Tired of thinking about the Financial Services Reform Act? Then remember that change is constant and take heed of the Australian Securities and Investments Commission's (ASIC) call for all company boards and management to take “an active interest” in preparing for an onslaught of new accounting standards. Australia had adopted the new standards of the International Accounting Standards Board from 2005.

ASIC Deputy Chairman Jeffrey Lucy has written to the chairmen of all publicly listed companies and the top 100 private companies to say the new standards mean that companies with financial reporting periods beginning on or after 1 January 2005 will have to prepare their reports in accordance with new Australian Accounting Standards Board standards which follow an international template.

Calling for the standards to be regarded as “a strategic management issue, not simply a technical accounting issue”, he says companies and advisers involved in the preparation of financial reports must ensure they have the appropriate systems and procedures in place.