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Kabureck Appointed to IASB; Joins Other N. American Members Finnegan, McConnell and Tokar

On Feb. 21, 2013 the International Financial Reporting Standards Foundation announced that Gary R. Kabureck, Chief Accounting Officer and a Corporate Vice President of Xerox Corporation, has been appointed a member of the International Accounting Standards Board. As noted in the IFRS Foundation's press release, Kabureck's appointment is effective April, 2013 for an initial term ending June 30, 2017, and is renewable for another three years.

As also noted by the IFRS Foundation, Kabureck has a breadth and depth of experience, including ten years of auditing experience with PriceWaterhouseCoopers, followed by positions of increasing responsibility within Xerox Corporation leading to his current position, in which he has global responsibility for both IFRS and US GAAP accounting process for the $22 billion company, which operates in more than 160 countries.

Additionally, Kabureck has been an active member of Financial Executives International and has served on various standard-setting advisory committees, including the FASB's Financial Accounting Standards Advisory Committee (FASAC) and the PCAOB's Standing Advisory Group (SAG).

In an FEI press release issued earlier today, FEI President and CEO Marie N. Hollein issued the following statement on Kabureck's appointment to the IASB:
"It is with great pleasure that FEI congratulates Gary R. Kabureck in his new position as a member of the IASB. Gary has been an active member of FEI for nearly two decades, demonstrating effective leadership as a vice-chair of our Committee on Corporate Reporting, as well as serving on various standard-setting board advisory committees. We appreciate Gary’s longstanding commitment to FEI and the committees and chapters in which he served. Organizations like the IASB and the Financial Accounting Standards Board have continued to strive towards establishing and improving financial accounting and reporting standards, which is a continued focus for our members. We believe Gary will be an excellent addition to the IASB.”

Four North American Representatives on IASB
Kabureck joins the other three North American representatives on the IASB: Patrick Finnegan, Patricia McConnell, and Mary Tokar. Tokar's term began in Jan. 2013, ends in 2017 and is renewable for another term; the "two Pat's" (Finnegan and McConnell) were named to the IASB board in 2009; their initial terms will end in 2014, and are renewable.

U.S. Offered Seat on New Global Accounting Panel - Reuters Reports
In other IASB-related news, Reuters reporter Huw Jones reported earlier this week, U.S. Offered Seat on New Global Accounting Panel. My two cents: (please see disclaimer which appears on the right side of this blog): although at first glance this seemed like a very recent and previously formally unannounced change by the IASB, (which had previously proposed that only National Standard Setters from countries that had adopted or formally committed to adopt IFRS would quality for membership on the IFRS Foundations' new Accounting Standards Advisory Forum) - it is possible that the modified position is actually reflected in the Call for Nominations for members of the ASAF as posted on the IASB's website as of Feb. 1, 2013.
Posted: 2/27/2013 2:07:08 PM by Edith Orenstein | with 0 comments
Filed under: Gary Kabureck,Gary R. Kabureck,IASB Board,Marie Hollein,Mary Tokar,Patricia McConnell,Patrick Finnegan,IASB,IFRS,Kabureck,PricewaterhouseCoopers,PwC,Xerox,FEI Statement

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