Australian Accounting Standards Board chairman Keith Alfredson told Melbourne newspaper The Age he was ‘gravely disappointed’ with the lack of interest from various groups in the community in responding to proposals that will have a major impact in the way companies account for complex financial arrangements.
His comments were in response to the AASB receiving just seven submissions to an invitation to comment on the recognition and measurement of financial instruments – a proposal that would result in companies having to do their accounting in a more transparent fashion for arrangements such as derivatives.
‘The board encouraged constituents to respond to the IASB with copies to the AASB to enable the board to consider constituent comments in formulating its own submission to the IASB,’ Alfredson told The Age.
‘The AASB has been forced to prepare its submission to the IASB without substantive input,’ he added.
UK senior partner Phil Verity has been elected for a second term at Mazars
An audit partner has been appointed at Grant Thornton in its North West offices
KPMG has been appointed with “immediate” effect as the auditor of Dorcaster
The audit for Ibstock will be taken over by Deloitte following a competitive tender process