The International Financial Reporting Standards (IFRS) Foundation, the oversight body of the International Accounting Standards Board (IASB), has appointed Hans Hoogervorst as chairman and Ian Mackintosh as vice chairman of the IASB.
Hoogervorst will succeed Sir David Tweedie on his retirement as chairman of the IASB at the end of June 2011. He is currently chairman of the Netherlands Authority for the Financial Markets (AFM), the Dutch securities and market regulator, chairman of the Technical Committee of the International Organisation of Securities Commissions (IOSCO) and co-chair of the Financial Crisis Advisory Group (FCAG), an independent body of senior leaders formed to advise accounting standard-setters on their response to the global financial crisis. He will step down from all his present positions in order to join the IASB.
Mackintosh, a former chief accountant of the Australian Securities and Investment Commission, has more than 30 years experience of national and international accounting standard-setting. He is currently chairman of the UK Accounting Standards Board and chairman of the group of national accounting standard-setters, a body in which more than 20 national and regional accounting standard-setting organisations participate.
The IFRS also appointed Duck-Koo Chung to serve as a trustee of the IFRS Foundation for an initial three-year term, with effect from 1 January 2011.Chung is a former Minister of Commerce, Industry and Energy for Korea. He is a visiting professor of international finance at Korea University and Renmin University in Beijing, China, and a founding member of the North East Asian Research (NEAR) Foundation, a research group comprised of Chinese, Japanese and Korean international finance experts.