The new International Accounting Standards Board (IASB) chairman must be part-politician and part-technician, a head of the IASB’s oversight committee has said.
Tommaso Padoa-Schioppa, chairman of the IASB trustees, said the newly-elected IASB chairman Hans Hoogervorst, who will replace Sir David Tweedie in June next year, has the right mix of political and technical experience needed to move the body forward.
Advertisement
“Some of the key challenges facing the organisation in the next two or three years are technical but also highly political,” he said.
The nationality of the candidates was not a factor in the final decision, he told Accountancy Age from Seoul.
“The discussion…was not one where geographical factors played a significant role, it was much more about the profile and what sort of person the IASB would need in the coming years,” he said.
“The final decision gives a blend of political and policy-making experience, negotiating ability and leadership technical, expertise that I think that was seen by all trustees as the lend we need for the future.”
Hoogervorst will begin his new post just as the US is in the final stages of deciding whether to adopt international standards. The IASB has been trying to harmonise international and US accounting rules despite differences in how the two boards account for financial instruments.
Padoa-Schioppa said Hoogervorst had strong US connections.
“Hans has excellent relationships in the United States, he has co-chaired with Harvey Goldstein on the Financial Crisis Advisory Group.
He has a very strong relationship with [US Securities and Exchange Commission chairman] Mary Schapiro and he chairs the International Organisation of Securities Commissions (IOSCO) committee. He has lived in the US and worked there.”
Hoogervorst will also have to navigate a changing political landscape when he begins, with Japan, Argentina, Canada, Mexico and South Korea officially switching to international accounting rules in the next twelve months.
Hoogervorst said he had investor protection “in my DNA”.
“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,” he said.
He will also have to work with European finance ministers, who have had a rocky relationship with the IASB since adopting of international accounting rules in 2005. The IASB has so far resisted pressure from Europe to change its accounting rules to meet regulatory needs.
Padoa-Schioppa believes Hoogervorst will be a balanced chairman who will not always agree with regulators.
“There are some regulators concerned with financial stability which may have in some cases different views as to what the best accounting methods will be, just as tax authorities will have accounting rules which are different,” he said
“The credentials of Hans are fully in line with the mission of IASB.”
He will be joined by the UK Accounting Standards Board’s current chairman Ian Mackintosh, who as appointed to the newly-created vice chairman position. Speaking from Seoul, Mackintosh said he had really enjoyed working at the ASB “and working with the fine folk involved with it”.
In an earlier statement he said he has been long-involved in the standard-setting process and understands the challenges facing the organisation.
“I am strongly committed to the cause of global standards,” he said.
Baroness Hogg, chairman of the UK’s reporting regulator, the Financial Reporting Council, congratulated Ian on his appointment and said he would join the IASB at a critical time for international standards.
New IASB chairman must be part-politician, says trustee chief
"The final decision gives a blend of political and policy making experience" trustee head Tommaso Padoa-Schioppa tells Accountancy Age
Mario Christodoulou - Accountancy Age, 12 Oct 2010
13 outubro 2010
Notícias sobre o novo chefe do Iasb VIII
Bruselas, 12 oct (EFECOM).- El ex ministro holandés Hans Hoogervorst fue elegido hoy presidente del Consejo de Normas Internacionales de Contabilidad (IASB, por sus siglas en inglés), el organismo que establece los principios contables que se emplean en un centenar de países, entre ellos los Veintisiete de la UE.
La tarea principal de Hoogervorst en la segunda década de vida del IASB será la de ampliar los estándares internacionales de información financiera (IFRS, siglas en inglés), que no son empleados en Estados Unidos, explicó el consejo en una nota de prensa.
Hoogervorst, que en la actualidad preside la comisión de valores holandesa, sucederá a partir de junio a sir David Tweedie, que ha ocupado el puesto durante una década, mientras que Ian Mackintosh, antiguo jefe de contabilidad del organismo regulador australiano y actual presidente de la junta de estandarización de normas de contabilidad británica, hará lo propio como vicepresidente.
El nombramiento de un político para un trabajo antes desempeñado por un tecnócrata se ha interpretado como un reflejo de la importancia política y la controversia alcanzadas por la contabilidad financiera a raíz de la crisis económica.
El comisario europeo de Mercado Interior y Servicios Financieros, Michel Barnier, celebró el nombramiento del antiguo ministro de Finanzas holandés en un comunicado y expresó su confianza en trabajar con él para cumplir el compromiso alcanzado en el G20 de lograr una mayor convergencia global en reglas de contabilidad.
"En particular, deseo que la US Securities and Exchange Commission (SEC, regulador bursátil estadounidense) apruebe el empleo de las normas IFRS por sus usuarios nacionales, lo que debería suceder en 2011", dijo Barnier.
"IFRS es la única opción creíble si queremos crear un marco único de contabilidad para las compañías cotizadas de todo el mundo". añadió.
Sin embargo, el Congreso estadounidense mantiene ciertas cautelas ante una pérdida de soberanía del organismo nacional en este sentido, por lo que el nuevo presidente del Consejo de Normas Internacionales de Contabilidad tendrá que desplegar sus habilidades para lograr este cambio, según los analistas. EFECOM
Ex ministro holandés presidirá el organismo mundial de normas de contabilidad
12/10/2010 - Agencia EFE - Servicio Económico
Notícias sobre o novo chefe do Iasb VII
LONDON, Oct 12 (Reuters) - Hans Hoogervorst, head of the Dutch markets regulator AFM, was named as the new chairman of the International Accounting Standards Board (IASB), marking a new emphasis on winning political support for its global rules.
Hoogervorst, a former Dutch government minister, will take up the full-time position for an initial five-year period after current chairman David Tweedie steps down in June 2011, the board's trustees said in a statement.
Ian Mackintosh, current head of the UK accounting standards board, has been appointed in the new post of vice-chairman.
The selection of another European to replace Tweedie will please European Union governments and lawmakers who have complained the IASB is not transparent or accountable enough in its workings.
Tweedie, a Scot and an accountant by training, has been chairman for 10 years -- effectively from the IASB's start -- and his sometimes feisty, technical approach has ruffled feathers of politicians in the EU and United States.
Mackintosh is a former chief accountant of the Australian Securities and Investment Commission and his appointment will help address concerns in Asia that the London-based IASB is too heavily influenced by Europe.
"The geographical span is broadened and I think this should be welcomed," said Tommaso Padoa-Schioppa, who chairs the IASB's trustees.
"I don't expect a change of policy," Padoa-Schioppa told Reuters in a telephone interview from Seoul where the IASB's trustees voted unanimously for the changes.
Hoogervorst said investor protection, a single global set of accounting rules and independent standard-setting "will remain my priorities".
DIPLOMAT
The IASB has emerged as a powerful, global lawmaking body, its standards used in over 100 countries -- they are mandatory for the 8,000 listed companies in the European Union but not used in the United States.
The IASB is locked in talks with its U.S. counterpart, the Financial Accounting Standards Board (FASB), to converge their rules into a single set of global standards, as called for by the Group of 20 leading countries.
The U.S. Congress has been wary of adopting IASB rules, which would effectively give up sovereignty in standard-setting to a board seen as having been swayed by European influence, even though Congress forced FASB to make changes too.
The need to win over U.S. lawmakers to adopt IASB rules and to keep EU politicians fully on board is a task that now requires strong diplomatic skills.
Padoa-Schioppa said the new chair was chosen for his extensive global diplomatic and policymaking background -- Hoogervorst is not an accountant by training.
The role of overseeing the technical detail of IASB rules can then be left to Mackintosh, a veteran accountant, who can reassure the industry that rulemaking will independent.
"There is clearly a different profile for the new chairman," Padoa Schioppa said.
"He has a lot of diplomatic skills and the trustees felt this was the appropriate profile for the future chairman. He also has strong experience in investor protection practices which is one of the main concerns of the trustees," Padoa Schioppa said.
Michael Izza, chief executive of the ICAEW, an accounting industry body, said Hoogervorst's appointment heralds a new era for financial reporting and the board should continue to persuade the United States to adopt IASB rules.
"It is critical that Mr Hoogervorst engages with key IFRS stakeholders across the world at an early stage to understand their views and concerns," Izza said.
EU Internal Market Commissioner Michel Barnier said he looked forward to working with Hoogervorst to continue "strengthening the governance and accountability of the IASB".
The board has already begun reforming its fair value or mark-to-market rule which came under fire at the height of the financial crisis.
It forced banks to value assets at the depressed going rate, triggering firesales and heavy pressure from EU finance ministers and the European Commission to water it down.
But FASB has proposed extending the use of mark-to-market, helping to slow down convergence with IASB rules so that a June 2011 set by the G20 for reaching a full single set of global standards will now be missed by several months at least.
"Convergence is important but ultimately what really matters is adoption of IFRS by the United States... which is strongly backed by the G20," Padoa-Schioppa, a former Italian treasury minister, said.
UPDATE 2-Dutchman Hoogervorst to chair IASB accounts body - 12 October 2010 - Reuters News - Huw Jones
Hoogervorst, a former Dutch government minister, will take up the full-time position for an initial five-year period after current chairman David Tweedie steps down in June 2011, the board's trustees said in a statement.
Ian Mackintosh, current head of the UK accounting standards board, has been appointed in the new post of vice-chairman.
The selection of another European to replace Tweedie will please European Union governments and lawmakers who have complained the IASB is not transparent or accountable enough in its workings.
Tweedie, a Scot and an accountant by training, has been chairman for 10 years -- effectively from the IASB's start -- and his sometimes feisty, technical approach has ruffled feathers of politicians in the EU and United States.
Mackintosh is a former chief accountant of the Australian Securities and Investment Commission and his appointment will help address concerns in Asia that the London-based IASB is too heavily influenced by Europe.
"The geographical span is broadened and I think this should be welcomed," said Tommaso Padoa-Schioppa, who chairs the IASB's trustees.
"I don't expect a change of policy," Padoa-Schioppa told Reuters in a telephone interview from Seoul where the IASB's trustees voted unanimously for the changes.
Hoogervorst said investor protection, a single global set of accounting rules and independent standard-setting "will remain my priorities".
DIPLOMAT
The IASB has emerged as a powerful, global lawmaking body, its standards used in over 100 countries -- they are mandatory for the 8,000 listed companies in the European Union but not used in the United States.
The IASB is locked in talks with its U.S. counterpart, the Financial Accounting Standards Board (FASB), to converge their rules into a single set of global standards, as called for by the Group of 20 leading countries.
The U.S. Congress has been wary of adopting IASB rules, which would effectively give up sovereignty in standard-setting to a board seen as having been swayed by European influence, even though Congress forced FASB to make changes too.
The need to win over U.S. lawmakers to adopt IASB rules and to keep EU politicians fully on board is a task that now requires strong diplomatic skills.
Padoa-Schioppa said the new chair was chosen for his extensive global diplomatic and policymaking background -- Hoogervorst is not an accountant by training.
The role of overseeing the technical detail of IASB rules can then be left to Mackintosh, a veteran accountant, who can reassure the industry that rulemaking will independent.
"There is clearly a different profile for the new chairman," Padoa Schioppa said.
"He has a lot of diplomatic skills and the trustees felt this was the appropriate profile for the future chairman. He also has strong experience in investor protection practices which is one of the main concerns of the trustees," Padoa Schioppa said.
Michael Izza, chief executive of the ICAEW, an accounting industry body, said Hoogervorst's appointment heralds a new era for financial reporting and the board should continue to persuade the United States to adopt IASB rules.
"It is critical that Mr Hoogervorst engages with key IFRS stakeholders across the world at an early stage to understand their views and concerns," Izza said.
EU Internal Market Commissioner Michel Barnier said he looked forward to working with Hoogervorst to continue "strengthening the governance and accountability of the IASB".
The board has already begun reforming its fair value or mark-to-market rule which came under fire at the height of the financial crisis.
It forced banks to value assets at the depressed going rate, triggering firesales and heavy pressure from EU finance ministers and the European Commission to water it down.
But FASB has proposed extending the use of mark-to-market, helping to slow down convergence with IASB rules so that a June 2011 set by the G20 for reaching a full single set of global standards will now be missed by several months at least.
"Convergence is important but ultimately what really matters is adoption of IFRS by the United States... which is strongly backed by the G20," Padoa-Schioppa, a former Italian treasury minister, said.
UPDATE 2-Dutchman Hoogervorst to chair IASB accounts body - 12 October 2010 - Reuters News - Huw Jones
Notícias sobre o novo chefe do Iasb VI
Neste texto, o WSJ destaca a questão política na escolha:
The Politicization of Global Accounting - Simon Nixon - 12 October 2010 - The Wall Street Journal (Online and Print)
On the face of it, a former Dutch finance minister with no accountancy qualifications is an odd choice to succeed David Tweedie as chairman of the International Accounting Standards Board. Hans Hoogervorst was only appointed at the eleventh hour after European politicians effectively vetoed Ian Mackintosh, an Australian standard-setter who had emerged as front-runner following an exhaustive yearlong search. For a body that prides itself on its independence, analytical rigor and commitment to the needs of investors, the decision to appoint a politician as chairman looks ominous.
In fact, Mr. Hoogervorst, who is currently chairman of the Dutch securities and markets regulator, may turn out to be an inspired choice. As co-chairman of the Financial Stability Action Group, a high-level global committee set up to advise both the IASB and the U.S.'s Financial Accounting Standards Board, he came out strongly in favor of accounting transparency and the need for global accounting convergence.
What is more, Mr. Hoogervorst's political skills and experience should be an asset to the IASB as it tries to improve its frequently strained relations with the European Union over its perceived lack of accountability. His relationship with FASB should help keep global efforts to achieve accounting-standards convergence on track. The appointment of Mr. Mackintosh as deputy chairman will further reassure practitioners that the IASB remains committed to high-quality independent standards.
The IASB has changed beyond recognition since it was set up nine years ago. From a scrappy start-up providing a parallel internationally comparable basis for accounts used in only a handful of countries, it is now a global body whose standards have been adopted by 130 countries, including every major economy with the exception of the U.S. It is a tribute to Sir David's success that the IASB has needed to turn to two people to replace him.
The Politicization of Global Accounting - Simon Nixon - 12 October 2010 - The Wall Street Journal (Online and Print)
Notícias sobre o novo chefe do Iasb V
The top securities regulator of the Netherlands was named to head the panel that sets global accounting rules.
Hans Hoogervorst, chairman of the Netherlands Authority for the Financial Markets, will become chairman of the International Accounting Standards Board in June. He was appointed by the trustees of the IFRS Foundation, which oversees the IASB's operations and selects its members.
Mr. Hoogervorst, a former Dutch finance minister, will succeed Sir David Tweedie of the U.K., who is retiring.
As chairman, Mr. Hoogervorst will play a key role in accounting "convergence," the effort to bring U.S. and international accounting standards closer together. Accounting rule makers have long wanted a single set of accounting rules to apply world-wide, as opposed to the current system in which international rules differ in some respects from U.S. generally accepted accounting principles. U.S. regulators are slated to decide next year on whether to adopt International Financial Reporting Standards, as the global rules are known, for American companies.
"I strongly believe that a global set of accounting standards...is an essential component for the world's financial markets," Mr. Hoogervorst said in a statement.
The IFRS Foundation also named Ian Mackintosh vice chairman of the IASB. Mr. Mackintosh, a New Zealand native, is a former chief accountant of the Australian Securities and Investment Commission and currently serves as chairman of the U.K. Accounting Standards Board.
Hoogervorst Is Tapped to Head Global Accounting Board - Michael Rapoport -
12 October 2010 - The Wall Street Journal (Online and Print)
Notícias sobre o novo chefe do Iasb IV
Hans Hoogervorst, co-chair of the committee that helped steer accounting standard-setters through the financial crisis, will replace Sir David Tweedie at the IASB.
Former Dutch finance minister Hans Hoogervorst has been tapped to succeed Sir David Tweedie as chairman of the International Accounting Standards Board. The appointment was announced Tuesday by the trustees of the IFRS Foundation, the parent organization of the IASB.
Tweedie, who will step down at the end of June 2011, has been the only chairman of the IASB since its founding in 2001. His legacy undoubtedly will be his effort to establish international financial reporting standards as a global set of rules. Today, IFRS has been adopted by more than 100 countries.
Hoogervorst is currently chairman of the Netherlands Authority for the Financial Markets, the Dutch securities and market regulator; chairman of the technical committee of the International Organization of Securities Commissioners; and co-chair of the Financial Crisis Advisory Group (FCAG), an independent body of senior leaders formed to advise accounting standard-setters on their response to the global financial crisis. He is also chair of the IFRS Foundation Monitoring Board. He will give up these roles when he joins the IASB next summer.
Hoogervorst's experience and background made him an "immensely attractive" candidate, says Robert Glauber, vice chair of the IASB trustees, the group that appoints board members. "On the crucial issue of independence, his record is crystal clear: he is deeply committed to investor protection and to the independence of standard setting, and he is willing to stand up and speak strongly in defense of what he believes."
Board independence became a high-profile issue during the height of the financial crisis. At the time, politicians from the European Union forced the IASB to circumvent its due process and quickly push out accounting rules related to financial instruments as a way of addressing a perceived disadvantage between U.S. and EU corporations. Hoogervorst will "strongly" defend the board's independence, "partly because of his background and partly because of his personality," says Tom Jones, former vice chair of IASB and currently director of Pace University's Center for the Study of International Accounting Standards. "You can't set standards by negotiation, it's impossible, and [Hoogervorst] is the guy that knows that well," says Jones.
Indeed, in a May 2009 interview with CFO, Hoogervorst spoke candidly about the forces that strong-armed the IASB during the financial crisis. The banks and politicians who apply "continuous pressure" on standard-setters to alter fair-value and impairment rules have "no natural interest in transparency," he said. As co-chair of the FCAG, he said he felt "increasingly uncomfortable" with the "lopsided" standards that could result if the politicians got their way.
Hoogervorst's appointment comes two weeks after Robert Herz announced his retirement as chairman of the Financial Accounting Standards Board. Herz left FASB 2 years shy of his second term, while Tweedie is finishing out his 10-year stint at the IASB.
Former Dutch Regulator to Head IASB - Marie Leone - 12/10/2010
Parmalat
MILÃO (AFP) - O tribunal de Milão (norte da Itália) aceitou o pedido de prisão apresentado pela promotoria contra Calisto Tanzi, ex-dono do grupo Parmalat, cuja falência em 2003 deixou um rombo de 14 bilhões de euros, informaram nesta terça-feira fontes judiciais.
Tanzi, de 71 anos, que se encontra livre devido à idade, não será preso até que a corte de cassação se pronuncie em definitivo.
Os advogados do ex-fundado e ex-dono da Parmalat anunciaram que apresentarão um recurso ante o tribunal.
Tanzi foi condenado em 2008 a dez anos de prisão por informação privilegiada no mercado de ações e cumplicidade em falsos balanços, pena confirmada em maio passado.
Tribunal italiano aceita pedido de prisão de ex-dono da Parmalat
Ter, 12 Out, 04h51
Assinar:
Postagens (Atom)
Postagens
