Michel Prada was appointed chairman of the Trustees of the IFRS Foundation, the IASB announced Monday.
A former chair of the Executive and Technical committees of the International Organization of Securities Commissions, he has significant experience leading investor-focused international organizations.
Prada’s three-year term begins Jan. 1. He succeeds Tommaso Padoa-Schioppa, who died suddenly last December.
He assumes chairmanship of the IFRS Foundation as the SEC is considering whether to adopt IFRS for U.S. issuers. That decision is at least a few months away, SEC Chief Accountant Jim Kroeker indicated last week during the AICPA National Conference on Current SEC and PCAOB Developments in Washington.
The Monitoring Board and Trustees of the IFRS Foundation are preparing separate reports that SEC Deputy Chief Accountant Paul Beswick said should provide a clarified, enhanced governance structure for the International Accounting Standards Board (IASB). The reports could be released this week and will be reviewed by the SEC as it considers its decision on IFRS adoption.
Prada has played a role in the establishment of IFRS standards throughout the push for a globally accepted set of high-quality accounting standards. He served on the initial nominating committee that selected the new body of trustees overseeing the independent standard-setting process in 2000, and was a leading proponent of European adoption of IFRS in 2005.
He also has served as chair of the Autorité des Marchés Financiers (AMF) and its predecessor body, the French markets and securities regulator.
“As a securities regulator, I am convinced that fair and efficient markets in a globalized world require global accounting standards that meet the needs of investors and other market participants,” Prada said in a statement. “I have long supported the role of the IASB for that purpose and the need for this organization to build on appropriate governance and strong independence.”
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