Accounting Standards Review Board chairman named

Commerce Minister Simon Power today announced the appointment of Kevin Simpkins as the new chairman of the Accounting Standards Review Board (ASRB).

Mr Simpkins has been appointed for a term of five years. He replaces Warwick Hunt whose term expired on 31 December 2008.

"I am pleased to announce that the Governor-General has appointed Kevin Simpkins as the new Chair of the ASRB," Mr Power said.

"His expertise and experience in for-profit, not-for-profit, and public sector financial reporting is going to be particularly important as the board considers strategic issues and possible changes to the financial reporting framework affecting different types of entities.

"International financial reporting standards, on which New Zealand standards are based, have been developed primarily for large profit-driven entities, and the ASRB has a crucial role in determining the policy for other entities.

"I would like to thank Warwick Hunt, the outgoing chairman, for his outstanding contribution and leadership for more than the past five years."

Kevin Simpkins is a Senior Fellow at Victoria University’s School of Accounting and Commercial Law. He was Deputy Controller and Auditor-General from 2002 to 2005, has been deputy chairman of the Financial Reporting Standards Board, and technical adviser and chairman of a committee of the International Public Sector Accounting Standards Board. He has been deputy chairman of the ASRB since his appointment in June 2008.

 

Background on Accounting Standards Review Board

The ASRB is an independent Crown entity established under the Financial Reporting Act 1993 and operating within the framework of the Crown Entities Act 2004. Its primary functions are to set the strategy for financial reporting, review and approve financial reporting standards, and encourage the development of financial reporting standards, including standards for different classes of reporting entities.

It also seeks to influence the development of international standards and has close links with Australian standards bodies. It consists of between four and seven members appointed by the Governor-General on the recommendation of the Minister of Commerce. Further information on the ASRB can be found at http://www.asrb.co.nz