Peter Costello

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Appointment of Chairman of the Australian Accounting Standards Board


Appointment of Chairman of the Australian Accounting Standards Board

The Treasurer, the Hon Peter Costello, MP, today announced the appointment of Mr Keith Alfredson as the full-time Chairman of the newly reconstituted Australian Accounting Standards Board (AASB). Mr Alfredson will take up the three year appointment in early May.

The appointment follows an assessment of expressions of interest called late last year in the national press.

The reconstituted AASB is established under the new accounting standard setting arrangements put in place by the Government under its Corporate Law Economic Reform Program. The legislation establishing these arrangements came into effect on 1 January 2000.

The new Board replaces the previous AASB and Public Sector Accounting Standards Board and will be responsible for making accounting standards for the private, public and non-profit sectors and participating in the formulation of international accounting standards. A dedicated secretariat is being established to support the Board’s work.

Mr Alfredson will bring a strong mix of leadership, managerial and accounting skills to the position. Until 1997 he was Partner, Audit and Business Advisory, Arthur Andersen & Co. Mr Alfredson has been a part-time technical consultant with Arthur Andersen since that time. He has a strong professional interest and involvement in financial reporting and accounting standard setting. He was a member of the accounting profession’s Accounting Standards Board and recently completed a term on the Urgent Issues Group. He is also a part-time Senior Fellow in the Department of Accounting at the University of Melbourne and a director of the Victorian funds management companies of the Uniting Church in Australia.

The Treasurer said Mr Alfredson’s appointment has the full support of the Financial Reporting Council, the stakeholder body established by the Government to provide broad oversight of the accounting standard setting process. The Council is responsible for appointing the members of the AASB other than the Chair, and announced the appointment of nine part-time members on 14 February.

19 April 2000

Contact: Niki Savva, Office of the Treasurer
(02) 6277 7340

19 Apr 2000

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