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12 Feb 2016 12:33pm

IASB chairman reappointed

Hans Hoogervoorst has been reappointed as chairman of the International Accounting Standards Board for another five years from 1 July 2016

But his second-in-command, Ian Mackintosh, has announced he will be stepping down as IASB vice chairman on 30 June.

The pair have worked together for the past five years, during which time the board has made significant progress in raising the quality of financial reporting worldwide.

As well as finalising IFRS 9, Financial Instruments, and IFRS 16, Leases, the board has persuaded an increasing number of countries to apply IFRS standards and the IFRS for SMEs. Currently 116 countries require IFRS for all or most domestic publicly accountable entities (listed companies and financial institutions).

During their time, the IASB has also launched a number of new initiatives, including a major research project looking at the use of IFRS standards globally and the launch of the Investors in Financial Reporting programme.

“Hans and Ian have provided strong and effective leadership of the IASB during these last five years, introducing major new improvements to financial reporting while overseeing continued progress towards global adoption of IFRS Standards,” said Michel Prada, chairman of the IFRS Foundation trustees.

“I am delighted that Hans will serve a second term, and I wish him success in addressing the future challenges confronted by the IASB.

“Equally, on behalf of the trustees, I wish to express my deep thanks to Ian for his exceptional contribution to the work of the IASB during his time as vice-chairman and also in his preceding roles. He has a legacy to be proud of.”

The trustees will be discussing whether or not to replace Mackintosh at their May meeting in Indonesia. The foundation is currently reviewing its structure and effectiveness which potentially could involve a change in the size and composition of the board.

Before becoming IASB chair, Hoogervoorst chaired the executive board of the Netherlands Authority for the Financial Markets and the IOSCO technical committee. He co-chaired the Financial Crisis Advisory Group which advised the IASB and the US Financial Accounting Standards Board on their joint response to the financial crisis, and he chaired the monitoring board of the foundation.

Between 1998 and 2007 he served in the Dutch government in various ministerial positions, including minister of finance.

Julia Irvine

 

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