Xerox’s Kabureck appointed to IASB, adds to U.S. representation

BY KEN TYSIAC

Gary Kabureck, CPA, the chief accounting officer of Xerox, has been appointed to the International Accounting Standards Board (IASB) and will increase U.S. representation on the board.

Kabureck will join the IASB in April and serve an initial term that ends June 30, 2017, and is renewable for three additional years. He has held various senior accounting positions at Xerox since 1985 and has been chief accounting officer since 2001 and corporate vice president since 2003.

He has served on advisory boards to FASB and the PCAOB, and is a member of Financial Executives International’s committee on corporate reporting.

“Gary is a well-known and much admired member of the global financial reporting community,” IASB Chairman Hans Hoogervorst said in a news release. “His deep-rooted conceptual knowledge of accounting will be immensely helpful to us as we consider the meaty topics of the conceptual framework and a range of other projects.”

Kabureck said in a news release that he always has been a strong supporter of global accounting standards and feels privileged to have a role in shaping the future direction of IFRS.

The addition of Kabureck gives the 16-member board four members from the United States.
 
By adding Kabureck and Mary Tokar, who was appointed Nov. 15, the IFRS Foundation has demonstrated that the SEC’s lack of a vote on whether to incorporate IFRS for U.S. public company financial reporting will not prevent the United States from having significant representation on the board, at least in the short term.

The IASB did lose a member from the United States when Paul Pacter’s term ended Dec. 31, 2012.

Ken Tysiac ( ktysiac@aicpa.org ) is a JofA senior editor.

SPONSORED REPORT

How to audit high risk areas

Revenue recognition, internal control over financial reporting, accounting estimates and going concern are areas of audit that have emerged as particularly challenging and complex.

NEWS

Revenue recognition revisited

A reexamination of new revenue recognition rules has led to tinkering with the standard that is considered the biggest achievement of the convergence efforts of FASB and the International Accounting Standards Board.

INTERVIEW

Staying focused at the top

Olivia Kirtley, CPA, CGMA, an accomplished corporate director with almost 20 years of experience serving on boards, talks about strategic, risk, and compliance issues that keep board members up at night.