The Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen MP, today announced the appointment of a new Chairman and three new members and the reappointment of five existing members of the Financial Reporting Panel (FRP).
Mr Ken McKenzie was appointed as the new Chairman of the FRP.
Professor David Boymal and Messrs Roger Cotton and Bill Palmer were appointed to the FRP.
Professor Michael Burgess, Messrs Allen Craswell, Martin Fensome and Alfred Rofe and Ms Brigid Curran were reappointed to their positions.
The FRP provides an alternative dispute resolution mechanism to determine contested issues between ASIC and regulated entities concerning the application of accounting standards and the true and fair view requirement in financial reports.
"The global financial crisis has highlighted the importance of robust financial reporting practices for Australian companies," Mr Bowen said.
"If ASIC identifies a deficiency in a company's financial report, the FRP enables the efficient and timely resolution of the matter by people with substantial accounting experience and expertise."
These appointments and reappointments will ensure the FRP has ongoing access to members with a wealth of financial reporting knowledge and experience.
24 August 2009
Background
Mr Ken McKenzie, FRP Chairman
Mr McKenzie has substantial experience in the manufacturing, distribution and marketing of consumer products industry. He is the Chief Financial Officer — Statutory and Compliance at Coca-Cola Amatil Ltd and previously held the positions of Group Controller and Corporate Planning Manager. He has been extensively involved in mergers and acquisition and business reorganisation. Recently, he participated in the International Accounting Standards Group (a group that acted as an avenue for dialogue between the Government and other stakeholders on issues surrounding the adoption of International Accounting Standards). He is also the current Chair of the ASIC Standing Committee – Accounting and Auditing.
Prior to joining Coca-Cola Amatil Ltd, he worked with the Reckitt and Colman Group in key senior financial positions across various businesses. He has been a member of the FRP since its inception in May 2006.
Professor David Boymal
Professor Boymal has extensive experience in standard-setting over the last 20 years as the immediate past Chairperson of the Australian Accounting Standards Board and a member of the International Accounting Standards Committee, the Urgent Issues Group and International Federation of Accountants. He is Adjunct Professor of Accounting at RMIT University and a past National President of CPA Australia. He is a past senior partner and National Director — Accounting and Audit Standards of Ernst and Young after a long and distinguished career with the firm. In his professional capacity, he has earned standing within the accounting profession and support from the wider business community.
Professor Michael Burgess
Professor Burgess is an Adjunct Professor of Commerce at the University of South Australia and a consultant to KPMG in the areas of health and not-for-profit organisations. He is also the Chairman of Country Health South Australia. He was previously a senior partner at KPMG. Over a period of 25 years, he was actively involved in providing audit and financial advisory services to clients in Australia, Canada and the United States of America in the areas of financial services, insurance, retailing, health care and manufacturing. He is also a former member of the Board of Medical Insurance and the Advisory Board of the Australian Broadcasting Corporation. He has been a member of the FRP since its inception in May 2006.
Mr Roger Cotton
Mr Cotton is the immediate past Chief Executive Officer of the National Institute of Accountants and is the current independent Chairman of Southern Rocklobster Limited among other senior board positions that he currently holds. He has longstanding experience in consulting and a corporate record in business development, brand stewardship and market positioning. He is well respected in the accounting profession and business industry.
Mr Allen Craswell
Dr Craswell is Emeritus Professor at the University of Sydney. He has significant knowledge of accounting and auditing, having spent several decades in teaching and as the Head of Department in Accounting, both in Australia and abroad. He has held professorial appointments at the Universities of Sydney, Queensland and Melbourne. He is a member of the Education Board of the Institute of Chartered Accountants in Australia and served as a member of the Auditing Standards Board. He has produced a number of books, articles and edited works in auditing and accounting.
Ms Brigid Curran
Ms Curran is an independent financial reporting consultant. She has previously held positions as National Technical Partner for PricewaterhouseCoopers and was a board member of the Australian Accounting Standards Board and a member of the Urgent Issues Group. She has had a long history of involvement in the development and issuance of accounting pronouncements during her employment with the Australian Accounting Research Foundation (AARF) which included a period of secondment as technical director of the International Accounting Standards Committee (IASC Lynelle Briggs). She has been a member of the FRP since its inception in May 2006.
Mr Martin Fensome
Mr Fensome is the Partner in Charge of the Audit and Assurance division of Bentleys Melbourne. He has over 25 years experience, both within Australia and overseas, in providing external and internal assurance services to a broad range of clients in both the private and public sector and has made numerous presentations at various forums on financial reporting. He was previously a senior project manager with the AARF. He has been a member of the FRP since its inception in May 2006.
Mr Bill Palmer
Mr Palmer is the Director Asia of the Institute of Chartered Accountants Australia. He has also held the position of General Manager Standards & Public Affairs with the Institute. Prior to joining the Institute he was a partner at PricewaterhouseCoopers for 24 years involved in audit engagement. He has extensive experience with business auditing and accounting practices.
Mr Ted Rofe
Mr Rofe was a Director and Chairman of the Australian Shareholders Association. He has practiced as a solicitor in NSW and has lectured in Financial Accounting at the University of NSW. He has also been a member of the Urgent Issues Group, the AARF Legislation Review Board, the Corporations Law Simplification Consultative Group and the Australian Securities and Investments Commission Consumer Advisory Panel. He has been a member of the FRP since its inception in May 2006.