Wanted: Fresh brains at AASB

Tom Ravlic

The Australian Accounting Standards Board is on the prowl to identify a new technical director who will oversee the work of the team of accounting experts and also report to the chairman of the standard setter.

A vacancy has been advertised on the AASB web site and the search for a suitably qualified person has commenced not long after the appointment of new chairman, tax guru Dr Keith Kendall.

Kendall is the first person with a deep background in taxation law and practice to be appointed to lead the accounting standard setter. His predecessors over three decades have all been accountants that have worked in corporate executive roles or audit firms or were directors of listed company boards.

He will chair his first public meeting of the standard setter on June 11, with anyone keen being able to pre-register to watch the one-day meeting via a Zoom link. Board members are set to look at a range of issues such as primary financial statements, a not for profit conceptual framework, fair value measurement for not for profit entities and an update to the for profit standard setting framework.

The latter will be of greatest relevance to organisations such as banks and similar financial institutions given the International Accounting Standards Board has a major focus on setting accounting standards for those entities regarded as for-profit entities.

A limited number of agenda items are considered in private. These tend to be administrative matters or closed feedback sessions that are not about the technical substance of board deliberations. All discussions on technical issues must be held in public.

In the midst of all of this there will usually be a permanent or acting technical director.

There is a lengthy job description on the AASB web site for the technical head honcho, which incorporates leading the technical team, ensuring all necessary tasks are done for the facilitation of board meetings, seeking to influence the international for profit and not-for-profit standard setters in various projects, making sure the standard setter liaises with all of the stakeholders on issues the board is considering.

The AASB and the Auditing and Assurance Standards Board is also on the hunt for a new member for its audit and risk committee.

This committee assists the AASB in its governance and risk management and holds what the web site states about four meetings a year.