Details of the 2006 Congress dinner and program on 26-27 September are posted on the website. The dinner guest speaker, Sol Trujillo, CEO Telstra Corporation, will speak on “Transforming Business Culture – Impediments and Opportunities”. Members and senior executives are encouraged to register for the dinner and Congress which provides an excellent networking and staff development opportunity.
A workshop, presented by the US CFO Executive Board, will be conducted in conjunction with the Congress. Invitations have been sent to CFOs of member organisations.
National Executive has commenced the pilot program with a view to determining the viability of a more extensive program.
The current three-year transitional period in respect of the application of Australian equivalents to IFRSs ends in 2007. Treasury is currently reviewing the relief and is seeking feedback from a range of parties including companies with a view to issuing a consultation paper shortly.
The G100 has provided some feedback to Treasury and is keen to supplement this with further input from members. Corporate input to the formulation of options by Treasury is particularly significant given the trend towards taxation requirements relying on Accounting Standards.
Members are requested to provide feedback to the Secretariat or directly to the International Tax Framework Unit of Treasury.
Lee White, Chief Accountant, ASIC informed National Executive that ASIC acknowledges that, in some circumstances, more than one acceptable interpretation of an Australian equivalent to IFRSs could occur. However, it was also noted that consistency in interpretation and application of standards is a primary consideration. This change in ASIC’s view in respect of interpretations was welcomed by National Executive.
The principal issues discussed at its meeting in June were concerns about the frequency and number of revisions to IFRSs, operative dates and the costs and disruption to planning arising from implementing the changes. (Note: see separate item re IASB Policy). Issues relating to interpretations and the status of compliance statements in accordance with IAS1 ‘Presentation of Financial Statements’ where IFRSs are amended by jurisdictions were also discussed.
In a significant development, and in response to concerns expressed by constituents including the G100, the IASB has indicated that it intends:
The implementation of this policy will provide preparers with significant time to prepare for major changes and provides a period of stability to facilitate the bedding-down of the Y2005 changes.
Treasury is considering proposals to remove duplication between the Corporations Act and AASB 124 ‘Related Party Disclosures’ in relation to director and executive disclosures. This is likely to be achieved by transferring the AASB 124 Aus paragraphs to a Corporations Regulation. Treasury staff, in a presentation to the AASB, indicated a willingness to propose using the concept of key management personnel and requiring measurement to be in accordance with Accounting Standards. An additional disclosure relating to hedging employee options was also mooted. The G100 has lobbied for some time to achieve removal of the duplication and differences in these requirements.
The G100 submission on the IFRIC Due Process will emphasize the G100’s concerns about the lack of timeliness associated with IFRIC’s consideration of issue proposals and issues. While acknowledging that IFRIC is the primary interpretative body for IFRSs, the G100 argues that a lack of responsiveness by IFRIC will lead to constituents seeking guidance from other sources including putting greater pressure on national bodies which has the potential to erode the benefits of a single set of internationally accepted standards.
The AASB has replaced the UIG with a new interpretations process and is
inviting constituents to apply for appointment to a public register of potential
advisory panel members. Details of the process and the applications process are
posted on the AASB website
(www.aasb.gov.au).
G100 submissions on ED 149 dealing with proposed amendments to AASB 123 ‘Borrowing Costs’ and ED 150 dealing with proposed amendments to AASB 132 ‘Financial Instruments Presentation’ and AASB 101 ‘Presentation of Financial Statements’ are posted on the website.
CPA Australia publishes a quarterly newsletter for CFOs. The most recent edition is available at www.cpaaustralia.com.au/newsletters/cfo/01072006.htm
Back to Index