Bulletin to Members
The National President will be the G100 representative on the ASIC Chairs Committee which comprises the CEOs of the professional bodies, major professional firms and Treasury. In addition the G100 is also represented on the ASIC Auditing and Reporting Subcommittee. The G100 brings a preparer perspective to the discussions of these committees.
Should you have any regulatory policy/strategy issues that you would like raised with ASIC, please advise the G100 Secretariat.
The ASX has announced that application of the proposed revisions to the Corporate Governance Council Guidelines has been deferred to 1 January 2008 from 1 July 2007 as proposed in the CGC consultation process. The revised Guidelines are now expected to be issued in June 2007.
The G100 and Ernst & Young are preparing a compliance questionnaire document which could be used by CFOs and CEOs in seeking evidence/assurance on which to base their sign-off on the financial statements and to determine compliance with Australian equivalents to IFRSs. It is anticipated that copies of the document will be issued to members in May 2007 and will be posted on the G100 website.
The Liaison Group met with Sir David Tweedie, Warren McGregor and IASB staff in Melbourne on 8 March 2007. The principal matters discussed included progress on the IASB/FASB Convergence Project and the objective of achieving substantive progress by 1 January 2008; the current status regarding relief from US GAAP reconciliation requirements; concerns about the erosion of the IASB brand and confusion about compliance with IFRSs where national standard-setters 'tamper' with IASB Standards; and the importance of relying on a principles-based approach to standards and the desire to avoid developing a large number of interpretations.
At its April meeting the AASB is expected to consider a draft Standard incorporating most of the changes proposed in ED 151. The amendments to existing Australian equivalents to IFRSs will apply to annual reporting periods beginning on or after 1 July 2007. Early adoption (for example, in respect of years ending 30 June 2006) will be permitted.
The proposals will reinstate options in IFRSs previously removed by the AASB, for example, the indirect method of presenting a cash flow statement and the proportionate consolidation method of accounting for joint venture entities.
Recent G100 submissions are posted on the website. The latest additions are:
National Executive received a briefing from the Director of the Australian Mathematical Sciences Institute (AMSI) regarding the consulting projects they undertake in resolving problems identified by industry. Further information could be obtained from Prof Phil Broadbridge on 03 8344 1779 email@example.com.
Please diarise the following dates. Further information will be advised in due course.
CFO Strategy Updates will be conducted in conjunction with Ernst &Young
Dinner with Michael D'Ascenzo, Commissioner of Taxation, as guest speaker
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