Pacter Named to IASB Board; FASB-IASB Convergence Update

Apr 19th 2010
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On April 15, the International Accounting Standards Committee Foundation, which oversees the International Accounting Standards Board, announced the appointment of Paul Pacter as a member of the IASB board.

The IASCF press release notes that Pacter has served in senior staff positions at both the FASB (including as Deputy Director of Research, and Executive Director of the Financial Accounting Foundation) and IASB (including as Director of Small and Medium-Sized Entities, and lead staff member on IASB's IFRS for SMEs published last year). Pacter also formerly taught at the University of Connecticut, where he received the Distinguished Graduate Teaching Award.

As also noted in the press release, Pacter's appointment to the IASB board fills the vacancy created by the retirement of Jim Leisenring at the end of June 2010. (Before joining the IASB board, Leisenring formerly served as a FASB board member and in various senior staff positions at the FASB, including as Director of Research and Technical Activities, Director of International Activities, and as Chairman of the Emerging Issues Task Force.)

My two cents (I remind you of the disclaimer that appears in the right margin of this blog):

Pacter has always been very helpful in response to questions about IFRS for SMEs or other matters, and has provided informatinal material through interviews and by contributing articles to FEI's magazine, Financial Executive, and I look forward to observing him in his new role as a member of the IASB board.

Leisenring is known for speaking frankly, during FASB and IASB board meetings, roundtables, and press interviews, and I look forward to continuing to hear/follow his views in whatever path he chooses when he leaves the IASB board.

FASB, IASB Publish Quarterly Convergence Update
On April 14, FASB and the IASB published a quarterly progress report showing continued progress on their goal to improve and achieve convergence of International Financial Reporting Standards and US generally accepted accounting principles. The report covers: (1) work improvement methods, (2) updates on convergence projects, and (3) publications expected second quarter 2010. An appendix outlines the expected timetable for publication by the boards of proposals (Exposure Drafts) and final standards that are part of the convergence program, in the form of a quarterly calendar, from April 2010 to December, 2011. See: FASB-IASB Press Release; Quarterly Progress Report


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