NO.012

CHAIR OF AUSTRALIAN ACCOUNTING STANDARDS BOARD

The Chairman of the Australian Accounting Standards Board (AASB), Mr Keith

Alfredson, has decided not to seek re-appointment following the expiry of his

present term on 7 May 2003. The Government has therefore decided to advertise

nationally for a new Chair.

A press advertisement will be appearing shortly and I encourage qualified people

to apply. The position is key to the achievement of a smooth transition to the

adoption by Australia of international accounting standards for Corporations

Act reporting entities for accounting periods beginning on or after 1 January

2005 – an objective endorsed by the Government in the CLERP 9 policy proposal

paper issued in September last year.

The Government believes it is important that the next AASB Chair be appointed

for a five year term to encompass the period leading up to 2005 and a subsequent

implementation period. Mr Alfredson has indicated that he is unable to

commit to a five year term and will therefore not be seeking re-appointment.

I would like to place on record the Government’s appreciation for the outstanding

contribution Keith Alfredson has made to accounting standard setting, nationally

and internationally, during his three year term as Chairman. He has won the

respect of his colleagues on the Board and the Financial Reporting Council,

his international counterparts, the accounting profession and the business community

for the tireless way in which he has approached a demanding role.

My colleague Senator Campbell and I thank him for that contribution and wish

him well for the future.

CANBERRA

19 March 2003

Contact: David Alexander

02 6277 7340