The 49-member body encompasses chief finance and accounting officers from multinationals and global organisations, finance analysts, academics, regulators and partners from leading accountancy firms.
Members are drawn from 29 countries from around the world. Members include Philippe Danjou, chief accountant of the French stock market, Douglas Flint, group finance director of UK’s HSBC Holdings, Jerry Edwards, associate director and chief accountant on the board of directors of the US Federal Reserve System, and Hector Estruga, audit managing practice for Latin America at Andersen.
Council members will be expected to advise the International Accounting Standards Board on priorities in standard setting. Due to the council’s make-up it will also be able to provide much-needed information on how any new global accounting standards will affect the different countries.
Paul Volker, chairman of the trustees and former chairman of the US Federal Reserve Board, said: ‘The goal of our organisation is to produce a single-set of universally accepted, high quality accounting standards.
‘Having a broad range of expertise and experience represented on the council, which is expected to meet several times each year, will help ensure both the quality and the practicality of the work of the board.’
The first meeting of so-called SAC will take place in London from 23 to 24 July 2001.
The European Commission, the US Securities and Exchange Commission and the Financial Services Agency of Japan will participate as observers.
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