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Tuesday, 11 October 1983
Page: 1608

Question No. 318


Mr Jacobi asked the Minister representing the Attorney-General, upon notice, on 23 August 1983:

Further to my repeated questions relating to the establishment of an Accounting Standards Review Board, in view of the fact that the Ministerial Council for Companies and Securities has agreed to such a Board, when (a) will the Chairman of the National Companies and Securities Commission complete his discussions with the Joint Accounting Bodies and report his findings, (b) will the Ministerial Council complete its report on the Green Paper and (c) can Parliament expect to approve the establishment of this Board.


Mr Lionel Bowen —The Attorney-General has provided the following answer to the honourable member's question:

The Chairman of the National Companies and Securities Commission (NCSC) has completed his discussions with the Joint Accounting Bodies.

On 1 September 1983 the Ministerial Council for Companies and Securities agreed that the Accounting Standards Review Board (ASRB) should commence operation on 1 January 1984.

The ASRB is to be created by administrative action by the Ministerial Council. However, the Companies and Securities Legislation (Miscellaneous) Amendments) Bill 1983 will contain some machinery provisions in relation to the operation of the ASRB and will grant legislative recognition to accounting standards approved by the ASRB. It is expected that this Bill will be introduced into the Commonwealth Parliament during the 1983 Budget Sittings.

The NCSC has requested comments on its Green Paper on the financial reporting requirements of the Companies Act and Codes by 30 November 1983. I expect that the Ministerial Council will consider the matter when the NCSC has examined those comments.