consultative processes by forming additional groups to deal with industry and specific issues, reviewing communication activities, reviewing the UIG and the interpretations process, particularly to develop the relationship with the IFRIC and establishing protocols for determining who deals with providing interpretative guidance on issues raised by the AASB’s constituents, and increased co-operation with regional and other national standard-setters, particularly New Zealand. The AASB agreed on the continued importance of influencing on the agenda and priorities of the IASB and the IPSASB.
Board changes
During the year the terms of Ms Ruth Picker (the deputy chair), Ms Judith Downes, Mr Wayne Cameron and Professor Ken Leo expired. Ms Picker and Mr Cameron retired from the Board and Ms Downes and Professor Leo were each reappointed for a further three years. However, Ms Downes subsequently resigned from the Board as a consequence of additional work commitments.
New appointees during the year were:
- Ms Kris Peach Partner, KPMG;
- Mr Bruce Porter Partner, Deloitte Touche Tohmatsu;
- Ms Joanna Perry Chair, FRSB, New Zealand;
- Mr Des Pearson Auditor-General, Western Australia; and
- Mr Frank Palmer Director, Corporate Reporting Group, Macquarie Bank Ltd.
Professor Ken Leo was appointed deputy chair of the AASB by the AASB members.
Appreciation
My thanks go to all of the present and retired members of the AASB and UIG for their significant contribution to accounting standard setting during the year. These members are all busy professionals who generously provided their time to this cause.
Similarly, thanks go to the AASB technical staff, headed by our Technical Director, Angus Thomson, and the AASB administrative staff, headed by our Administration Director, Leone Mansell, who all achieved much during a busy and eventful year in which a new ongoing role for the AASB needed to be established.
Finally, thanks go to the AASB constituents who continued to respond to exposure drafts and invitations to comment and participated in various advisory panels. It is vital that Australian constituents continue to make their views known to the AASB on the forever changing standard-setting scene.
SIGNED
David Boymal
Chairman of Australian Accounting Standards Board
16 September 2005
Australian Accounting Standards Board Directors’ report of operations
Technical activities of AASB during 2004-05
Membership and meetings of AASB
The Chairman and members of the AASB are appointed under section 236B of the ASIC Act. For the period covered by this report, the responsible Minister was the Treasurer, the Hon Peter Costello MP. The Chairman is appointed by the Treasurer while other members are appointed by the FRC.
To be eligible for appointment, a person must have knowledge of, or experience in, business, accounting, law or government. The Chairman and members hold office on the terms and conditions that are determined by the Treasurer and FRC respectively. Appointments may be made for a period of up to five years and retiring members are eligible for reappointment.
The members of the AASB during 2004-05 are listed in Appendix B. The Board held 10 meetings for a total of 20 meeting days, including a one-day strategy meeting, during the year, and attendance of members at these meetings is set out in Appendix D.
Standard setting
The AASB has responsibility for accounting standard setting. A full list of Accounting Standards, Accounting Interpretations, Statements of Accounting Concepts, and Policy Statements and their issue dates is at Appendix G.
During 2004-2005, the Board issued or reissued the following standards and other documents:
Standards |
|
AASB 1 |
First-time Adoption of Australian Equivalents to International Financial Reporting Standards (July 2004) |
AASB 2 |
Share-based Payment (July 2004) |
AASB 3 |
Business Combinations (July 2004) |
AASB 4 |
Insurance Contracts (July 2004) |
AASB 5 |
Non-current Assets held for Sale and Discontinued Operations (July 2004) |
AASB 6 |
Exploration for and Evaluation of Mineral Resources (December 2004) |
AASB 101 |
Presentation of Financial Statements (July 2004) |
AASB 102 |
Inventories (July 2004) |
AASB 107 |
Cash Flow Statements (July 2004) |
AASB 108 |
Accounting Policies, Changes in Accounting Estimates and Errors (July 2004) |
AASB 110 |
Events after the Balance Sheet Date (July 2004) |
AASB 111 |
Construction Contracts (July 2004) |
AASB 112 |
Income Taxes (July 2004) |
AASB 114 |
Segment Reporting (July 2004) |
AASB 116 |
Property, Plant and Equipment (July 2004) |
AASB 117 |
Leases (July 2004) |
AASB 118 |
Revenue (July 2004) |
AASB 119 |
Employee Benefits (July 2004) |
AASB 119 |
Employee Benefits (December 2004) |
AASB 120 |
Accounting for Government Grants and Disclosure of Government Assistance (July 2004) |
AASB 121 |
The Effects of Changes in Foreign Exchange Rates (July 2004) |
AASB 123 |
Borrowing Costs (July 2004) |
AASB 124 |
Related Party Disclosures (July 2004) |
AASB 127 |
Consolidated and Separate Financial Statements (July 2004) |
AASB 128 |
Investments in Associates (July 2004) |
AASB 129 |
Financial Reporting in Hyperinflationary Economies (July 2004) |
AASB 130 |
Disclosures in the Financial Statements of Banks and Similar Financial Institutions (July 2004) |
AASB 131 |
Interests in Joint Ventures (July 2004) |
AASB 132 |
Financial Instruments: Disclosure and Presentation (July 2004) |
AASB 133 |
Earnings per Share (July 2004) |
AASB 134 |
Interim Financial Reporting (July 2004) |
AASB 136 |
Impairment of Assets (July 2004) |
AASB 137 |
Provisions, Contingent Liabilities and Contingent Assets (July 2004) |
AASB 138 |
Intangible Assets (July 2004) |
AASB 139 |
Financial Instruments: Recognition and Measurement (July 2004) |
AASB 140 |
Investment Property (July 2004) |
AASB 141 |
Agriculture (July 2004) |
AASB 1004 |
Contributions (July 2004) |
AASB 1023 |
General Insurance Contracts (July 2004) |
AASB 1031 |
Materiality (July 2004) |
AASB 1038 |
Life Insurance Contracts (July 2004) |
AASB 1039 |
Concise Financial Reports (revised) (May 2005) |
AASB 1046A |
Amendments to Accounting Standard AASB 1046 (September 2004). |
AASB 1048 |
Interpretation and Application of Standards (July 2004) |
AASB 1048 |
Interpretation and Application of Standards (revised) (December 2004) |
AASB 1048 |
Interpretation and Application of Standards (revised) (March 2005) |
AASB 1048 |
Interpretation and Application of Standards (revised) (June 2005) |
AASB 2004-1 |
Amendments to Australian Accounting Standards [AASB 1, AASB 116 & AASB 138] (December 2004) |
AASB 2004-2 |
Amendments to Australian Accounting Standards [AASB 1, AASB 121, AASB 131, AASB 134, AASB 139 & AASB 141] (December 2004) |
AASB 2004-3 |
Amendments to Australian Accounting Standards [AASB 1, AASB 101 & AASB 124] (December 2004) |
AASB 2005-1 |
Amendments to Australian Accounting Standard [AASB 139] (May 2005) |
AASB 2005-2 |
Amendments to Australian Accounting Standard [AASB 1023] (June 2005) |
AASB 2005-3 |
Amendments to Australian Accounting Standards [AASB 119] (June 2005) |
AASB 2005-4 |
Amendments to Australian Accounting Standards [AASB 1, AASB 132, AASB 139, AASB 1023 & AASB 1038] (June 2005) |
AASB 2005-5 |
Amendments to Australian Accounting Standards [AASB 1 & AASB 139] (June 2005) |
AASB 2005-6 |
Amendments to Australian Accounting Standards [AASB 3] (June 2005) |
AASB 2005-7 |
Amendments to Australian Accounting Standards [AASB 134] (June 2005) |
AASB 2005-8 |
Amendments to Australian Accounting Standards [AASB 1] (June 2005) |
Exposure drafts
ED 134 |
Request for Comment on IASB ED of Proposed Amendments to IAS 39 Financial Instruments: Recognition and Measurement and IFRS 4 Insurance Contracts — Financial Guarantee Contracts and Credit Insurance (July 2004). |
ED 135 |
Request for Comment on IASB ED of Proposed Amendments to IAS 39 Financial Instruments: Recognition and Measurement — Cash Flow Hedge Accounting of Forecast Intra-Group Transactions (July 2004). |
ED 136 |
Request for Comment on IASB ED of Proposed Amendments to IAS 39 Financial Instruments: Recognition and Measurement — Transition and Initial Recognition of Financial Assets and Financial Liabilities (July 2004). |
ED 137 |
Request for Comment on IASB ED 7 Financial Instruments: Disclosures (August 2004). |
ED 138 |
Concise Financial Reports: Revisions to AASB 1039 (December 2004). |
Invitations to comment
Invitation to Comment The Role of Accounting Standard Setters and their Relationships with the IASB (April 2005).
Invitation to Comment The Definition of ‘Contributions by Owners’ (April 2005).
Statements of concepts
Framework for the Preparation and Presentation of Financial Statements (July 2004)
The AASB implemented the FRC’s strategic directive regarding the adoption of IASB Standards in 2005, with the issue of 44 new and revised accounting standards (comprising 37 Australian equivalents to IASB Standards, six revised Australian Standards and one new Australian standard), and 28 UIG Interpretations (comprising 17 Australian equivalents to IFRIC Interpretations and 11 revised Australian UIG Interpretations). The AASB also issued 11 Accounting Standards which incorporated subsequent amendments made by the IASB to its Standards and refinements made by the AASB.
The suite of Australian equivalents to IASB Standards and UIG Interpretations was posted on the website in July and August 2004, so as to inform constituents of the requirements applying for annual reporting periods commencing on or after 1 January 2005, and to facilitate their preparations for implementing these Standards and Interpretations. Further Standards, including Amending Standards, and UIG Interpretations were posted on the website as they were issued during the year.
Urgent Issues Group
The UIG’s purpose is to review on a timely basis, in the context of existing Accounting Standards and Statements of Accounting Concepts, accounting issues that are likely to receive divergent or unacceptable treatment in the absence of authoritative guidance, with a view to reaching a consensus as to the appropriate accounting treatment. The UIG comprises 15 members drawn from a wide range of constituent groups. A consensus of the UIG requires that 11 or more members vote in favour of, and no more than three members vote against, the proposed treatment for the issue in question. A full list of UIG Abstracts and Interpretations and their issue dates is at Appendix G. The UIG Charter was revised in June 2004, with the effect that UIG Abstracts applying for reporting periods beginning on or after 1 January 2005, are required to be formally approved by the AASB and are called UIG Interpretations. UIG Abstracts currently on issue apply until annual reporting periods beginning on or after 1 January 2005.
The following Interpretations were issued during 2004-2005:
New |
|
1 |
Changes in Existing Decommissioning, Restoration and Similar Liabilities (July 2004) |
2 |
Members’ Shares in Co-operative Entities and Similar Instruments (March 2005) |
3 |
Emission Rights (March 2005) |
4 |
Determining whether an Arrangement contains a Lease (June 2005) |
5 |
Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds (June 2005) |
107 |
Introduction of the Euro (July 2004) |
110 |
Government Assistance — No Specific Relation to Operating Activities (July 2004) |
112 |
Consolidation — Special Purpose Entities (July 2004) |
113 |
Jointly Controlled Entities — Non-Monetary Contributions by Venturers (July 2004) |
115 |
Operating Leases — Incentives (July 2004) |
121 |
Income Taxes — Recovery of Revalued Non-Depreciable Assets (July 2004) |
125 |
Income Taxes — Changes in the Tax Status of an Entity or its Shareholders (July 2004) |
127 |
Evaluating the Substance of Transactions Involving the Legal Form of a Lease (July 2004) |
129 |
Disclosure — Service Concession Arrangements (July 2004) |
131 |
Revenue — Barter Transactions Involving Advertising Services (July 2004) |
132 |
Intangible Assets — Web Site Costs (July 2004) |
Revised |
|
112 |
Consolidation — Special Purpose Entities (December 2004) |
1013 |
Consolidated Financial Reports in relation to Pre-Date-of-Transition Stapling Arrangements (April 2005) |
1017 |
Developer and Customer Contributions for Connection to a Price-Regulated Network (November 2004) |
1019 |
The Superannuation Contributions Surcharge (September 2004) |
1030 |
Depreciation of Long-Lived Physical Assets: Condition-Based Depreciation and Related Methods (September 2004) |
1031 |
Accounting for the Goods and Services Tax (GST) (July 2004) |
1038 |
Contributions by Owners to Wholly-Owned Public Sector Entities (September 2004) |
1039 |
Substantive Enactment of Major Tax Bills in Australia (July 2004) |
1042 |
Subscriber Acquisition Costs in the Telecommunications Industry (December 2004) |
1047 |
Professional Indemnity Claims Liabilities in Medical Defence Organisations (November 2004) |
1052 |
Tax Consolidation Accounting (June 2005) |
1055 |
Accounting for Road Earthworks (September 2004) |
Due process
The AASB adopts a comprehensive ‘due process’ (outlined in Policy Statement PS 1 The Development of Statements of Accounting Concepts and Accounting Standards) when developing its pronouncements, and encourages the preparers and users of financial reports to participate actively in the standard-setting process by:
- communicating its views and policies to a broad range of interested parties via invitations to comment and exposure drafts;
- meeting with representatives of interested parties and organisations;
- inviting public comment on its policies, procedures, priorities and standards under consideration;
- issuing media releases related to its activities; and
- maintaining a website www.aasb.com.au.
In addition, the AASB publishes minutes of its meetings and an AASB Action Alert to keep interested parties informed of the AASB’s deliberations at each of its meetings.
The UIG adopts a more limited ‘due process’ under which minutes of its meetings, issue proposals, issue summaries and draft Interpretations are freely available on the website. The UIG publishes an UIG Action Alert after each of its meetings.
Consultative group
The AASB Consultative Group brings together a wide cross-section of interest groups in the private, public and not-for-profit sectors. The purpose and operation of the Consultative Group is set out in Policy Statement PS 2 The AASB Consultative Group as revised and reissued in June 2001. The Consultative Group met twice during the year, in October 2004 and May 2005. The AASB is in the process of enhancing its consultative arrangements through establishing smaller more focussed groups of constituents comprising industry and user groups for consultation on particular issues.
Liaison with constituents
The AASB meets with a wide range of people to discuss matters of interest both generally and in relation to specific projects.
Use of website
The AASB maintains a website www.aasb.com.au. The website is used to provide information about the AASB, its activities and work programme to its constituents and other interested parties and the UIG and its activities. Authoritative pronouncements are published on the website and may be downloaded free of charge. The AASB also publishes meeting agendas and copies of key AASB Board papers on its website, prior to meetings. Minutes of meetings are also published on the website. The AASB publishes brief summaries of key projects on the Board’s website outlining the background to each project and recent progress and Board decisions. The AASB also uses the website to seek comments on exposure drafts and invitations to comment in order to facilitate urgent action on projects. During the year, as part of the process of implementing the FRC’s directive on adoption of IASB Standards and to keep its constituents informed, the AASB posted copies of Australian equivalents to International Financial Reporting Standards and Interpretations on its website.
Seminars
Members of the AASB and its staff are available to present papers on matters relating to the AASB’s work programme at seminars, congresses and conferences held throughout Australia.
Accountability
The AASB Chairman appeared before the Parliamentary Joint Committee on Corporations and Financial Services on 7 February 2005.
Indemnities and insurance premiums for directors and officers
No indemnities have been given or agreements made in respect of any current or former officer of the AASB, including FRC Directors. The AASB has arranged professional indemnity insurance with COMCOVER, to a value of $100 million at a cost of $29,348.
Federal Register of Legislative Instruments
The Federal Register of Legislative Instruments (FRLI) regime, introduced by the Legislative Instruments Act 2003, commenced on 1 January 2005, replacing the gazettal process previously required for those Accounting Standards made by the AASB that are disallowable instruments. The AASB has completed the backcapture process for Accounting Standards made before 1 January 2005. Standards made in 2005 have been lodged and registered and the AASB is in the process of finalising compiled versions of Accounting Standards to include subsequent amendments. In addition to lodging on the FRLI, compiled versions are also posted on the AASB website.
Australian Accounting Standards Board publications
All authoritative pronouncements issued by the AASB and UIG, including statements of accounting concepts, policy statements, accounting standards (AASB and AAS series), accounting interpretations and UIG abstracts and interpretations, are available for purchase from the AASB and are published on its website. A full list of pronouncements currently on issue is at Appendix G.
The AASB also publishes a range of other documents, including:
- an AASB Action Alert to keep interested parties informed of the AASB’s deliberations at each of its meetings;
- an UIG Action Alert to keep interested parties informed of the UIG’s deliberations at each of its meetings;
- AASB and UIG media releases;
- exposure drafts of proposed new and revised accounting standards;
- invitations to comment (often concerning exposure drafts issued by the International Accounting Standards Board and the International Public Sector Accounting Standards Board);
- consultative and discussion papers; and
- Transparency, a periodical newsletter on the activities of the AASB.
The AASB provides subscription services in respect of most of these documents. In addition, individual copies are available for sale. Further information can be obtained from the AASB using the contact details set out below. Accounting standards, UIG abstracts and interpretations, exposure drafts, invitations to comment and policy statements are freely available on the website.
Freedom of information
The AASB maintains possession of the following documents:
- copies of Accounting Standards;
- copies of exposure drafts and invitations to comment;
- copies of media releases and action alerts;
- AASB and UIG meeting agenda papers;
- correspondence with constituents, including responses to exposure drafts and invitations to comment; and
- internal technical and administrative papers, including project proposals, key decisions questionnaires, issues papers, draft exposure drafts, draft accounting standards and draft interpretations.
Requests under the Freedom of Information Act 1982 for access to other documents in the possession of the AASB can be directed to the AASB Secretary using the contact details set out below.
Commonwealth fraud control guidelines
The AASB has in place a Fraud Control Plan and fraud control mechanisms which are appropriate to the needs of the AASB. The AASB complies with the requirements of the Commonwealth Fraud Control Guidelines for the year ended 30 June 2005.
Commonwealth disability strategy
The AASB is committed to applying the Commonwealth Disability Strategy (CDS) and has instituted activities that contribute to meeting its requirements. The role of the AASB is specified elsewhere in this report. For the purposes of the CDS, the AASB performs Policy Adviser and Regulator roles.
Commonwealth Disability Strategy performance reporting
Requirement for role |
How met |
Provision of accessible policy, programme and regulatory information |
|
Internet format |
AASB: all news items, policy statements, accounting standards, exposure drafts and other formal accounting regulatory documents are available on a Government Standards compliant website. |
Disk format |
Contact details for the AASB are available on its website. Users can call or write to request material on disk. |
Plain English communication |
Where possible, general information is written in plain English. However, some financial reporting matters are highly complex and require the accuracy of technical language. |
Consultation |
The AASB consults widely in its own right, with users, preparers and others interested in financial reporting. Because the nature of AASB activity is broad, and focuses on capital markets, specific consultation with people with disabilities is generally inappropriate. |
Complaint or grievance mechanisms |
Contact details for the AASB are available on its website. People can call or write to register any complaint. |
Contacting the Australian Accounting Standards Board
The Australian Accounting Standards Board can be contacted as follows:
Post: |
The Secretary |
Telephone: |
(03) 9617 7600 |
Facsimile: |
(03) 9617 7608 |
Document exchange: |
DX 30897 |
E-mail: |
standard@aasb.com.au |