Paul Pacter appointed to the IASB

The Trustees of the International Accounting Standards Committee (IASC) Foundation announced today the appointment of Paul Pacter to the International Accounting Standards Board (IASB). For the last six years Mr Pacter has served as Director of Small and Medium sized Entities (SMEs) for the IASB. Mr Pacter has expressed his desire to limit his term to two years, rather than the customary five year term that he was offered by the Trustees, and will therefore serve from 1 July 2010 to 30 June 2012. As an IASB member, he will continue to chair the new SME Implementation Group on behalf of the IASB.

Mr Pacter brings significant experience as a standard-setter, both at the IASB and at the US Financial Accounting Standards Board (FASB). He previously served as Deputy Director of Research at the FASB and as Executive Director of its parent foundation, was Vice Chairman of the Advisory Council to the US Government Accounting Standards Board (GASB), and more recently led the development of the International Financial Reporting Standard for SMEs (IFRS for SMEs), as well as numerous other projects on behalf of the IASB.

Mr Pacter has extensive experience in global financial reporting, particularly in Asia and the United States. Since 2000, in addition to his IASB responsibilities Mr Pacter has been a part-time Director in Deloitte’s Global IFRS leadership team and a specialist in Chinese accounting standards, and has developed and managed the popular IAS Plus financial reporting website. Upon joining the IASB, Mr Pacter will resign from his role at Deloitte.

Mr Pacter graduated magna cum laude from Syracuse University and received his PhD from Michigan State University in 1967. He is a Certified Public Accountant (inactive). He won the Distinguished Graduate Teaching Award at the University of Connecticut.

The appointment of Mr Pacter fills the vacancy created by the retirement of Jim Leisenring at the end of June 2010.

Commenting on the appointment, Gerrit Zalm, Chairman of the Trustees, said:

The Trustees are delighted that Paul Pacter has agreed to join the IASB. His extensive technical knowledge of both IFRSs and US GAAP will be of great benefit to the Board as it completes its convergence programme.

I would also like to express my thanks to Jim Leisenring, who will be retiring at the end of June 2010, for his service to financial reporting and the IASB.

Sir David Tweedie, Chairman of the IASB said:

Paul is a walking encyclopaedia on global financial reporting. He served as the determined leader of the development of the IFRS for SMEs, is an expert in both IFRSs and US GAAP, and in his spare time has run one of the most popular financial reporting websites on the Internet. He will bring a global perspective and immense energy to the Board.

Paul Pacter said:

I look forward to becoming a member of the IASB at such an important time in the development of IFRSs.