Australian Accounting Standards Board’s new chairman
The Minister for Superannuation and Corporate Law, Senator Nick Sherry, announced the appointment of Kevin Stevenson as chairman of the Australian Accounting Standards Board (AASB) for a five year term commencing 1 July 2009. Mr Stevenson will replace Professor David Boymal who retired in November 2008.
ASIC’s guidance on financial reports and audit relief
The Australian Securities & Investments Commission (ASIC) issued an update of Regulatory Guide 43 Financial reports and audit relief (RG43) in October 2008. Members are reminded that the updated RG43 provides information about when statutory pre-conditions for relief will be satisfied. This may occur when compliance with the relevant provisions of Chapter 2M would impose an unreasonable burden. The updated RG43 also reflects changes in the Corporations Act and includes new case law.