As of the start of 2012, the International Financial Reporting Standards (IFRS) Advisory Council now includes more representatives from an emerging markets background.
In an increasingly globalised world, the move underscores the growing desire amongst emerging markets to harmonise accounting standards with their Western peers,
The IFRS Foundation, the group responsible for setting international accounting standards, revealed the appointments (and reappointments) to the Council following the expiration of membership periods at the end of 2011.
Some of the new faces include R Sankaraiah, who represents the Associated Chambers of Commerce of India; Valeska Barros of the Brazilian Association of Listed Companies; Yang Mi from China’s Ministry of Finance; and Bruce Mackenzie of the Financial Reporting Standards Council of South Africa.
Appointments to the Council – which acts as a sounding board for the International Accounting Standards Board (IASB) – range between one and three years in duration, in order “to enhance continuity and achieve an orderly rotation in membership”, according to a IFRS statement.
The IFRS is currently seeking public feedback on its 2012 agenda. An important issue for private equity firms will be the group’s work on convergence with US accounting standards. Last May the IASB and the US Financial Accounting Standards Board issued long-awaited guidance on fair value measurement.
A full list of appointments and reappointments can be found here.