Wellington, Oct 13 NZPA - A New Zealand accountant who missed out on replacing the ground-breaking British chairman of the International Accounting Standards Board (IASB) has been appointed deputy to a former Dutch politician, Hans Hoogervorst, who took the job.
New Zealander Ian Mackintosh -- who currently chairs the UK Accounting Standards Board -- is reported to have been considered a front-runner to replace the outgoing chairman, Sir David Tweedie, but "apparently the idea of naming two IASB chairmen in a row from the UK proved to be too much to stomach", according to an accountancy news website, WebCPA.
The Wall Street Journal reported that Mr Hoogervorst -- currently Holland's top securities regulator -- was only appointed at the eleventh hour after European politicians effectively vetoed Mr Mackintosh, who had emerged as front-runner following an exhaustive year-long search.
Mr Mackintosh has previously worked in Australia for Coopers and Lybrand, and as a consultant in his own practice, and is a former chief accountant of the Australian Securities and Investment Commission.
The New Zealander and the Dutchman will be taking over from Sir David, a Scotsman who has chaired the IASB for 10 years and will be retiring when his term expires next June.
Sir David has made it his mission to spread International Financial Reporting Standards (IFRS) across the globe, with the major holdout being the United States, and the transition in leadership has raised a question over whether the USA will continue moving towards adopting a comparable standard.
The Securities and Exchange Commission will make a decision next June on whether the process is sufficiently advanced to allow IFRS to be incorporated into the US financial reporting system.
Mr Mackintosh and Mr Hoogervorst will have a full agenda as they try to make sure the US and the rest of the world don't give up on the IFRS standard, while also doing more outreach to Africa, Asia and Latin America to spread the global accounting standards, the website reported.
NZ expert relegated to deputy of accounting body - New Zealand Press Association
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