27 January 2005 Media Statement
Rickman appointed to Accounting Standards Review Board

Commerce Minister Pete Hodgson today announced the appointment of Julie Rickman as a member of the ASRB for a four year term.

“Julie Rickman has a thorough understanding of the United States and international financial reporting standards and the relationships between the New Zealand standards and those applying overseas. She also has considerable expertise in working with small to medium enterprises," said Pete Hodgson.

"Her skills and experience are highly regarded and she makes a welcome addition to the ASRB as New Zealand moves to adopt international accounting standards for public reporting entities”, Pete Hodgson said.

Julie Rickman is the partner responsible for assurance services with Beattie Rickman, Chartered Accountants & Business Advisors, Hamilton.

BACKGROUND

The Role of the ASRB

The ASRB is a Crown entity established under the Financial Reporting Act 1993. The ASRB approves financial reporting standards in New Zealand. Its main function is to review and, if it thinks fit, approve any financial reporting standard or amendment submitted to it. In carrying out this function, the ARSB is also charged with:

- encouraging the development of financial reporting standards, including financial reporting standards for different classes of reporting entity;
- making recommendations in relation to the submission to it for approval of financial reporting standards or amendments to approved financial standards; and
- liaising with the Australian Accounting Standards Board and the Financial Reporting Council with a view to harmonising New Zealand and Australian financial reporting standards.

It is a time of major change for the ASRB as New Zealand is in the process of adopting international financial reporting standards (“IFRS”) for reporting periods commencing 1 January 2007. This means that the ASRB is increasing its emphasis on influencing international standards as they are being made.

As IFRS are designed only for profit-oriented entities, the ASRB will continue to have a role in setting standards for the public sector, as well as other public benefit entities.

In addition the Government is currently reviewing the Financial Reporting Act. The review envisages that the ASRB will be replaced with a new body with broader responsibilities from as early as mid 2006.

Membership of the ASRB

The ASRB consists of not less than four and not more than seven members appointed by the Governor-General on the recommendation of the Minister of Commerce. Members are appointed for their knowledge or experience in business, accounting, finance, economics or law.

The membership is:

Name Role
Warwick Hunt Chair
John Spencer Deputy Chair
Garry Downs Member
Professor Fawzi Laswad Member
Julie Rickman Member
Ken Warren Member

For further information see www.asrb.co.nz

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