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The Trustees of the International Accounting Standards Committee (IASC) Foundation announced today the appointment of Stephen Cooper, Managing Director and head of valuation and accounting research at UBS Investment Bank, to the International Accounting Standards Board (IASB). Mr Cooper will join the IASB as a part-time member in August 2007 and has been appointed for the five years ending on 30 June 2012. The Trustees report that they expect soon to announce the appointment of a full-time member to replace Hans‑Georg Bruns, who recently retired from the IASB.
Mr Cooper brings practical experience as an active analyst on accounting and valuation matters and will play an important role in engaging the investment community in the standard-setting process. He has been recognised as a leader in his field and voted top European Valuation and Accounting analyst by Extel and Institutional Investor magazine in each of the last 10 surveys. In his capacity at UBS, where he will continue to work part‑time, Mr Cooper advises UBS’s equity research analysts and institutional clients on valuation and accounting issues. As a member of the Corporate Reporting User Forum and a member of the IASB’s Analyst Representative Group and Financial Statement Presentation working group, Mr Cooper has been actively involved in the IASB’s work.
In announcing Mr Cooper’s appointment, Philip Laskawy, Chairman of the Trustees, said:
We are delighted that Stephen Cooper has agreed to join the IASB. The Trustees believe that the IASB will benefit from the practical experience and working knowledge of IFRSs that he will bring. The appointment of Mr Cooper reflects the Trustees’ desire to identify members of the investment community to serve on the IASB. The Trustees also wish to express their deep appreciation to Hans-Georg Bruns, Tony Cope and Tricia O’Malley, who retired on 30 June, for their outstanding accomplishments on behalf of the organisation.
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NOTE TO EDITORS
1. The International Accounting Standards Committee (IASC) Foundation, based in London, is the oversight body of the International Accounting Standards Board (IASB). The governance of the organisation rests with 22 Trustees. Six of the Trustees must be selected from the Asia/Oceania region, six from Europe, six from North America, and four from any region.
2. The selection of IASB members follows an international search process in which the IASB advertises for candidates and seeks nominations from organisations with an interest in standard-setting. Candidates are interviewed by the Trustees’ Nominating Committee, and the Trustees as a whole reach conclusions regarding appointments.
The IASC Foundation, through the IASB, is committed to developing, in the public interest, a single set of high quality, global accounting standards that require transparent and comparable information in general purpose financial statements. The IASC Foundation is funded by contributions from the major accounting firms, private financial institutions and industrial companies throughout the world, central and development banks, and other international and professional organisations.