Candidates in frame for top IASB role

In the frame: Ian Mackintosh

A World Bank vice president and a UK-based standard setter are among candidates in contention for the chairmanship of the International Accounting Standards Board (IASB), Accountancy Age has learned.

Ian Mackintosh, current chair­man of the UK Accounting Standards Board (ASB), and Fayezul Choudhury, controller and vice president of strategic resource management at the World Bank, are understood to be on the shortlist of candidates in the running to chair the IASB.

The IASB trustees are expected to be presented with a shortlist of candidates in July. The successful candidate is likely to reflect the growing political considerations which have become part of the role as international standards spread across the world.

New Zealand-born Mackintosh made a name for himself as chief accountant of the Australian Securities and Investment Commission and recently challenged the IASB’s position on derecognition rules.

His Australian origins are being seen as an asset. Australia was the first country to adopt IFRS and South East Asia is emerging as a force in global standard-setting.

However his career trajectory is similar to current chairman Sir David Tweedie, who was also the chair of the ASB. Trustees will be mindful that another UK-based appointment may erode the IASB’s international mandate. Mackintosh declined to comment when asked whether he was being considered for the role.

Choudhury’s international credentials at the World Bank will also work in his favour. Choudhury has also chaired the International Steering Committee of the International Forum for Accountancy Development and was a member of the Standards Advisory Council of the IASB.

When asked about his candidature, Choudhury said he had not applied for the ­position but “would expect that the trustees are tapping various sources for possible candidates”.