How the AASB works
The Minister appoints the Chair of the AASB. The Chair of the AASB is accountable to the Minister regarding the operations of the AASB and the Office of the AASB.
Financial Reporting Council
Responsible to the Minister, the FRC provides broad strategic direction and advice to the AASB and has oversight of the process for setting accounting standards in Australia. The FRC appoints Board members to the AASB.
The AASB is an Australian non-corporate Government Entity responsible for developing, issuing and maintaining accounting standards under section 334 of the Corporations Act 2001 for the purposes of the corporations legislation. The AASB also formulates accounting standards and or guidance for other purposes and participates in, and contributes to, the development of a single set of international accounting standards for worldwide use. The AASB’s vision and strategies are set out on page 7. Further detail on the AASB’s functions are set out in Appendix A.
To be eligible for appointment as a member of the AASB, a person must have knowledge of, or experience in, business, accounting, law or government. Initial appointment is for a maximum of 3 years with possible extensions for a further 2 terms.
The members of the AASB during 2019-20 are listed below. The Board held 6 meetings for a total of 9 meeting days during the year. Attendance of members at these meetings is set out in Appendix B.
Office of the AASB
The Office of the AASB provides technical and administrative services, information and advice to the AASB. The Chair of the AASB is also the Chief Executive Officer of the Office of the AASB, however the CEO responsibilities have been delegated (to the maximum extent permitted) to the Managing Director.
Kris Peach was appointed as Chair of the AASB and CEO of the Office of the AASB for a five-year term from 1 November 2014 to 31 October 2019, subsequently extended to finish date of the 2 May 2020.
The duties of the Chair and CEO of the AASB are outlined in sections 235D to 235J of the Australian Securities and Investments Commission Act 2001.
As Chair of the AASB, Kris Peach is also a member of the FRC and a member of NZASB.
Keith Kendall was appointed as Chair of the AASB and CEO of the Office of the AASB for a five-year term from the 3 May 2020 to 2 May 2025.
The members of the AASB holding office during the year ended 30 June 2020 were:
Appointment end date
December 2020 (2nd term)
Commonwealth Department of Finance
December 2021 (3rd term)
Moore Stephens Pty Ltd
Principal, Obsidian Capital
Australian Financial Reporting Solutions
December 2020 (3nd term)
University of Technology Sydney
December 2022 (2nd term)
Retired December 2019
Chair of the New Zealand Accounting Standards Board
Reciprocal member from July 2014 to June 2020
There was no one with observer status during the year.
2019 AASB Board and Staff