Michel Barnier, the EU's internal market commissioner, has hailed the appointment of ex-Dutch Finance Minister Hans Hoogervorst as head of the International Accounting Standards Board, the international standard-setter. He will take over from David Tweedie, the sitting head, next June. The move will be closely watched by European policy makers anxious to push the US to adopt the IASB's new International Financial Reporting Standards (IFRS), which are currently being absorbed into EU law. "IFRS are the only credible option if we want to create a single accounting framework for listed companies worldwide," Barnier said in a statement, on 12 October. The US intends to make a decision next year on whether it will change over from its GAAP (Generally Accepted Accounting Principles) system, although the problem of how to value assets in the event of future market crashes continues to cause divisions on both sides of the Atlantic.
BARNIER WELCOMES NEW IASB HEAD - Europolitics
(ADPnews) - Oct 12, 2010 - The International Accounting Standards Board (IASB) on Tuesday named Hans Hoogervorst its new chairman, replacing Sir David Tweedie, the Financial Times reports.
The former finance minister of the Netherlands, who now heads the country's stock market regulator, is to take the place of Tweedie, who has held the post for ten years, at the end of next June.
The appointment of Hoogervorst, who is not an accountant but a former politician, reflects the important role ascribed to accounting by governments after the financial crisis.
Ian Mackintosh, who heads the UK Accounting Standards Board and was tipped by some as the front-runner to replace Tweedie, was named vice-chairman of the IASB, which sets the International Financial Reporting Standards.
Hans Hoogervorst to become IASB chairman
British Business Monitor
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