Financial Reporting Council
Australian Accounting Standards Board
Auditing and Assurance Standards Board
Annual Reports 2005-06
© Commonwealth of Australia 2006
ISBN 0 642 74357 6
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Chairman: Telephone: Email: |
Secretariat: Telephone: Facsimile: E-mail: |
26 September 2006
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), Australian Accounting Standards Board (AASB) and Auditing and Assurance Standards Board (AUASB) for the year ended 30 June 2006.
The report by the FRC on its auditor independence functions for 2005-06 is being issued under separate cover.
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), which applies to both the AASB and the AUASB.
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 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.
Subsection 9(1) of the CAC Act requires the directors of the AASB and the AUASB to each 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, these reports must be tabled in each House of the Parliament as soon as practicable.
Yours sincerely
SIGNED
Charles Macek
Chairman
Abbreviations
The following abbreviations are used throughout this report:
- AASB
- Australian Accounting Standards Board
- AEIFRS
- Australian Equivalents to International Financial Reporting Standards
- AGS
- Auditing Guidance Statements
- A-IFRS
- Australian International Financial Reporting Standards
- APESB
- Accounting Professional and Ethical Standards Board
- APRA
- Australian Prudential Regulatory Authority
- AQRB
- Audit Quality Review Board
- ASA
- Auditing Standard
- ASAE
- Standards on Assurance Engagements
- ASIC
- Australian Securities and Investments Commission
- ASIC Act
- Australian Securities and Investments Commission Act 2001
- ASRB
- Accounting Standards Review Board — New Zealand
- ASRE
- Standards on Review Engagements
- ASRS
- Standards on Related Services
- ASX
- Australian Stock Exchange
- AuASB
- Auditing and Assurance Standards Board (to 30 June 2004)
- AUASB
- Auditing and Assurance Standards Board (as reconstituted on 1 July 2004).
- CAC Act
- Commonwealth Authorities and Companies Act 1997
- CDS
- Commonwealth Disability Strategy
- CLERP
- Corporate Law Economic Reform Programme
- CLERP 9 Act
- Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Act 2004
- FRC
- Financial Reporting Council
- FRLI
- Federal Register of Legislative Instruments
- FRSB
- Financial Reporting Standards Board — New Zealand
- GAAP
- Generally Accepted Accounting Principles
- GFS
- Government Finance Statistics
- GST
- Goods and Services Tax
- HOTARAC
- Heads of Treasuries Accounting and Reporting Advisory Committee
- IAASB
- International Auditing and Assurance Standards Board
- IAS
- International Accounting Standards
- IASB
- International Accounting Standards Board
- IASCF
- International Accounting Standards Committee Foundation
- ICAA
- The Institute of Chartered Accountants in Australia
- IFRIC
- International Financial Reporting Interpretations Committee
- IFRS
- International Financial Reporting Standards
- IPSASB
- International Public Sector Accounting Standards Board
- ISA
- International Standard on Auditing
- MOU
- Memorandum of Understanding
- NIA
- National Institute of Accountants
- NSS
- National Standard Setters
- PCAOB
- Public Company Accounting Oversight Board
- RIS
- Regulation Impact Statement
- SAC
- Standards Advisory Council (of the IASB)
- SMEs
- Small and Medium Enterprises
- TTASAG
- Trans Tasman Accounting Standards Advisory Group
- UIG
- Urgent Issues Group
Contact officer
The contact officer for this Annual Report is the Financial Reporting Council Secretary, who may be contacted at:
| Post: | Secretary Financial Reporting Council c/- The Treasury Langton Crescent PARKES ACT 2600 |
| Telephone: | (02) 6263 3144 |
| Facsimile: | (02) 6263 2770 |
| E-mail: | frcsecretary@treasury.gov.au |