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Tuesday, 23 August 1983
Page: 100

Question No. 199

Mr Jacobi asked the Minister representing the Attorney-General, upon notice, on 19 May 1983:

Further to my repeated questions regarding the urgent need to set up an Accounting Standards Review Board and further to my Question No. 4705 placed on the Notice Paper on 17 August 1982, could the Attorney-General now intimate (a) what decisions have been reached (i) by the Ministerial Council on this matter and (ii) following submissions from interested people in relation to Schedule 7 of the Companies Regulations, and (b) when this initiative will be implemented.

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

At its meeting on 25 March 1983, the Ministerial Council for Companies and Securities agreed in principle to the establishment of an Accounting Standards Review Board. The Ministerial Council has directed the Chairman of the National Companies and Securities Commission (NCSC) to enter into discussions with the Joint Accounting Bodies to seek their views on:

the detailed proposals that have been put forward by NSW and the NCSC; and

the various options that have been suggested for funding the Accounting Standards Review Board.

I understand that these discussions have been held. Advertisements have been placed in national newspapers seeking expressions of interest in the position of Chairman of the proposed Accounting Standards Review Board.

On 12 May 1982 the NCSC sought submissions on possible changes to the form and content of Schedule 7 to the Companies Regulations. I understand that, in the light of submissions received, the NCSC has prepared a 'Green Paper' on possible amendments to Schedule 7 and to the financial reporting requirements of the Companies Act which it released for further public comment on 14 June 1983. The Ministerial Council for Companies and Securities has not yet considered the issues raised in the 'Green Paper'.