He went on to state a couple of days later at a SELC hearing that If your

He went on to state a couple of days later at a selc

This preview shows page 261 - 263 out of 354 pages.

He went on to state a couple of days later at a SELC hearing that: “If your resolution talked about harmonising, there might not be quite the concerns about your interference in the standard setting process that [the AASB Chairman] has, that I have and that a number of other people who have raised this issue with me have.” (SELC 2003, E 180) Most interviewees mentioned the tensions between the FRC and the AASB at the time. In general they believed that the tensions did not necessarily arise because the AASB did not believe that it was a good project, but because it was forced onto them, and that the FRC had overstepped its authority and had invaded the responsibility of the AASB. A FRC member recalled: “The AASB received the strategic direction and considered it and it f ormed the view that this second paragraph wasn’t helpful and in fact some people on the AASB were on the view that it had the potential to go beyond the FRC’s remit as it specified in the ASIC Act which you’ll recall says rather specifically that we can gi ve strategic direction to the AASB but we can’t tell them about the content of a standard.” As a result of these discussions, the FRC issued a revised strategic direction in April 2003, which essentially omitted the second paragraph of the initial strategic direction. 63 The last word of the quote should be “inappropriate” and was incorrectly transcribed. T his was confirmed with the then AASB Chairman.
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248 Some interviewees associated the issues around the strategic direction with the relatively short period between agenda entrance and strategic direction. An observer (Interview 23/02/2010) of the FRC meeting in September 2002 recalled: [PE C] and [PE A] , they drafted [the strategic direction] during the meeting.” A FRC member (Interview 17/11/2010) mentioned: “I do recall that there was one member of the Council who mentioned to me after a council meeting that he personally felt, and he was not from the public sector, that there had been insufficient debate about the issues and I think what he was reflecting was that he didn’t have a deep enough understanding of the issue and yet it was because it was being promoted if that’s the right word, by the public sector, it was marching to its own drum beat. I think he would have preferred to have had more time and a deeper understanding of the issues and the ramifications. But that’s the only concern that I can recall being raised as a result of th e FRC’s deliberations, and that wasn’t within the actual council discussion. It was more an informal comment made by one individual to me personally after a meeting.” Four interviewees (one FRC member, two AASB members and one PSASB member) noted criticisms about the relatively brief consideration of the issue or the lack of an appropriate due process. One FRC member (Interview 17/11/2010) noted: “The process that we followed there was I think a more transparent process and involved significant interaction with relevant stakeholders than had been the case with either of the two strategic directives issued in 2002.
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  • Government, The Land, International Financial Reporting Standards, Financial Accounting Standards Board, Australian Accounting Standards Board, Snow

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