RegulationAccounting StandardsUK standards chief steps down after IASB appointment

UK standards chief steps down after IASB appointment

Accounting Standards Board chairman moves aside to avoid conflicts of interest

Ian Mackintosh

Accounting Standards Board (ASB) chief Ian Mackintosh has stood aside, due to
a potential conflict of interest with his new position at the International
Accounting Standards Board (IASB).

At the ASB, Mackintosh led efforts to switch mid-sized businesses from UK
standards to international rules. These international rules were created by the
IASB, which Mackintosh will join as vice-chairman.

Accountancy Age understands Mackintosh stepped down from his
responsibilities following concerns over the conflict of interest between the
two roles.

An FRC spokesman said Mackintosh had been stood down shortly after he was
appointed to the new post.

“Following Ian Mackintosh’s appointment as vice-chairman designate of the
IASB, the FRC confirmed on 12 October that an interim ASB Chairman would be
appointed shortly,” he said.

“The priority for us is to effect a smooth transition to ensure maximum
stability and a continuation of the ASB’s work programme. We anticipate being
able to make an announcement on an interim chairman shortly and, in the
meantime, Ian has stood down from his day-to-day responsibilities as ASB
chairman.”

The new accounting rules will affect about 80,000 mid-sized private companies
in the UK.
The
Department of Business, Innovation and Skills has voiced concerns the new rules
could lead to a “significant increase in net cost to UK businesses”.

An interim chairman is expected to be appointed in the next week.

Further reading:

Big
business main beneficiaries from IFRS: BIS

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