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Notice given 7 April 2003

1379  Senator Murray: To ask the Minister representing the Treasurer—

(1) Why did the Government provide solely for the Australian Accounting Standards Board and not the Financial Reporting Council (FRC) to meet in public.

(2) Will the Federal Government be reviewing this position in the light of: (a) the FRC’s expanded responsibilities, as outlined in the proposals for phase 9 of the Corporate Law Economic Reform Program; (b) the Parliamentary Secretary to the Treasurer’s recent speech to the summer school held by the Australian Securities and Investments Commission; and (c) the fact that the International Accounting Standards Committee Foundation (the FRC equivalent) meets in public.

(3) Has the Federal Government considered establishing an independent foundation modelled on the International Accounting Standards Committee Foundation to oversee the accounting profession and the processes of setting audit and accounting standards in Australia.