New members named by FAF trustees, IASB

BY KEN TYSIAC

Two prominent standard-setting positions were filled when the International Accounting Standards Board (IASB) and Financial Accounting Foundation (FAF) announced additions Thursday.

Terry Warfield, Ph.D., chair of the University of Wisconsin-Madison’s Accounting & Information Systems department, was named to the Financial Accounting Foundation (FAF) board of trustees.

Warfield served as the academic accounting fellow in the SEC’s Office of the Chief Accountant from 1995 to 1996, and has been a member of the Financial Accounting Standards Advisory Council (FASAC), the principal advisory body to FASB.

“His extensive academic, banking, and accounting background will add significant value to the trustees as we work to support the FASB and GASB in establishing and improving financial accounting standards,” FAF Chairman Jeffrey Diermeier said in a news release.

Lloyd takes on new IASB role

Sue Lloyd, a former member of the Australian Accounting Standards Board, has been appointed to serve as a member of the IASB.

Lloyd currently serves as senior director of technical activities at the IASB. She is responsible for leading the technical staff in the development of new IFRS, and previously served as the IASB’s director of capital markets, with responsibility for the board’s work to reform accounting for financial instruments.

Originally from New Zealand, Lloyd will serve an initial five-year term, renewable for three additional years, beginning Jan. 1, 2014. Her appointment follows board member Prabhakar Kalavacherla’s notification that he will retire Dec. 31 at the end of his five-year term.

“This is an excellent appointment,” IASB Chairman Hans Hoogervorst said in a news release. “Sue has led our work to reform financial instruments accounting, championed efforts to enhance technical outreach around the world, and strengthened our cooperation with other international organizations.”

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

SPONSORED REPORT

Questions to ask before committing to the cloud

Cloud computing has its pros and cons. In this report, we answer common questions CPAs may have as they consider transitioning partially or fully to the cloud.

QUIZ

News quiz: IRS reopens an online service, but criticism endures

The IRS brings back the Get Transcript Online service, but the agency faces criticism for its handling of the aftermath of the event that led to the shutdown of the service. See how much you know about other recent news with this quiz.

CHECKLIST

Auditing risks in culture

Cultural flaws can seriously damage an organization. Here’s how internal auditors can reduce risks by embedding culture audits into existing audit programs.