23 June 2004

Mr Charles Macek
Chairman
Financial Reporting Council
The Treasury
CANBERRA ACT 2650

Dear Charles

IASB Standards Advisory Council

The Group of 100 (G100) believes that Australian representation in the Standards Advisory Council (SAC) should be formalised.

Peter Day, presently a member of the SAC, was appointed in his personal capacity and not as an Australian representative of any organization or body – that he is from Australia is not the basis for his appointment. As a consequence, when his current term finishes Australia is not assured that Peter, or someone else from Australia, will be appointed.

A number of organisations are currently represented on the SAC as a matter of course. The G100 believes that Australia, through the Financial Reporting Council (FRC) should have a position on the SAC because:

1. Australia is formally adopting IASB Standards;
2. the AASB is a liaison standard-setter; and 
3. Australia’s key importance in respect of Year 2005 and the ongoing activities of the IASB as confirmed by the IASB Chairman on his recent visit.

Accordingly, the G100 recommends that the FRC should, as part of the current review of the IASCF’s Constitution, seek membership of the SAC. The G100 is also willing to assist the FRC to identify an Australian representative if this were to occur.

Yours sincerely

John V Stanhope
National President

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