The Trustees of the IFRS Foundation, responsible for the governance and oversight of the International Accounting Standards Board (IASB), announced today the appointment of David Loweth as Director for Trustee Activities. Mr Loweth currently serves as Technical Director of the United Kingdom (UK) Accounting Standards Board (ASB).
The Trustees have created the role of Director for Trustee Activities in response to the preliminary conclusions of their review of the strategy of the IFRS Foundation. The review called for higher levels of engagement and transparency between the IASB and the Trustees, particularly in the area of due process oversight. The review also recommends clearer separation of the roles and responsibilities of the Foundation and of the IASB. Mr Loweth will support the work of the Trustees as they fulfil these enhanced responsibilities.
Before joining the UK ASB in 2004, Mr Loweth held various senior roles in the UK Treasury. He holds a Degree in Modern History from Oxford University and an MA in Finance and Accounting from Leeds Metropolitan University.
Commenting on the appointment, Michel Prada, Chairman of the Trustees said:
David is a well-known and a highly-respected figure in financial reporting circles, having represented the UK in various European and international accounting forums.
His appointment will greatly assist the Trustees to fully discharge their constitutional responsibilities and will bring enhanced transparency and vigour to the oversight of the standard-setting process.
- Mark Byatt, Director of Communications and External Affairs, IFRS Foundation
Telephone: +44 (0)20 7246 6472
About David Loweth
- 2004 to date: Accounting Standards Board (ASB) (March 2004-August 2007 Company Secretary; February 2006 to present Technical Director)
- 1996 to 2004: Team Leader (Senior Civil Servant) Central Accountancy (CA) team at HM Treasury
- 1995 to 1996: Head of Export Finance Branch, Debt, Development Countries and Export Finance (DDX) team, HM Treasury
- 1991 to 1995: Head of Banking Services Branch, Banking Group, HM Treasury
- Prior to 1991, Mr Loweth worked in a variety of roles in central and local government, after having trained with the UK National Audit Office
- CIPFA Council Member (co-opted) (2001 to 2004)
- Member of CIPFA’s Public Finance and Management Board (PFMB) (2001-04) and, before that, member of CIPFA’s Technical Committee
- Member of Audit Commission Technical Advisory Group (1999 to 2011, with a break in 2004)
- International Federation of Accountants (IFAC) Public Sector Committee (PSC) Occasional Paper (2002) “Accounting Standard-Setting in the UK Central Government Sector”
- Public Audit Forum (2002) “The Whole Truth: or Why Accruals Accounting Means Better Management” (co-author with Eilbeck et al)
- International Accounting Standards Board (IASB) (2005) Management Commentary: Discussion Paper (co-author with Teixeira et al)
Academic and professional qualifications
- BA (Hons) Modern History, St. Peter’s College Oxford (1975)
- MA (Finance and Accounting) (Distinction), Leeds Metropolitan University (2000)
- CIPFA qualified (1984)