Paul Cherry, Accounting Standards Board (AcSB) chairman, has been appointed chairman of the International Accounting Standards Board’s Standards Advisory Council (SAC), effective Jan. 1, 2009, for a three-year term.

“Paul’s appointment recognizes his exceptional talents and contributions to international accounting standards over many years,” said Doug Hyndman, chairman of Canada’s Accounting Standards Oversight Council, in a release.

“The appointment demonstrates Canada’s continued commitment to participating in the development of International Financial Reporting Standards,” Hyndman added.

The SAC comprises representatives of a wide range of international organizations and constituencies who advise the International Accounting Standards Board (IASB) on a range of issues, including the IASB’s agenda and work program. The SAC also provides advice on individual projects with a particular emphasis on practical application and implementation issues. The chairman’s responsibilities include actively monitoring the progress of the IASB’s work program, projects and priorities, and working closely with the chairman of the IASB and senior staff to identify, on a timely basis, matters on which the SAC’s advice should be sought. The chairman acts as the liaison between the SAC, IASB and IASCF trustees.

Cherry has been the chairman of the AcSB since 2001. He retires from that role on March 31, 2009. He served two terms on the board of the IASB’s predecessor, the International Accounting Standards Committee, and chaired its interpretative body, the Standing Interpretations Committee.

Prior to becoming chairman of the AcSB, Cherry was senior technical partner with PricewaterhouseCoopers in Toronto and served as Chair of the AcSB’s Emerging Issues Committee. He has also served as the chief accountant of the Ontario Securities Commission and chaired the International Organization of Securities Commission’s Working Party on International Accounting and Auditing Standards.

The AcSB is accountable to the Accounting Standards Oversight Council (AcSOC), an independent body established in September 2000 by the Canadian Institute of Chartered Accountants.

IE