HANS HOOGERVORST, incoming chairman of the International Accounting Standards Board, has highlighted the role of the standards setter once the global standards are completed.
Assuming his post today, the former Dutch minister of finance spoke of an imminent consultation on the achievements so far, saying it will signpost the work to be done after completion of the remaining standards.
Hoogervorst underlined the importance of convergence with the US, saying there are “missing pieces” of the jigsaw. He called on US Securities and Exchange Commission to take steps towards adoption, saying that US companies “would welcome some certainty in the near future” and noting that other major economies are looking to the US for direction.
A non-technician, Hoogervorst revealed his relevant experience, “strong belief” in transparent financial reporting and deep interest in accounting. He thanked outgoing chairman David Tweedie for his “truly remarkable achievement”, concluding: “If ever there was a champion for transparency in financial reporting, it is David.”
Hoogervorst was chairman of the Dutch securities and market regulator and co-chaired the Financial Crisis Advisory Group established in late 2008 by US standard setters and the IASB. He takes on a number of outstanding projects, including financial instruments and revenue recognition; a decision on adoption by the US is expected by the end of the year.
Improvements to cashflow statements are being targeted in a consultation launched by the Financial Reporting Council (FRC)
Dr Richard Willis provides a several thousand-year history lesson of the profession, from origin to modern-day
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season
Long-serving PwC director Fiona Westwood has moved to Smith & Williamson and stepped up to partner