Deutsche exec appointed to IASB board

A German standard-setter will join the International Accounting Standards Board at a time of convergence with US standards.

Martin Edelmann has been appointed to a five year term with the 15-member International Accounting Standards Board (IASB).

The former Deutsche Bank head of group reporting joins at a time when the IASB is currently working to synchronise its standards with its US counterpart, the Financial Accounting Standards Board. The two boards’ “convergence project” has recently hit a snag with the US signaling it will retain the right to create tailored rules from any agreed set of standards as it sees fit.

During his 14-year tenure with Deutsche, which ended last year, Edelmann was responsible for transitioning the bank from US accounting standards to international standards. He also served as a member of the German Accounting Standards Board from 2006 until 2011.

Robert Glauber, chairman of the IASB’s nominating committee, welcomed Edelmann’s appointment, saying in a statement: “Germany is a key constituent of the global economy and [Edelmann’s] knowledge and experience of its financial and regulatory systems will prove invaluable to the IASB as it furthers its aim of establishing global accounting standards”.