The International Accounting Standards Board (IASB), responsible for IFRS Standards required for use by more than 100 countries, today announced a number of changes to its technical leadership team.
The changes, under the overall leadership of Hugh Shields, Executive Technical Director, are intended to better align the technical leadership of the IASB to its strategic objectives.
- First, the IASB will consolidate its interpretations, implementation, adoption support and education activities into a single team, to be led by Henry Rees as Director of Implementation and Adoption Activities and supported by Patrina Buchanan who is promoted to Associate Director. This single team will allow the IASB to better support the application and implementation of IFRS Standards on a globally consistent basis and is expected to continue to be a key area of focus during 2016 and beyond.
- Second, the IASB’s standard-setting staff work will be led by Andrea Pryde, who is also promoted to the position of Associate Director, with the exception of our financial instruments work which will be continue to led by Kumar Dasgupta. Andrea will therefore continue to lead the Insurance Contracts project. The changes are timely, with the IASB currently reviewing feedback received in response to its Agenda Consultation. That feedback will help shape the projects and priorities of the IASB for the coming years.
- Third, reflecting the issuance of major new IFRS Standards over the last 5 years, there is now a number of Post Implementation Reviews (‘PIRs’)which need to be conducted. These PIRs will be led by Michael Stewart, one of the IASB’s Technical Directors. Michael will also lead certain research projects.
The changes are effective from 1 January 2016. Other staff responsibilities remain unchanged; Peter Clark will continue to lead our overall research programme and Wayne Upton will continue to chair the IFRS Interpretations Committee.
The changes will also assist the IFRS Foundation in responding to feedback from its recent consultation on its Review of Structure and Effectiveness. The conclusions from that review will be published in the second half of 2016.