The Australian Competition and Consumer Commission today issued a discussion paper setting out proposed changes to the existing record keeping rules (RKRs) with the objective of increasing transparency and accountability in the telecommunications industry.
The existing record keeping rules are set out in the ACCC's Regulatory Accounting Framework (RAF) which came into effect in May 2001 under Section 151BU of the Trade Practices Act 1974. The RAF applies to Telstra, Optus, Primus, Vodafone and AAPT and requires these notified carriers to supply to the ACCC a set of core financial accounting reports and several usage reports.
"When the RAF was introduced it was intended that a process would be established to implement continual improvements", ACCC Chairman, Professor Allan Fels, said today. "These are the first proposed changes from this process.
"The changes also complement the Government's proposed introduction of an enhanced accounting separation regime for Telstra as well as improving the overall effectiveness of the RAF".
The changes being proposed include new notification and public disclosure requirements for all carriers reporting under the RAF. In relation to Telstra, there are additional requirements concerning the auditing of the RAF reports and the way Telstra reports the operations of its subsidiary companies.
"These activities are aimed at ensuring a more robust, transparent and publicly accountable reporting framework which can give the public, the Government and the industry in general an increased knowledge and certainty about the state of competition in the sector".
A copy of the changes will be available from the ACCC website.