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Organisational Structure

The following diagram shows the relationships between other bodies and the AASB.
Each box contains a link to more information.

Organisational Structure Financial Reporting Council The Minister Australian Accounting Standards Board Focus groups Project advisory panels Interpretation advisory panels Office of the Australia Accounting Standards Board

The Minister

The Minister appoints the chairman of the AASB. The Chairman of the AASB is accountable to the Minister regarding the operations of the AASB and the Office of the AASB.

Financial Reporting Council (FRC)

Responsible to the Minister, the FRC provides broad strategic direction and advice to the AASB and has oversight of the process for setting accounting standards in Australia.

The FRC appoints Board members to the AASB for various terms.

Australian Accounting Standards Board (AASB)

The AASB is an independent agency of the Australian Government with responsibility to make accounting standards under section 334 of the Corporations Act, to formulate accounting standards for other purposes and to participate in and contribute to the development of a single set of international accounting standards for worldwide use.

The Chair of the AASB reports to the Minister regarding the organisation’s operations.

Office of the Australian Accounting Standards Board (AASB)

The Office of the AASB provides technical and administrative services, information and advice to the AASB. Responsible to the Minister for financial management of the Office of the AASB, the Chairman of the AASB is also the chief executive officer of the Office.

Focus groups

1. User Focus Group
2. Not-for-Profit (Private Sector) Focus Group

1. User Focus Group

The AASB established a User Focus Group to increase participation by analysts in the accounting standard-setting process to enhance feedback from the perspective of a significant group of users of financial reports.

The User Focus Group is a key source of information for providing feedback on selected projects.

Purpose
The purpose of the User Focus Group is to assist the AASB in raising awareness of how investors and investment professionals, equity and credit analysts, credit grantors and rating agencies use financial reports and their information needs. The User Focus Group serves as a resource to the AASB:

  • in formulating its standard-setting priorities;
  • in advising on specific agenda projects; and
  • by providing feedback to assist the AASB in developing high quality accounting standards and in providing input to the IASB.

The views of analysts are particularly helpful to the AASB (and indirectly the IASB) in evaluating the potential benefits of proposed new and revised disclosures.

Membership
The User Focus Group generally comprises eight to ten investment and credit professionals.

Meetings
The User Focus Group normally holds a formal meeting once a year. However, the frequency of meetings of the full membership of the User Focus Group depends on the nature of the issues being addressed. In addition, members provide feedback to the AASB and its staff on an ad hoc basis. In these cases, liaison may occur by telephone or by email.
Although meetings are not open to the public, the AASB (which meets in public) normally receives a report on the Group’s activities.

Process
The User Focus Group assists the AASB to identify issues and priorities of particular interest to the professional investment community and to provide input during the development phases of projects from a user perspective. An important part of the process for the AASB is consultation with users with a view to participation in IASB processes and conveying views on its agenda and priorities.

2. Not-for-Profit (Private Sector) Focus Group

The AASB’s Not-for-Profit (Private Sector) Focus Group is designed to increase participation by those involved with these entities in the accounting standard-setting process and enhance feedback from the perspective of a significant group of preparers and users of financial reports.

The Not-for-Profit (Private Sector) Focus Group comprises members with expertise and involvement in charitable and related organisations who are a key source of information for providing feedback to the AASB on selected projects.

Purpose
The purpose of the Not-for-Profit (Private Sector) Focus Group is to assist the AASB in raising awareness of financial reporting issues affecting preparers, donors, credit grantors and community agencies and their information needs. The Not-for-Profit (Private Sector) Focus Group serves as a resource to the AASB:

  • in formulating its standard-setting priorities;
  • in advising on specific agenda projects; and
  • by providing feedback to assist the AASB in developing high quality accounting standards.

Membership
The Not-for-Profit (Private Sector) Focus Group comprises a balanced group of 8-10 professionals drawn from the groups referred to above.

Meetings/Communication
The frequency of meetings of the full membership of the Not-for-Profit Focus Group depends on the nature of the issues being addressed. Members can provide feedback to the AASB and its staff on an ad hoc basis as and when relevant issues are addressed. Much of the liaison between the AASB and Group members occurs by telephone or by email or in meetings with individual Group members.
Although meetings are not open to the public, the AASB (which meets in public) normally receives reports on the Group’s activities.

Process
The Not-for-Profit (Private Sector) Focus Group assists the AASB at all stages of the standard setting process, including in identifying issues and priorities of particular interest to the not-for-profit sector and providing input during the development phases of projects from both a user and preparer perspective.

Project advisory panels

Experts in a particular field or topic area are invited to join an advisory panel to provide advice that will assist the AASB in progressing specific standard-setting projects. Panels work with the AASB staff to develop agenda materials for consideration by the Board.

Interpretation advisory panels

The AASB has had direct responsibility for developing Interpretations since it disbanded its Urgent Issues Group in 2006. One of the features of the new Interpretations model is that the AASB decides on a topic-by-topic basis whether to appoint an advisory panel, constituted as a committee of the AASB. The role of advisory panels is limited to preparing alternative views on an issue and, where appropriate, recommendations for consideration by the AASB.

Each Interpretation advisory panel normally includes between four and eight members, including the AASB Chairman and at least one other AASB member. Panel members are appointed on the basis of their professional competence and practical experience in the topic area. Panels have a balanced composition to ensure that both a depth of knowledge and breadth of perspective are achieved. The AASB seeks to ensure that the perspectives represented include those of preparers, users, auditors and regulators.

It is expected that members of panels are drawn from the register of potential Interpretation advisory panel members. Depending on the issue to be addressed, the AASB may decide to draw panel members from other sources to achieve an appropriate balance of expertise and experience. Inclusion on the register does not necessarily mean that a person will be appointed to an advisory panel.

Apply to register as a potential advisory panel member

The AASB invites applications from interested constituents for inclusion on the public register of potential advisory panel members. Inclusion on the register does not necessarily mean that a person will be appointed to an advisory panel. The name and position of those included on the register will be published on the AASB website.

Applicants are requested to provide the following information:

  • name and current position;
  • a brief statement of experience and achievements;
  • the topic areas/issues for which they have particular expertise; and
  • contact details, including mailing address, telephone and e-mail address.

Applications will be considered by the Chairman, in consultation with the Board when necessary.

Applications should be addressed to:
The Chairman
Australian Accounting Standards Board
PO Box 204
Collins Street West VIC 8007