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From the Chairman |
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Welcome to the first quarterly edition of the Australian Accounting Standards Board’s new Transparency newsletter.
Most people are aware of decisions that are made at the AASB meetings, but the activities of the AASB are far more extensive than just announcing standards and guidance.
Our work program covers a wide range of activities, from research on behalf of international standard setters to attending significant meetings of constituents and relevant organisations. Through the revamped Transparency newsletter, I hope to highlight some of the work being conducted ‘behind the scenes’ by the staff of the AASB.
I would like to take this opportunity to wish you and your family a happy and safe holiday season and all the best in the New Year.
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Professor David Boymal
Chairman, AASB |
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1. Interested in attending a consultation meeting on consolidation of subsidiaries by superannuation entities?
1-5 p.m., Friday 23 November 2007 in Melbourne
1-5 p.m., Monday 26 November 2007 in Sydney
A copy of the consultation paper is available from the AASB website.
2. Should the New Zealand definition of not-for-profit entities be used in Australia?
The AASB is expected to consider issuing an exposure draft (ED) on the definition of not-for-profit entities at its November 2007 meeting. More
3. Changes to the Structure of Financial Statements
Australian entities will be required to change the structure of their financial statements to comply with revised accounting standards. More
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Kristen Anderson
From AASB Graduate Intern to KPMG
Kristen has been working at the AASB for one year as one of two Graduate Interns, having completed a Bachelor of Accounting (Honours) at Monash University in 2006.
While working at the AASB, Kristen commenced her CA studies and has been involved in a number of AASB projects, including:
- assisting in developing the AASB’s response to the IASB discussion paper Preliminary Views on Insurance Contracts,
- reviewing AAS 25 Financial Reporting by Superannuation Plans,
- reviewing AAS 27, AAS 29 and AAS 31
- reviewing the key management personnel disclosures made by Managed Investment Schemes as part of AAS 124 Related Party Disclosures.
Kristen’s internship with AASB finishes in December 2007 and she has accepted a job at KPMG, where she will split her time between the Technical Team of the Department of Professional Practice and the Audit Division.
Kristen has been a terrific asset to the AASB team and we wish her luck as she embarks on the next step of her professional career.
Interested in finding out more about the AASB Graduate Intern program? Visit our website
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Consultation meetings on consolidation by super entities
23 November (Melbourne)
26 November (Sydney)
AASB Board meetings
14-15 November
12-13 December
Meeting Dates 2008
6-7 February
26-27 March
21-22 May
25-26 June
6-7 August
24-25 September
12-13 November
17-18 December
Holidays
The AASB office will close for the holidays at 11 a.m. Friday 21 December 2007 and will re-open on Wednesday 2 January 2008.
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David Boymal, AASB Chairman, presented at an IASB conference in Singapore in August 2007 about the way in which the proposed IASB standard on IFRS for SMEs might be applied in Australia.
David Boymal, AASB Chairman, presented at the World Standard Setters meeting in London in September 2007 on the adoption of IFRS in Australia.
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Angus Thomson, AASB Technical Director
Q: What led you into your chosen profession?
A: I enjoy learning about how businesses operate, from an accounting perspective
Q: What do you think will be the next significant issue affecting the accounting profession?
A: Potential changes to the differential reporting regime, which will change the way some entities must prepare their financial reports
Q: What research projects are you working on at the moment?
A: A range of different projects, but I have a particular interest in insurance contracts and fair value measurement
Q: What book are you reading right now?
A: Imperium, by Robert Harris; about the exploits of Marcus Cicero
Q: What was the first and last music record you bought?
A: First: Split Enz
Most recent: The Choir Boys
Q: If you could have any career other than your chosen profession, what would you choose?
A: Teaching English Literature in Australia or an English speaking country
Q. The best thing about the AASB is….?
A: That administrative decisions can be made quickly and efficiently because of the small size and flat structure
Q: What did you study at university?
A: Accounting, Economics and English Literature
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Postal Address
PO Box 204
Collins St West
VIC 8007
Street Address
Level 7, 600 Bourke Street
Melbourne, VIC
Phone
(03) 9617 7600
1300 857 602
Fax
(03) 9617 7608
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