PracticeAuditOz risks losing standard-setter status

Oz risks losing standard-setter status

The head of Australia's accounting standards board has warned the Antipodean country could lose its status as an international standard setter if Australian companies continue to ignore proposed global rules.

Link: New EU accounting laws pave way for IASs

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.

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