Members of the Standing Interpretations Committee, or SIC, will guarantee clear understanding of all International Financial Reporting Standards, or IFRS to be used throughout the world.
The 12-member body includes accountants from firms in the developed and emerging economies, analysts and one academic.
Members include Junichi Akiyama, professor at Tama University, Japan, Phil Ameen, vice president and comptroller of General Electric in the US, Domingo Mario Marchese, partner at Marchese, Grandi, Meson & Asoc., in Argentina and Ian Wright, partner at PricewaterhouseCoopers, UK.
Paul Volker, chairman of the trustees and former chairman of the US Federal Reserve Board, said: ‘Uniform implementation and enforcement of accounting standards is an essential element of our organisation’s goal of achieving globally accepted and enforceable accounting standards.
‘Having the commitment of these 12 individuals, who are expected to meet six times a year, will help ensure that practice will develop consistently worldwide.’
Trustees of the International Accounting Standards Committee Foundation, the board that oversees the IASB headed by Sir David Tweedie, are also seeking comments on plans to expand the mandate of the SIC, change its name and create the position of a non-voting chair.
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