Australian Accounting Standards Board
Chairman's report
Introduction
The AASB is an Australian Government Agency established under the ASIC Act 2001. Until 30 June 2008 the AASB was an independent statutory authority coming under the Commonwealth Authorities and Companies Act 1997(CAC Act). However, from 1 July 2008, as a consequence of amendments to the ASIC Act, the AASB has been restructured as an arm of Government, now coming under the Financial Management and Accountability Act 1997 (FMA Act). The independence of the AASB, as the setter of Accounting Standards in Australia has not been affected by this restructure.
Under the ASIC Act, the statutory functions of the AASB are:
- to develop a conceptual framework for the purpose of evaluating proposed standards;
- to make accounting standards under section 334 of the Corporations Act 2001;
- to formulate accounting standards for other purposes;
- to participate in or contribute to the development of a single set of accounting standards for world-wide use; and
- to advance and promote the main objects of Part 12 of the ASIC Act, which include reducing the cost of capital, enabling Australian entities to compete effectively overseas and maintaining investor confidence in the Australian economy.
Since 2005 the AASB has adopted the International Financial Reporting Standards (IFRSs) of the International Accounting Standards Board (IASB) in their entirety for companies reporting under our Australian Corporations Law and also as the 'core' standards, with some modification, for the private and public not-for-profit sectors.
Objectives of the AASB
The vision of the AASB is to maintain and enhance its reputation as a global centre of excellence, delivering a distinctive contribution to the development of high-quality financial reporting standards.
The mission of the AASB is to:
- develop and maintain high quality financial reporting standards for all sectors of the Australian economy;
- contribute thought leadership and talent to the development of global financial reporting standards and be recognised as facilitating the inclusion of the Australian community in the activity of global standard setting.
The major objectives of the AASB for the 2007-08 year, and how we fulfilled these objectives, are described as follows.
1. Issue Australian versions of IASB documents
Whilst this appears to be an administrative function, under the existing legislative arrangements, the AASB must convert each IASB standard, standard amendment and interpretation into Australian law in accordance with legislative drafting protocols and in accordance with the Federal Register of Legislative Instruments requirements.
The number of changes to IFRSs remains substantial, and in order to permit companies to early-adopt these changes and be IFRS compliant, it is necessary for the AASB to make the changes soon after the IASB has made them. The AASB has successfully kept pace with the many changes to IFRSs during 2007-08 in a manner that ensures that the effect of the Australian standards is identical to the original IFRSs in all respects. This is despite the fact that Australian legislative drafting protocols differ from the manner in which IASB makes the changes.
In addition, each time the IASB has issued an exposure draft or invitation to comment, the AASB has published an equivalent document on its website, with an Australian Preface. The most relevant of these documents have also been issued in printed form.
The Board, in conjunction with other stakeholders, is currently investigating ways in which the issuance of Australian versions of IASB documents might be simplified in order to consume less resources.
2. Produce standards that treat like transactions consistently
The AASB's policy of 'transaction neutrality' means that like transactions and events are dealt with in a like manner between the for-profit sector and the not-for-profit sector and between the private sector or the public sector, unless there is sound reason to be different in particular circumstances.
To implement this policy, the AASB uses the IASB standards as the starting point, and then determines whether some varied treatment is appropriate for the not-for-profit private sector and the public sector, either in the form of additional Australian paragraphs in our versions of IFRSs or in the form of separate standards.
During the year, the AASB applied this approach to all of the IFRS amendments and specifically asked its constituents to comment on the consequences of such changes for the other sectors.
Consistent with this policy of transaction neutrality, during 2007-08, the AASB replaced Accounting Standards AAS 27 Financial Reporting by Local Governments, AAS 29 Financial Reporting by Government Departments and AAS 31 Financial Reporting by Governments with appropriate Australian paragraphs in a number of our versions of the IFRSs and created or amended other standards for public sector situations. At the same time, this project brought many public sector requirements up to date with the overall Australian move to IFRSs.
In addition, the AASB (in conjunction with the New Zealand Financial Reporting Standards Board (FRSB)) has given consideration to a common set of criteria that would warrant changes to the IFRSs as they apply in not‑for‑profit circumstances. This same approach to using IFRSs as the starting point, and having a consistent basis for departures, is also being utilised by the International Public Sector Accounting Standards Board (IPSASB).
As part of the 'transaction neutrality' policy, during the year the AASB has investigated the appropriateness of the use of the term 'not-for-profit entity' and the definition of that term. It has retained the term and its existing definition but has agreed that further guidance on the use of the term is needed.
3. Contribute to the development of International Financial Reporting Standards
In accordance with the enabling legislation of the AASB our constituency expects Australia not to be simply a taker of international standards but to also contribute to the development of those standards. This applies equally to the standards set by the IASB and the IPSASB.
This was achieved in a number of ways:
- We continue to participate in a number of IASB and IPSASB research projects. We undertook research work on accounting for intangible assets as input to an IASB agenda proposal, but the IASB decided not to include accounting for intangible assets onto its active agenda at the present time due to other priorities. In order for our work to be most effective we are considering publishing our findings, and a group of National Standard Setters are considering whether to continue on with our work. We continued to lead a research team on extractive activities accounting and the IASB is expected to publish the findings as a discussion paper by the end of 2008. Furthermore, we concluded the reporting entity section of the IPSASB project on a public sector conceptual framework, and will continue to work with IPSASB on other sections of this project.
- We responded to all significant IASB and IPSASB exposure drafts and invitations to comment in the name of the AASB or the AASB staff. There have been 11 such responses in 2007-08.
- We provided technical support to Australian representatives and sub‑committee members at various IASB and IPSASB meetings. During the year we briefed Australian members of the IASB's International Financial Reporting Interpretations Committee, the IASB's Standards Advisory Council and the IASB's Insurance Project Working Party before each meeting. An AASB staff member attended each IPSASB meeting as technical support to the Australian IPSASB member and AASB staff have briefed that member prior to each IPSASB meeting.
- We provided staff to work on selected IASB and IPSASB project teams, in particular the IASB insurance contracts project, the combined IASB/US revenue recognition project and the IPSASB conceptual framework project.
- We closely monitor progress on selected IASB and IPSASB projects to alert our Australian constituency about forthcoming significant issues and to indicate Australian viewpoints to IASB and IPSASB early in the process.
- We maintained a close working relationship with equivalent organisations in other parts of the world, including Canada, New Zealand, United Kingdom and United States. In this regard the Chairman and senior staff attended the annual IASB meeting of World Standard Setters in London, the half-yearly meeting of National Standard Setters in London and Melbourne, and the IASB's Singapore Conference. In March 2008 the National Standard Setters meeting was successfully hosted by the AASB in Melbourne. Furthermore, we have a reciprocal arrangement with New Zealand whereby the AASB Chairman is a member of the New Zealand FRSB and the FRSB Chair is a member of the AASB. The AASB and FRSB met jointly in October 2007 and again in July 2008.
- In addition, Australia, Canada, New Zealand and United Kingdom continue to jointly sponsor ongoing research into the potential implications of the proposed IASB changes to the Conceptual Framework upon public sector and not-for-profit entity accounting.
4. Address domestic priorities to drive improvements in Australian financial reporting
During 2007-08 the domestic priorities have included:
(a) Superannuation fund accounting
With the amount of Australian savings invested in superannuation, there is a need for revision to Accounting Standard AAS 25 Financial Reporting by Superannuation Plansand improved financial reporting by superannuation entities. During the year work has continued in preparation for the issuance of an exposure draft later in 2008. In September 2007 a consultation paper was issued discussing the need for consolidation of subsidiaries of superannuation entities, which provided useful feedback. All of the issues have been discussed with representatives of the industry and the subject matter has been progressed at many Board meetings during the year.
(b) Not-for-profit private and public sector entities
The AASB's charter extends to not-for-profit private sector entities and to public sector entities. With our transaction-neutral approach (described in section 2 above), consideration of these sectors will generally be found in the additional Australian paragraphs included in our versions of IFRSs. However, in certain circumstances, separate standards are written explicitly for these sectors.
During the year, AASB 1049, which previously had harmonised generally accepted accounting principles and government finance statistics for the general government sector of the Federal, State and Territory governments, was amended so that it similarly harmonised the accounting for whole of government reporting. It was pleasing to note that the 2008-09 federal budget was prepared using AASB 1049 principles as a basis. Work has now commenced to consider similar harmonisation principles for government departments and other entities within the general government sector.
In December 2007 the AASB issued a discussion paper to determine if work previously undertaken by the New Zealand FRSB might be helpful to clarify the definition and description of a not-for-profit entity. Constituents expressed mixed views about such suggestions but emphasised that further AASB guidance is necessary.
As a result of the transfer of the contents of AASs 27, 29 and 31 to our versions of IFRSs, the AASB introduced three new public sector standards; AASB 1050 Administered Items,AASB 1051 Land Under Roads and AASB 1052 Disaggregated Disclosures.
In conjunction with the New Zealand FRSB, work is continuing on improving accounting for non-exchange revenue including government grants. This is the most often criticised section of our suite of standards. The IPSASB has recently introduced a standard on this subject and we are determining how we might leverage off this IPSASB work.
The AASB's attention will continue to focus on not-for-profit and public sector needs in the forthcoming year.
(c) Differential reporting for SMEs
During the year the AASB continued to discuss differential reporting for the for-profit and the not-for-profit sectors and reached a number of tentative conclusions which now await the finalisation of the IASB's new standard. The proposals need most careful consideration because, if adopted, they would represent a substantial change in financial reporting in Australia, particularly for privately owned enterprises and not-for-profit entities in the private sector.
(d) Emissions trading
Ideally, appropriate accounting standards will be in place in time for the introduction of emissions trading in Australia, if we are to avoid the diversity of accounting treatments that is currently found in Europe. We urged the IASB to put this topic onto its agenda and it is pleasing to see that the IASB has responded.
An international solution is preferable to a local solution, as the IASB is not constrained by the existing IFRS requirements. However, notwithstanding this constraint, the AASB is continuing to monitor the situation in case local guidance is needed by the 2010 introduction date.
(e) Service concessions
In December 2007 the AASB issued a local agenda decision on grantor accounting for service concessions as an interim measure. This enables many public sector grantors to continue with their existing accounting for the time-being. The AASB will reconsider its decision when an international standard on grantor accounting is produced by IPSASB.
5. Promote globally consistent application and interpretation of accounting standards
We continue to make all IASB implementation guidance, bases for conclusions and authoritative interpretations available to Australian constituents on the AASB website, in order to promote globally consistent application and interpretation of standards.
In order to resolve interpretation difficulties, in the first instance we refer issues that come to our attention to the interpretative arm of the IASB for resolution. However the number of Australian interpretation references has been declining as Australian constituents become more acquainted with the application of IFRSs. Similarly, local interpretations by the AASB have also been declining, although two local interpretation matters were resolved during the year and a third is nearing completion.
In the interest of promoting globally consistent application of standards, the AASB has commenced discussions relating to the appropriateness of applying some of the newer IPSASB standards in Australia. In addition we have discussed the circumstances in which IFRSs should be varied for use by the public sector in Australia and whether the circumstances for variation currently being used by IPSASB are appropriate for our use.
6. Communicate effectively to engage with constituents
Our communication with constituents continues to improve.
We meet with our representative Consultative Group at least once each year, and recent meetings have been very successful. In addition, the conduct of roundtables on selected topics have proved to be a productive means of obtaining feedback for the development of new standards. During 2007-08 roundtable discussions were held on superannuation fund accounting and the definition of a not-for-profit entity, in Melbourne, Sydney and Canberra.
The AASB members met with industry representatives and groups in conjunction with its own board meetings. Over the 2007-08 year such meetings were held with representatives of small and medium enterprises, the charities segment of the not-for-profit sector and with the Financial Reporting Council (FRC).
The AASB Chairman, Board members and senior staff make themselves available to present at professional conferences on relevant accounting standards topics. In 2007-08 there have been approximately 35 such presentations.
The main medium of communication with constituents is the AASB website. However, the site contained so much information that it had become rather difficult to navigate. A major project for 2007-08 has been the development of a new AASB website containing additional material, improved search facilities and easier navigation. The new website was launched in July 2008.
Added to the website is a new search facility that enables constituents to identify which compilation of any standard manditorily applies to a given reporting period, simply by inputting the dates of the particular reporting period. This facility should make the use of the standards easier in view of the numerous changes that have been made to the standards in recent times and the complexity of the application dates.
We re-introduced Transparency as a quarterly e-newsletter that advises constituents of the many AASB activities that occur outside of board meetings, and highlights the human side of the AASB and its staff. Transparency complements Action Alert which reports on the outcomes of each Board meeting normally within 24 hours of the meeting.
During the year 16 AASB media releases were distributed resulting in positive media coverage of the activities and decision-making of the AASB.
7. Develop standard setting expertise
A function of the AASB is to develop personnel with experience in standard setting so that Australia can continue to play a major role in the development of international standards.
Our successful internship program for new graduates ensures that AASB is providing a steady stream of young people with standard setting skills for the wider accounting community. Additionally, during 2007-08, one staff member returned from a secondment with a State Auditor-General's Office and another was placed on secondment with a Big Four accounting firm. We are also currently in discussions with the IASB to place one of our senior staff with the IASB for an extended period.
8. Restructure as a FMA Act entity
As noted in my introduction, on 1 July 2008 the AASB became an entity covered by the FMA Act rather than the CAC Act. Whilst this does not affect the standard setting functions of the AASB, it substantially changes its financial accountability and its relationship with the FRC. The restructure has been achieved by the establishment of a new entity, the Office of the AASB, which is responsible for employing the technical and administrative staff, receiving and expending funds, and providing technical and other services to the standard setting board (the AASB). The Office of the AASB is headed by a Chief Executive Officer (who is also the Chairman of the AASB) who is directly responsible to the Minister. The FRC can continue to issue strategic direction to the AASB, but in other respects its role becomes advisory rather than supervisory.
During the year considerable administrative effort has gone into the planning of this structural change.
Work program and business plan
The status of the 2007-08 prior year work program and the AASB's priorities and work program for 2008-09 are reported in Appendix E to this report.
The 2008-09 AASB business plan is available on the AASB website in the section labelled 'AASB Board'.
Board changes
During the year Messrs Brett Kaufmann and Des Pearson retired from the Board and they were replaced by Messrs Mark Jenkin, Robert Williams. Mr Bruce Porter our Deputy Chairman and Frank Palmer were reappointed for further terms.
Appreciation
My thanks go to all of the present and retired members of the AASB for their significant contributions of expertise, time, debate and opinion to the standard setting function.
Thanks also goes to the AASB technical staff headed by our Technical Director Angus Thomson and Deputy Technical Director Robert Keys and to the AASB administrative staff headed by our Finance and Administration Director, Ms Litsa Pillios.
Finally, thanks go to our constituents who respond to exposure drafts, invitations to comment and discussion papers and who make time freely available to participate in consultative groups, project panels, and roundtables.
As this is my final report at the expiration of my contract, it has been a privilege to serve as Chairman of the AASB for the past five years in a time of such dramatic change to Australian financial reporting, and I wish the AASB well for the future.
SIGNED
David Boymal
Chairman, Australian Accounting Standards Board
8 October 2008
Australian Accounting Standards Board Directors' report of operations
Technical activities of the Australian Accounting Standards Board during 2007-08
Membership and meetings of the Australian Accounting Standards Board
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 Ministers were the Treasurer, the Hon Peter Costello MP and the Hon Nick Sherry, Minister for Superannuation and Corporate Law. The Chairman is appointed by the Minister 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 Minister 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 2007-08 are listed in Appendix B. The Board held 10 meetings for a total of 18 meeting days during the year. 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, Interpretations, Statements of Accounting Concepts, and Policy Statements and their issue dates is at Appendix G.
During 2007-2008, the Board issued or reissued the following standards and other documents:
| Standards | |
|---|---|
| AASB 3 | Business Combinations (revised)(March 2008) |
| AASB 101 | Presentation of Financial Statements (revised) (September 2007) |
| AASB 127 | Consolidated and Separate Financial Statements (revised)(March 2008) |
| AASB 1048 | Interpretation and Application of Standards (revised)(September 2007) |
| AASB 1049 | Whole of Government and General Government Sector Financial Reporting (October 2007) |
| AASB 1004 | Contributions (revised) (December 2007) |
| AASB 1050 | Administered Items(December 2007) |
| AASB 1051 | Land Under Roads (December 2007) |
| AASB 1052 | Disaggregated Disclosures (December 2007) |
| AASB 2007‑8 | Amendments to Australian Accounting Standards arising from AASB 101 (September 2007) |
| AASB 2007‑9 | Amendments to Australian Accounting Standards arising from the Review of AASs 27, 29 and 31 (December 2007) |
| AASB 2008‑1 | Amendments to Australian Accounting Standard — Share-based Payments: Vesting Conditions and Cancellations(February 2008) |
| AASB 2008‑2 | Amendments to Australian Accounting Standards — Puttable Financial instruments and Obligations arising on Liquidation(March 2008) |
| AASB 2008‑3 | Amendments to Australian Accounting Standards arising from AASB 3 and AASB 127(March 2008) |
| AASB 2008‑4 | Amendments to Australian Accounting Standard — Key Management Personnel Disclosures by Disclosing Entities(June 2008) |
| Exposure drafts | |
|---|---|
| ED 157 | Joint Arrangements (October 2007) |
| ED 158 | Proposed Amendments to AASB 139 Financial Instruments: Recognition and Measurement — Exposures Qualifying for Hedge Accounting (March 2007) |
| ED 159 | Proposed Improvements to Australian Accounting Standards(March 2007) |
| ED 160 | Proposed Amendments to AASB 1 First-time Adoption of Australian Equivalents to International Financial Reporting Standards and AASB 127Consolidated and Separate Financial Statements — Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate(December 2007) |
| ED 161 | Proposed Amendments to AASB 2 Share-based Payment and AASB Interpretation 11 AASB 2 — Group and Treasury Share Transactions — Group Cash-settled Share-based Payment Transactions(February 2008) |
| ED 162 | Proposed Amendments to Key Management Personnel Disclosures by Disclosing Entities(April 2008) |
| ED 163 | Proposed Amendments to AASB 1049 for Consistency with AASB 101(June 2008) |
| ED 164 | An improved Conceptual Framework: The Objective of Financial Reporting and Qualitative Characteristics and Constraints of Decision-useful Financial Reporting Information(June 2008) |
| Invitations to comment | |
|---|---|
| ITC 14 | Proposed Definition and Guidance for Not-for-Profit Entities(December 2007) |
| ITC 15 | Request for Comment on IPSASB Exposure Draft ED 34 Social Benefits: Disclosure of Cash Transfers to Individuals or Households and IPSASB consultation paper Social Benefits: Issues in Recognition and Measurement (April 2008) |
| ITC 16 | Request for Comment on IPSASB consultation paper Accounting and Financial Reporting for Service Concession Arrangements(April 2008) |
| ITC 17 | Request for Comment on IASB discussion paper Preliminary Views on an improved Conceptual Framework for Financial Reporting: The Reporting Entity (June 2008) |
| Interpretations | |
|---|---|
| 1003 | Australian Petroleum Rent Resource Tax (November 2007) |
| 1038 | Contributions by Owners Made to Wholly-Owned Public Sector Entities (Revised)(December 2007) |
| 13 | Customer Loyalty Programmes (August 2007) |
| 14 | AASB 119 — The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction (August 2007) |
Interpretations
The AASB has direct responsibility for developing and approving interpretations. The AASB's objective is to maintain a streamlined interpretations function that interacts with the IFRIC to provide guidance to Australian constituents in the context of the formal adoption of IFRS in Australia for private sector, public sector and not-for-profit entities, while maintaining a capacity to deal with issues relating to purely domestic standards and issues such as those relating to the Australian petroleum rent resource tax and the superannuation contributions tax. The interpretations function has a flexible structure so that it can be adapted in response to changing circumstances and the nature of the issues to be addressed.
Due process
The AASB adopts a comprehensive 'due process' (outlined in 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 and holding roundtables on technical issues;
- inviting public comment on its policies, procedures, priorities and standards under consideration;
- issuing media and information releases relating to its activities; and
- maintaining a website, www.aasb.gov.au.
In addition, the AASB publishes minutes of its meetings, a wide range of agenda papers, an AASB Action Alert to keep interested parties informed of the AASB's deliberations at each of its meetings, and Transparency, a periodic newsletter.
Consultative groups
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 in May 2008. The AASB is enhancing its consultative arrangements through establishing smaller, more focused groups of constituents comprising industry and user groups for consultation on particular issues. A User Focus Group was established in 2005-06 and a Not‑for‑Profit Focus Group involving private sector not-for-profit constituents was established in 2006-07. The AASB proposes to establish other focus groups as appropriate. The AASB also has a number of Project Advisory Panels on specific topics including superannuation entities and insurance contracts.
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. During 2007-08 it met with private sector not-for-profit constituents, constituents involved with superannuation entities, constituents from the public sector and investment analysts. In addition, the AASB held consultations with constituents as part of its formal meetings in respect of its deliberations on public sector issues, related party disclosures, accounting for insurance contracts, accounting by superannuation plans and differential reporting. The AASB also held roundtables seeking constituent input on the IASB's IFRSs for SMEs project and the definition of a not-for-profit entity.
Use of website
The AASB maintains a website, www.aasb.gov.au to provide information about the AASB, its activities and work program, to its constituents and other interested parties. Authoritative pronouncements, including compilations of Accounting Standards, are published on the website and may be downloaded free of charge. The AASB also publishes meeting agendas, copies of key AASB Board papers and minutes of meetings on its website. The AASB also uses the website to seek comments on exposure drafts and invitations to comment, to facilitate urgent action on projects.
During the year the AASB initiated a project to update and streamline its website to enhance communications with constituents and to provide easier navigation. The new website became operational at the beginning of July 2008.
Seminars
Members of the AASB and its staff are available to present papers on matters relating to the AASB's work program at seminars, congresses and conferences held throughout Australia. The Chairman also made presentations at international conferences during the year.
Accountability
The AASB Chairman, Professor David Boymal, and Technical Director, Angus Thomson, appeared before the Senate Economics Committee on 5 June 2008. The Chairman reports periodically to FRC meetings on the AASB's activities.
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 $6,866 per annum.
Federal Register of Legislative Instruments
The FRLI regime, introduced by the Legislative Instruments Act 2003, commenced on 1 January 2005. Standards made in 2007-08 have been lodged and registered and the AASB prepares compiled versions of accounting standards to include subsequent amendments. In addition to lodging on the FRLI, compiled versions are also published on the AASB website.
Australian Accounting Standards Board publications
All authoritative pronouncements issued by the AASB, including policy statements, accounting standards and accounting interpretations, are available for purchase from the AASB in printed form and can be downloaded free of charge from its website. A full list of pronouncements currently on issue is at Appendix G.
During the year the AASB also published a range of other documents, including:
- a newsletter Transparency to inform constituents of broader activities of the AASB;
- an AASB Action Alert to keep interested parties informed of the AASB's deliberations at each of its meetings;
- AASB media releases;
- exposure drafts of proposed new and revised accounting standards;
- invitations to comment; and
- consultative and discussion papers.
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 below. Accounting standards and interpretations, exposure drafts, invitations to comment and policy statements are freely available on the website. The AASB also has arrangements under which the IASB's Implementation Guidance and Basis for Conclusions on the IASB's Standards are available to its constituents on the AASB's 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 meeting agenda papers;
- correspondence with constituents, including responses to exposure drafts and invitations to comment; and
- internal technical and administrative papers, including project proposals, 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 below.
No applications under the Freedom of Information Act 1982 were received by the AASB in 2007-08.
Commonwealth Fraud Control Guidelines
The AASB has in place a Fraud Control Policy. The AASB acknowledges the responsibility for fraud control and for implementing a structured, ongoing fraud control plan. The AASB complied with the requirements of the Commonwealth Fraud Control Policy and Guidelines for the year ended 30 June 2008.
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, program 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 financial statement users, preparers and regulators, 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 AASB can be contacted as follows:
Post:
The Secretary
Australian Accounting Standards Board
PO Box 204
Collins Street West
MELBOURNE VIC 8007
Telephone:
03 9617 7600
Facsimile: 03 9617 7608
Email: standard@aasb.gov.au