European chairman sought for IASB parent

A new chairman is being sought for the body responsible for overseeing the
International Accounting Standards Board after current incumbent Tommaso
Padoa-Schioppa, was elected as the new Italian finance minister.

Padoa-Schioppa was named this week in Romano Prodi’s new government, having
only taken up the role at the Ianternational Accounting Standards Committee
Foundation at the beginning of the year.

Whoever is appointed to the role will join at a difficult time as the IASB is
encountering growing anxiety about US influence over its standards and the
recruitment process will be closely followed by the European Commission.

As a result, Brussels is expected to push for another European to be
appointed to the role, following the departure of former chairman of the US
Federal Reserve Paul Volcker last year.

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