SIR DAVID Tweedie, chairman of the International Accounting Standards Board (IASB) is set to retire next year, with Hans Hoogervorst appointed to take over the top post.
Tweedie will retire officially at the end of June 2011 after 10 years in the role.
During that time, Tweedie established the International Financial Reporting Standards (IFRS), which are currently used by more than 100 countries.
Hoogervorst will join the IASB from the Netherlands Authority for the Financial Markets, the Dutch securities watchdog, where he is currently chairman.
He will relinquish that title once he moves to IASB.
Hoogervorst will also step down from his role as chairman of the Technical Committee of the International Organisation of Securities Commission and co-chair of the Financial Crisis Advisory Group.
The IASB also announced the appointment of vice-chairman Ian Makintosh yesterday. He will replace Tom Jones, who retired last June.
Makintosh, who is currently chair of the UK Accounting Standards Board, will move into his new post in at the same time as Hoogervorst.
European finance commissioner Michel Barnier said: “The Commission welcomes the appointment of Hans Hoogervorst as future chairman of the IASB. Hans’ background and experience as a minister and supervisor make him well suited to the job, giving him a good understanding for the broader international context in which the IASB operates.”
The appointments were made by the trustees of the IFRS after almost a year long search.
IFRS trustees sought nominations from more than 500 organisations and considered more than 300 candidates.
They narrowed the list down to 45 people from across 20 countries, but later unanimously approved Hoogervorst and Makintosh at their annual meeting in Seoul.
Tweedie said: “I am delighted that the trustees have chosen Hans, supported by Ian, to lead the IASB.”
SIR DAVID TWEEDIE
OUTGOING IASB CHAIRMAN
SIR David Tweedie is known for transforming the accountancy world.
During his 10-year tenure with the International Accounting Standards Board (IASB), he succeeded in establishing the International Financial Reporting Standards (IFRS), which is now used as the financial reporting standard in 100 countries.
Tweedie, who was appointed as chairman of the IASB in January 2001, will retire at the end of June next year after 32 years in the accountancy profession.
He cut his teeth in 1978 at the Institute of Chartered Accountants of Scotland.
In 1990 he took over as the first ever full-time chairman of the Accounting Standards board, which launched the same year. He was tasked with the responsibility of producing the UK’s accounting standards.
Tweedie is known to some as the “godfather” of accounting for what he’s contributed to both the profession and the regulatory landscape.