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16 Sep. 2016

Boards hold joint strategy meeting

On Monday, 12 September, Board members and staff of both the AASB and AUASB conducted a joint strategy meeting.  The purpose of the meeting was to reflect on the common challenges and opportunities that face both Boards and also how the Boards might better serve the Australian economy given significant technological change. Also in attendance was Bill Edge, Chair of the Financial Reporting Council.

The Boards invited Nicola Roxon to discuss how the Boards, and staff, might extend their influence, and challenged them to know:

  • their areas of expertise; 
  • their mandate; 
  • areas that need attention;
  • how to connect with stakeholders in a coherent, simple and expansive way; and 
  • the challenges that are a little bit above the horizon.

Nicola suggested that considering the Boards’ activities as an independent outsider might be very useful in keeping perspective. 

Jenny Gordon, a director of economics and regulation at the Productivity Commission, gave a presentation on digital disruption in the profession and how the Boards might take that into consideration for the challenges entities face in the next decade.  Jenny offered the following checklist for good regulatory practice in an era of digital disruption:   

  • ensure regulation doesn’t unnecessarily get in the way of innovation; 
  • empower consumers by providing better access to information and faster forms of redress; 
  • lower the costs of regulation; and 
  • use data to better identify risks.

The Boards reviewed their respective corporate plans and reaffirmed their current strategies.  These corporate plans can be found on the respective websites of the AASB and the AUASB.

The next strategic review is scheduled for May 2017.