The first formal committee meeting was held at the presidents home on the 30 of January 1982. There were a lot of things to discuss and organize in that meeting. The rules of the association had to be formulated. Also the activities the Association would organize had to be chosen. After several meetings the committee selected two main events in Iceland's history to be celebrated. The first day selected was the 1 of December, because on that date in 1918 Iceland became a recognized state under the Danish crown. Also the 17 of June which is the birth day of Jon Sigurdsson, which was one of Iceland's strongest independence advocate. This day in 1944 Icelanders severed all bonds with the Danish crown and declared their independence. From then on it has been the main concern of the IAA to organize these two functions. On the 17 of June the Association hires a hall and provides entertainment and food for the members. In the early days some of the members worked hard in providing Icelandic food for these events, but later on it was decided to use the Aussie spit on roast, because of the difficulties and work involved in preparing the Icelandic food. The 1st of December activities have been held outside in parks in various places. There it's the traditional BBQ and games for the grown-ups and children.

Whereas these two days invariably don't fall upon official public holidays in NSW, they have been moved to the closest Saturday. For the past nineteen years these events have become the cornerstone of the get together of the Icelandic community in NSW. Shortly after the founding of the IAA, the Association started to receive letters from people in Iceland and Australia requesting information and assistance. It was obvious that the need for the IAA had existed in both countries.