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Key Impact Points:
• New appointments enhance the Committee’s capacity for consistent IFRS application.
• Diverse expertise and experience brought by new members.
• Strengthened guidance and interpretation of accounting standards.
Committee Enhancements:
IFRS Foundation Trustees have appointed three new members to the IFRS Interpretations Committee. These appointments are aimed at enhancing the Committee’s capacity to support the consistent application of IFRS Standards globally. The new members bring diverse expertise and experience, contributing to the Committee’s role in interpreting and providing guidance on accounting standards.
New Members:
• Mark Mahar: Partner at EY in the United States with over 28 years of experience in audit, regulatory, and accounting. He advises the EY global network on emerging IFRS-related financial reporting matters and led EY’s global implementation of converged accounting standards. His previous roles include positions at the US Securities and Exchange Commission and PwC in Australia and the US.
• Natsumu Tsujino: Senior Fellow at Sompo Holdings in Japan, with nearly 25 years in the insurance and banking sectors and over 20 years as an equity analyst. Tsujino advises on financial strategy, reporting, and investor relations. Her past experience includes roles at Mitsubishi UFJ Morgan Stanley Securities and J.P. Morgan Securities.
• Leon Yongbum Kim: Head of Finance Office at KT&G Corporation in South Korea, with over 25 years of experience in finance, including accounting, tax, treasury, asset management, and investor relations. He has previously served as Head of Investor Relations, managing relationships with domestic and overseas shareholders.
The new Committee members will start their three-year terms on 1 July 2024. They succeed Guy Jones, Goro Kumagai, and Jon Nelson, to whom the Trustees expressed their gratitude for their dedication and service.
Global Impact:
By strengthening the Committee, the IFRS Foundation aims to bolster the global consistency and quality of financial reporting, facilitating better comparability and transparency in international financial markets.
Looking Forward:
These appointments mark a significant step towards enhancing the interpretive capabilities of the IFRS Interpretations Committee, promoting robust and uniform application of IFRS standards worldwide.
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The IFRS Foundation’s strategic appointments underscore its commitment to maintaining high standards in global financial reporting, ensuring that the Interpretations Committee is well-equipped to address emerging challenges in accounting practices.