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New Chair For Financial Reporting Standards Board

New Chair For Financial Reporting Standards Board

Auckland Chartered Accountant Joanna Perry has been appointed Chair of the Financial Reporting Standards Board (FRSB).

The FRSB is a national committee of the Institute of Chartered Accountant of New Zealand. It is responsible for developing and maintaining financial reporting standards in this country.

Ms Perry is a senior partner in KPMG’s Audit and Risk Advisory Services practice.

She leads KPMG’s technical advisory team and over the last 15 years has been the engagement partner on the audit of a diverse range of New Zealand companies.

She was made a Fellow of ICANZ in 2001, and is also a Fellow of the Institute of Chartered Accountants in England & Wales.

Ms Perry is also a member of the Securities Commission.

Ms Perry has long been a supporter of global harmonisation of accounting standards.

“It is a very exciting time to be taking over as Chair of the FRSB,” Ms Perry says. “We are on the eve of the true crystallization of global harmonisation with the adoption of international financial reporting standards in Europe, Australia and New Zealand.“

At present the FRSB is regularly issuing draft standards in the lead-up to New Zealand’s adoption of International Financial Reporting Standards from 1 January 2007, although voluntary compliance is possible from 1 January 2005.

Each new standard is released for consultation in the form of an exposure draft. Following consideration of submissions on the exposure draft, the FRSB presents the standard to the Accounting Standards Review Board (ASRB), an independent Crown entity, for final review and approval.

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