The Treasurer, the Hon Peter Costello, MP, today announced the appointment of

Mr Keith Alfredson as the full-time Chairman of the newly reconstituted Australian

Accounting Standards Board (AASB). Mr Alfredson will take up the three year

appointment in early May.

The appointment follows an assessment of expressions of interest called late last year

in the national press.

The reconstituted AASB is established under the new accounting standard setting

arrangements put in place by the Government under its Corporate Law Economic Reform

Program. The legislation establishing these arrangements came into effect on

1 January 2000.

The new Board replaces the previous AASB and Public Sector Accounting Standards Board

and will be responsible for making accounting standards for the private, public and

non-profit sectors and participating in the formulation of international accounting

standards. A dedicated secretariat is being established to support the Board’s work.

Mr Alfredson will bring a strong mix of leadership, managerial and accounting

skills to the position. Until 1997 he was Partner, Audit and Business Advisory, Arthur

Andersen & Co. Mr Alfredson has been a part-time technical consultant with Arthur

Andersen since that time. He has a strong professional interest and involvement in

financial reporting and accounting standard setting. He was a member of the accounting

profession’s Accounting Standards Board and recently completed a term on the Urgent

Issues Group. He is also a part-time Senior Fellow in the Department of Accounting at the

University of Melbourne and a director of the Victorian funds management companies of the

Uniting Church in Australia.

The Treasurer said Mr Alfredson’s appointment has the full support of the

Financial Reporting Council, the stakeholder body established by the Government to provide

broad oversight of the accounting standard setting process. The Council is responsible for

appointing the members of the AASB other than the Chair, and announced the appointment of

nine part-time members on 14 February.

CANBERRA

19 April 2000

Contact: Niki Savva, Office of the Treasurer

(02) 6277 7340