The AASB is an Australian Government agency under the Australian Securities and Investments Commission Act 2001. Under that Act, the statutory functions of the AASB are:
AASB Vision
AASB Mission
How Board Members Are Appointed
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 AASB normally has 14 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 meetings a year, comprising a mix of one and two day meetings held in person and virtually. Other occasional meetings may be arranged on a needs basis. The majority of in person meetings are held in Melbourne.
The remuneration of members is determined by the Remuneration Tribunal. (see Remuneration Tribunal (Remuneration and Allowances for Holders of Part time Public Office) Determination 2024).
Click here to view a diagram of the AASB-AUASB Organisational Structure as at 1 July 2024.