11 March 1996 - 3 December 2007
RECIPROCAL TRANS-TASMAN ACCOUNTING BODIES APPOINTMENTS
The Australian Treasurer, Peter Costello and New Zealand Commerce Minister Pete Hodgson today jointly announced cross-appointments between the Australian Financial Reporting Council (FRC) and the New Zealand Accounting Standards Review Board (ASRB). Charles Macek, Chair of the FRC has been appointed as a member of the ASRB and Warwick Hunt, Chair of the ASRB has been appointed as a member of the FRC.
“This is a further step in developing the Single Economic Market agenda”, Peter Costello said. “New Zealand and Australia are both adopting international accounting standards. This has increased the need for high levels of coordination between Australian and New Zealand accounting standards bodies. Among other things, the FRC and ASRB are responsible for standards setting oversight and strategy and these cross-appointments will promote higher levels of coordination and communication in these areas. In particular, it will give us more opportunity to influence the direction of international standards.”
These appointments have come soon after similar cross-appointments were made at the standard setting level. David Boymal and Joanna Perry who are, respectively, the Chairs of the Australian Accounting Standards Board (AASB) and the New Zealand Financial Reporting Standards Board (FRSB) have also been cross-appointed.
“It is no coincidence that all four cross-appointees are the chairs of their home bodies”, Pete Hodgson added. “It reflects the importance that both countries attach to the trans-Tasman relationship and promoting the objectives of the Single Economic Market.”
Charles Macek is a company director with more than 30 years experience in the financial services including insurance, stockbroking, investment management and investment banking in Australia, New Zealand, the United Kingdom, the United States and Japan. He has held senior positions and directorships in a range of public companies. Current directorships include Telstra Corporation Ltd and Wesfarmers. Charles Macek has been appointed as a member of the ASRB from 21 March 2005 to 10 June 2006; the day his term on the FRC expires.
Warwick Hunt is a Partner and Line of Service Leader in the Assurance and Business Advisory Services at Pricewaterhouse Coopers. He is also a member of the New Zealand Management Board for PwC. He is a technical accounting, audit and transaction service specialist with 20 years experience in leading accounting practices in New Zealand and South Africa. He specialises in the resolution of complex commercial, financial reporting; and governance related issues. Warwick Hunt was appointed as a member of the FRC for three years with effect from 9 February 2005.
The responsible minister in each jurisdiction nominated a member from their home accounting body for membership of the host country body. Each nominee was then considered for appointment in accordance with the relevant host country process.
The FRC is established under Part 12 of the Australian Securities and Investment Commission Act 2001. Members are appointed by the Australian Treasurer. There are no mandatory qualifications for members or legislative limitations on the number of members. The FRC comprises a Chair and representatives from the business community, accounting profession and governments.
For further information see www.frc.gov.au
The ASRB is a Crown entity established under the Financial Reporting Act 1993. Its main function is to review and, if it thinks fit, approve any financial reporting standard or amendment submitted to it. The ASRB consists of not less than four and not more than seven members appointed by the Governor-General on the recommendation of the Minister of Commerce. When considering appointments, the Minister must recommend candidates who have knowledge of, or experience in, business, accounting, finance, economics or law.
The New Zealand Government is currently reviewing the Financial Reporting Act. A Ministry of Economic Development discussion document proposes that the ASRB be replaced with a new body with broader responsibilities.
For further information see www.asrb.co.nz
16 March 2005
Contact: Amanda Kennedy
02 6277 7340