The appointment of members of the Australian Accounting Standards Board (AASB) is governed by section 236B of the Australian Securities and Investments Commission Act 2001. Under these provisions:
- The Financial Reporting Council (FRC) is responsible for appointing members of the AASB (other than the Chair who is appointed by the relevant Minister).
- A person must not be appointed as a member of the AASB unless their knowledge of, or experience in, business, accounting, law or government qualifies them for appointment.
- Appointments are to be made for a period not exceeding five years.
- Members (other than the Chair) hold office on terms and conditions determined by the FRC and are eligible for reappointment.
The AASB normally has 12 members (including the Chair). A secretariat provides it with high quality technical and administrative support.
Members of the AASB are appointed on a part-time basis (except the Chair who is full-time) for terms of either two or three years.
Members are appointed on merit, have a good technical knowledge of accounting and come from a variety of backgrounds to encompass `users' as well as `preparers' of financial reports. As well as technical expertise, members will usually have experience in business or government, a broad policy perspective, and a full understanding of the practical business or government environments in which accounting standards are applied. Members will also bring a keen public interest perspective to the Board. Appointments will aim to balance public and private sector expertise and also take gender considerations into account.
The position involves a significant time commitment. The AASB typically holds 7-8 two-day meetings a year, plus occasional meetings on a needs basis. The majority of meetings are held in Melbourne.
The remuneration of members is determined by the Remuneration Tribunal. Click here to view the Determination 2017/10: Remuneration and Allowances for Holders of Part-Time Public Office.