Members' Update

National Congress and Dinner

Following the outstanding success of the 2006 National Congress and Dinner held at the Westin Hotel on 26-27 September, National Executive is now considering the strategy and structure of future Congresses.

Opening the Congress, Tom Honan – National President, outlined the Group of 100’s position on:

• the process for simplifying and reducing business regulation;
• the relative roles of the annual report and concise report and whether they are the most appropriate vehicles for communicating with shareholders;
• the review of the ASX Corporate Governance Council requirements and the G100’s approach to corporate social responsibility proposals;
• post IFRS challenges including interpretations and the influencing role of the G100/IASB Liaison Group.

He also spoke about the role of networking and the objectives of the G100 mentoring program which is being piloted at present. A copy of the Congress speech and other presentations will be posted on the website.

The dinner speech by Sol Trujillo, the President’s opening address and other presentations attracted significant attention in the national press.

National Executive

Compliance Questionnaire

National Executive formed a Working Party to undertake a project to develop guidance on the CEO/CFO sign-offs on IFRS compliance and corporate governance in accordance with the Corporations Law and ASX guidelines.

Meeting with ATO Second Commissioner

National Executive met with Jennie Granger and items discussed included relationships between the ATO and major corporates, appropriate channels of communication with companies and consultation with CFOs.

The Smith Family

Elaine Henry, CFO of the Smith Family, made a presentation to National Executive on its Learning for Life Program for children from disadvantaged backgrounds. Members who are interested in volunteering as a mentor in this program can obtain further information from elaineh@thesmithfamily.com.au

Accounting Standards

AASB 101

The AASB has approved a revised AASB 101 ‘Presentation of Financial Statements’ which deals with amendments proposed in ED 148 in respect of the Australian paragraphs added to IAS 1 ‘Presentation of Financial Statements’. The revised AASB 101 applies to annual reporting periods beginning on or after 1 January 2007. Early adoption is permitted.

Accounting for Employee Benefits

The IASB has invited nominations for an international working group to advise on a comprehensive review of IAS 19 ‘Employee Benefits’. The first phase is focusing on pension plans and the IASB is seeking nominations from those with practical experience in the operation, management, financial reporting etc of pension plans. Nominations are requested by 17 November. Further details are available at www.iasb.org

The G100 is keen for an Australian perspective to be brought to IASB working groups and those members interested in nominating for consideration by the IASB are requested to contact the G100 secretariat.

Annual Meeting

The G100 annual meeting will be held at the Westin Hotel, Sydney on 23 November 2006. Notices will be sent to members shortly. Members interested in nominating for election to National Executive are requested to contact the G100 Secretariat.

CPA CFO Newsletter

The latest issue of the CPA CFO Newsletter.

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