The Trustees of the IFRS Foundation®, responsible for the governance and oversight of the International Accounting Standards Board® (The Board), today announced the reappointment of Hans Hoogervorst as IASB Chairman for a second, five year term with effect from 1 July 2016. At the same time, the Trustees announced that Ian Mackintosh has decided not to seek a second term, and will step down as IASB Vice-Chairman when his first term expires on 30 June 2016.
Under the leadership of Mr Hoogervorst and Mr Mackintosh, the Board has introduced a number of substantial enhancements to the quality of financial reporting, including the finalisation of IFRS 9 Financial Instruments, IFRS 15 Revenue from Contracts with Customers and most recently IFRS 16 Leases. In the same period, there has been a significant increase in the number of countries applying IFRS®' Standards and the IFRS for SMEs®', as well as positive evaluations on the use of IFRS Standards by the European Union and other jurisdictions.
Furthermore, during this time the organisation has also introduced several major innovations and initiatives, including a substantial research project to provide accurate and reliable information on the use of IFRS Standards around the world, the successful introduction of the Investors in Financial Reporting programme as well as a new Mission Statement.
The IFRS Foundation is currently undertaking a review of its structure and effectiveness, while the Board is reviewing its Agenda for the next five years. These reviews are exploring possible changes to the composition and the size of the Board and its work in the coming years. In that context, Mr Mackintosh has proposed that he retire from the Board in 2016. The Trustees intend to discuss the review of structure and effectiveness in the coming months.
Commenting on the changes, Michel Prada, Chairman of the IFRS Foundation Trustees said:
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.
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.
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