IASB News
Trustees Reappoint Liu and O’Donovan to Interpretations Committee, Launch Search for New Members
The IASB’s trustees have reappointed Yanli Liu and Brian O’Donovan as members of the IFRS Interpretations Committee and launched a search for new members to join the committee. Liu, who joined the committee in 2022, will continue as a member until June 30, 2028. O’Donovan, who joined in 2019, will continue as a member until June 30, 2026. The Interpretations Committee, comprising 14 members and a non-voting chair, IASB Member Bruce Mackenzie, works with the IASB to ensure consistent application of IFRS Accounting Standards. The IFRS Foundation’s Trustee Board’s search for new members for the committee stems from three vacancies that will arise on July 1, 2025, the organization said. One appointment will be to replace a member from one of the four large accounting firms. The other two positions are open to all applicants, with a focus on candidates with experience as financial statement preparers and practitioners from accounting firms other than the Big Four. The Trustee Board is looking for individuals with high technical expertise, international business and market experience, and a strong background in practical IFRS Accounting Standards application, the organization said. Applications are due by February 28, 2025, and should be submitted to Ken Robinson, chair of the nominating committee, at jrobinson@ifrs.org.
FASB News
Six New Members Appointed to FASB’s Main Advisory Council.
The Financial Accounting Foundation, the trustee organization of the FASB, has appointed six new members to the Financial Accounting Standards Advisory Council (FASAC), effective January 1, 2025. The new appointees will succeed six members who will conclude their service on December 31. The FASAC plays a crucial role in advising the FASB on strategic and technical issues, project priorities, and other matters that impact standards setting. The newly appointed members bring diverse perspectives from various business and professional backgrounds. They are:
- Stacy Harrington, vice president, corporate accounting, Microsoft Corporation;
- Joseph Holmes, vice president, chief accounting officer, Thermo Fisher Scientific;
- Susanne Skaggs, chief accounting officer, Bechtel Group;
- Yoni Engelhart, managing partner, Schilit Forensics;
- Eric Johnson, executive vice president and chief investment officer, CNO Financial Group Inc.; and
- Howard Morris, president and chief investment officer of the Prairie & Tireman Group, member of the board of directors of Owens Corning, member of the board of directors of Virtus Investment Partners.
Each of the new members will serve a one-year term, and may be reappointed for additional terms. The FASB relies on the FASAC to provide valuable insights and expertise in shaping accounting standards that impact the financial industry. The six outgoing members are:
- David Gonzales, vice president, senior accounting analyst, Moody’s Investors Service;
- Elizabeth Hall, vice president, financial controller, Mars Incorporated;
- Lara Long, managing director, Riveron;
- Nirav Parikh, senior investment analyst, Mutual of America Capital Management;
- Brian Regan, managing director and chief financial officer, Spectrum Equity; and
- W. Verret, associate professor of law, George Mason University, expert witness, Veritas Financial Analytics LLC.
Full Suite of 2025 Financial Reporting Taxonomies for GAAP Filers Available
FASB has released a suite of taxonomies aimed at improving financial reporting and data quality for the 2025 reporting season. The main taxonomies are now available: the 2025 GAAP Financial Reporting Taxonomy (GRT), the 2025 SEC Reporting Taxonomy (SRT), and the 2025 GAAP Employee Benefit Plan Taxonomy (EBPT), the board said. In addition, the 2025 DQC Rules Taxonomy (DQCRT) and the 2025 GAAP Meta Model Relationships Taxonomy (MMT) are available. These taxonomies, presented in Extensible Business Reporting Language (XBRL) format, provide a standardized list of computer-readable tags that enable companies to tag and depict relationships within their financial data. This allows computers to automatically search for and assemble data, making it readily accessible and analyzable by consumers of financial data, such as investors, analysts, and others. All taxonomies are expected to be accepted as final by the SEC in early 2025.
