The International Accounting Standards Committee last week unveiled a high-profile line-up for its new board consisting of figures from international companies, standard-setting bodies and accountancy firms.
Its make-up includes the senior vice-president of Nestle, Hans-Georg Bruns, the chief accounting officer of DaimlerChrysler, Harry Schmid, and representatives from the US standard-setting body. British members include Geoffrey Whittington, a Cambridge accounting professor, and Tom Jones, a former Citicorp finance chief.
The board’s composition is designed to give credence to the IASC and help it steer towards its goal of a single set of global accounting standards.
Members were chosen by a group of IASC trustees led by former US Federal Reserve chairman Paul Volker.
It is hoped the inclusion of prominent US figures on the board will help convince the US of the benefits of harmonisation. Volker said: ‘This group is exceptionally well qualified to ensure we reach the goal of globally accepted standards. The result should bring highly significant economic benefits to the developed and emerging economies.’
All but two of the 14 board members will hold full-time positions, including the chairman and vice-chairman, meaning all must give up their current jobs.
To ensure the IASC does not sit in an ‘ivory tower’, seven of the appointees will act as liaison officers to national standard-setters.
Sir David Tweedie, IASC board chairman, told Accountancy Age: ‘This is not meant to be a dictatorship. We can’t force people to accept our standards. We need a partnership.’
The board is expected to hold its first informal meeting this month to decide its agenda for the next three years.
For biographies on the new board members visit www.iasc.org.uk
Reaction to the appointments can be found on www.accountancyage.com/News/1116891.
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