18 July 2005 
 
Australian directors, managers, auditors, shareholders, government and regulators have been called upon by The Institute of Chartered Accountants to work more closely with the Australian Accounting Standards Board (AASB) in light of the strong US influences now being imposed on international accounting standards.  
 
The call to action comes on the back of the International Accounting Standards Board and the Financial Accounting Standards Board joint exposure draft, designed to create truly global accounting standards. Comment on the joint exposure draft is welcomed until 28th October.  
 
Keith Reilly, Technical Standards Adviser for the Institute said the AASB is ideally placed to represent Australia’s views but needs Australian constituents to contribute to the AASB, so as to send a strong and positive message to the global standards setters.  
 
“While Australia represents less than 2% of the world’s capital market it does box above its weight in the field of accounting. Australia was one of the first countries to adopt global accounting standards and has become well respected for its groundbreaking role.  
 
“The AASB should be looking to maintain Australia’s influence by providing constructive input into the international boards. To do this successfully it needs input from Australian directors, managers, auditors, shareholders, government and regulators, ” Mr Reilly said.  
 
The Institute has also called on the AASB to help Australian constituents by providing advance warning of International Accounting Standards Board (IASB) projects to ensure they are adequately prepared.  
 
The Institute will liaise with the AASB about how the process might be more effectively facilitated in the future.