Former Deloitte CEO takes IFRS Foundation role

EX- DELOITTE CEO James Quigley has been appointed trustee of the International Financial Reporting Standards (IFRS) Foundation.

The foundation is an oversight body for the International Accounting Standards Board (IASB), and works to develop and push the debate for a single set of global accounting standards.

Quigley, (pictured) who is currently senior partner at Deloitte United States, said: "I am honoured to be invited to serve as an IFRS Foundation Trustee. The support for International Financial Reporting Standards depends in part on the rigorous due process applied in their development, and the Trustees play a significant role in ensuring that the IASB's due process is applied diligently.

"I look forward to working with Michel Prada and my fellow Trustees in what I expect will be a challenging period for the organization. I share the hope of many that the United States and Japan advance the incorporation of IFRS into their respective financial reporting requirements."

At the end of last year US standard setters (FASB) called for a "modified incorporation" of global accounting standards, after national regulator SEC said it needed more time to decide on convergence.

Quigley, who has worked with Deloitte for 37 years, is due to end his term at the foundation on 31 December 2014. However, the term is renewable once.