Sir David Tweedie has been re-appointed as the chairman of the International Accounting Standards Board (IASB) for another five years.
Tweedie has led the massive project of developing a uniform set of International Financial Reporting Standards, and during his next term he will focus on the convergence project with the Financial Accounting Standards Board, the standard-setter in the U.S.
Des Hudson, chief executive of the Institute of Chartered Accountants of Scotland, supported Tweedie's reappointment and the IASB's work on developing international standards.
“Sir David is in charge of possibly the most significant project in accounting ever – overseeing the introduction of IFRS,” Hudson told Accountancy Age. “He is a well-respected figure within the profession and his reappointment will ensure continuing confidence in his leadership of IFRS convergence. ICAS is fully behind the project, and we believe that there should be no turning back as the accountancy profession moves towards IFRS.”
Tweedie's appointment was made by Paul A. Volcker, outgoing chairman of the International Accounting Standards Committee Foundation, the oversight board for the London-based IASC. The foundation also announced seven new IASB members, who will serve three-year terms: Sir Bryan Nicholson, outgoing chairman of the Financial Reporting Council; William McDonough, former chairman of the Public Company Accounting Oversight Board; Sam DiPiazza, chief executive of PricewaterhouseCoopers; Marvin Cheung, retired Chairman of KPMG Hong Kong; Liu Zhongli , President, Chinese Institute of Certified Public Accountants; T. V. Mohandas Pai , Member of the Board and Chief Financial Officer, Infosys Technologies Limited; Chairman of the Board, Progeon Limited, India; and Junichi Ujiie , Chairman, Nomura Holdings Inc, Japan.