In this, my final Chairman’s message before I retire, I will take the liberty of looking back over my five year term to identify the significant technical and other milestones accomplished.

From a technical perspective, we adopted IFRS in Australia in 2005, in what was the most significant single change in standards in the history of the AASB and its predecessor organisations. Likewise, we harmonised Generally Accepted Accounting Principles (GAAP) and Government Finance Statistics (GFS) for Government accounting, which was a world-first that set an example for all other countries.

On our achievements in communications, we are proud of the enhanced, easier-to-navigate AASB website, which is receiving more than 50,000 visits per month.  A key feature of the new website is the pronouncement search facility, which makes the presentation of Australian accounting standards more convenient and accessible than ever before. No longer do you have to search and combine a number of lists on the AASB website; now the relevant information will all be presented to you in Google-like search results.

Additionally, we have improved our overall communication with constituents by taking a more proactive approach. We are conducting more roundtable discussions and interest group dinners than ever before, we re-developed the quarterly Transparency newsletter into electronic form and we now send electronic notifications to alert constituents to breaking news from the AASB.

On the administrative side of things, the AASB has been restructured to become an independent statutory agency under the Financial Management and Accountability Act 1997 (FMA Act).

Today, I am proud to say that the AASB remains a relevant standard-setting organisation in Australia. Beyond the introduction of IFRS, the AASB has established an important and ongoing role in the Australian financial environment and will continue to add value in the international environment in the future.

I wish you a fond farewell and a happy holiday season…

The AASB has launched a revolutionary electronic solution, accessible via the AASB website, which enables users to identify and locate the accounting pronouncements (standards, interpretations and conceptual framework) relevant to their particular financial reporting period. To try searching for a pronouncement by your specific reporting period, click here 

Some commentators have argued that the credit crunch has highlighted weaknesses in fair-value accounting because markets for some financial instruments have become paralysed or so thin that there are no transactions on which to base the relevant fair values. Read more

The AASB is in the process of completing its deliberations on an exposure draft for a replacement standard for AAS 25 Financial Reporting by Superannuation Plans.  A revised draft of the ED will be presented to the Board at the 12-13 November 2008 AASB meeting for review and consideration. To read the superannuation project update, click here.

The AASB Chairman, David Boymal, and Deputy Technical Director, Robert Keys, attended a two-day conference for World Standard Setters on 11 and 12 September 2008, hosted by the IASB in London. Read more

The AASB Chairman, David Boymal, and Deputy Technical Director, Robert Keys, attended the National Standard Setters(NSS) meeting held in Paris on 10 September 2008. Read more

A Discussion Paper is expected to be published by the IASB for worldwide comment at the end of 2008/early 2009. Although the Discussion Paper will contain the views of the project team (rather than the IASB), the IASB has indicated that the Discussion Paper will be the initial due process document for the IASB's deliberations on accounting for extractive activities. Read more

Andy Pan
AASB Graduate Intern

Andy joined the AASB as a Graduate Intern at the beginning of 2008 after completing his Bachelor of Commerce (Honours) at the University of Melbourne, specialising in accounting and finance. His honours thesis examined the Australian capital market's assessments of operating leases and the degree of substitutability between leases and non-lease debt.

Prior to working at the AASB, Andy completed a vacation work placement at PricewaterhouseCoopers in the Solomon Islands, where he used to live.

Andy is currently completing his CA studies.  At the AASB, Andy is working on a range of projects, including Superannuation Plans, Financial Instruments, Intangible Assets research and the Criteria for Modifying IFRSs for Not-for-Profit Entities.

Outside of work, he has a keen interest in acting.

ED 167 Discontinued Operations: Proposed Amendments to AASB 5
Comments due by 5 December 2008

ED 168 Additional Exemptions for First-Time Adopters: Proposed Amendments to AASB 1
Comments due by 5 December 2008

ED 169 Improving Disclosures about Financial Instruments: Proposed Amendments to AASB 7
Comments due by 1 December 2008

In October 2008, AASB Project Manager, Joanna Spencer presented an overview of the AASB to participants in CPA Australia's International Partnership Program.

Glenn Brady, AASB Project Manager, attended meetings in  London with representatives from various countries to discuss reporting in the extractives industry.