The early appointment of Sir David was made to facilitate further board appointments at the first meeting of the newly appointed IASC trustees, headed up by Paul Volcker, US federal reserve chairman.
Chartered accountant Sir David has led the ASB for the last ten years in updating UK accounting rules, some of which have been adopted throughout the world.
Volcker said: ‘Sir David will bring outstanding qualities to the IASC. He has a unique blend of experience and is well known in Europe, the Asia/Pacific region and North America. I have learned that he is greatly respected by the various groups concerned with building a strong IASC structure.’
IOSCO, the global club of stock market regulators, last month approved the use of one set of accounting rules drawn up by the revamped IASC.
Despite the US Securities and Exchange Commission’s involvement in the new structure of IASC, the SEC has indicated that it may still demand additional disclosure of the global rules in cross-border listings.
The European Commission this month announced it would require all EU companies to use IASC standards in cross-borders listing by 2005. But, the EU’s landmark announcement was tempered by a ‘get-out clause’, prompting criticism from UK accounting leaders who claim the measure already damages the harmonisation process.
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Taking Stock – Nice try David, but the joke’s on you