Dutch head regulator Hans Hoogervorst will succeed David Tweedie
as chairman of the International Accounting Standards Board
(IASB) at the end of June 2011. The IFRS Foundation Trustees
has also appointed Ian Mackintosh as vice-chairman of the IASB.
Under the 10-year leadership of Tweedie, the IASB established
IFRS as the accepted set of financial reporting standards in more
than 100 countries. The greatest challenge facing his
replacement will be convincing the US to switch over to global
standards while progressing the IFRS/US GAAP convergence
project.
During the global financial crisis, the integrity of accounting
standard-setting came under threat from various political
influences across both sides of
the Atlantic. Part of the IASB’s leadership role
will involve protecting the integrity of
standard-setting, while encouraging external stakeholders to be
involved in due process. It’s a difficult balancing act that
Tweedie often got right.
Hoogervorst, a well respected regulator, could have
advantages in terms of investor connectivity and insight. He was
previously a Minister of Finance and his pedigree in the political
arena will serve him well. Where Hoogervorst might be at
a disadvantage compared with Tweedie is in technical
accounting knowledge. Tweedie is an expert on accounting standards
from a technical standpoint and this intricate knowledge will have
to come from somewhere else within the IASB.
It is perhaps a sign of the times that a candidate without a
strong technical accountancy background would be the preferred
choice to lead the IASB.
Top regulator
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By GlobalDataHoogervorst is currently chairman of the Netherlands
securities and market regulator Authority for the Financial Markets
and also chairman of the technical committee of the International
Organization of Securities Commissions. He is also co-chair of the
Financial Crisis Advisory Group, an independent body of senior
leaders formed to advise accounting standard-setters on their
response to the global financial crisis.
“As a securities and market regulator I have investor protection
in my DNA,” he said. “I strongly believe that a global set of
accounting standards, set for investors by an independent
standard-setter, is an essential component for the world’s
financial markets. These will remain my priorities.
“The IFRS story is a
remarkable one. I relish the opportunity to build on the great work
of Sir David Tweedie and to lead the organisation into a second
decade of success.”
Mackintosh is a former chief accountant of the Australian
Securities and Investment Commission and is currently chairman of
the UK Accounting Standards Board. He has been a standard-setter at
national and global level for more than 30 years. His role in
supporting Hoogervorst will be vital during challenging
times.
Related links
International Accounting Standards
Board (IASB)
