The Chairman of the Australian Accounting Standards Board (AASB), Mr Keith Alfredson, has decided not to seek re-appointment following the expiry of his present term on 7 May 2003. The Government has therefore decided to advertise nationally for a new Chair.
A press advertisement will be appearing shortly and I encourage qualified people to apply. The position is key to the achievement of a smooth transition to the adoption by Australia of international accounting standards for Corporations Act reporting entities for accounting periods beginning on or after 1 January 2005 - an objective endorsed by the Government in the CLERP 9 policy proposal paper issued in September last year.
The Government believes it is important that the next AASB Chair be appointed for a five year term to encompass the period leading up to 2005 and a subsequent implementation period. Mr Alfredson has indicated that he is unable to commit to a five year term and will therefore not be seeking re-appointment.
I would like to place on record the Government's appreciation for the outstanding contribution Keith Alfredson has made to accounting standard setting, nationally and internationally, during his three year term as Chairman. He has won the respect of his colleagues on the Board and the Financial Reporting Council, his international counterparts, the accounting profession and the business community for the tireless way in which he has approached a demanding role.
My colleague Senator Campbell and I thank him for that contribution and wish
him well for the future.