The AASB is an Australian Government agency under the Australian Securities and Investments Commission Act 2001. Under that Act, the statutory functions of the AASB are:
How Board Members Are Appointed
The appointment of members of the Australian Accounting Standards Board (AASB) is governed by section 236B of the Australian Securities and Investments Commission Act 2001. Under these provisions:
The AASB normally has 12-13 members (including the Chair). A secretariat provides it with high quality technical and administrative support.
Members of the AASB are appointed on a part-time basis (except the Chair who is full-time) for terms of either two or three years.
Members are appointed on merit, have a good technical knowledge of accounting and come from a variety of backgrounds to encompass `users' as well as `preparers' of financial reports. As well as technical expertise, members will usually have experience in business or government, a broad policy perspective, and a full understanding of the practical business or government environments in which accounting standards are applied. Members will also bring a keen public interest perspective to the Board. Appointments will aim to balance public and private sector expertise and also take gender considerations into account.
The position involves a significant time commitment. The AASB typically holds 7-8 two-day meetings a year, plus occasional meetings on a needs basis. The majority of meetings are held in Melbourne.
The remuneration of members is determined by the Remuneration Tribunal. Click here to view the Determination: Remuneration and Allowances for Holders of Part-Time Public Office.