Tricia O’Malley has been appointed as chair of the Accounting Standards Board (AcSB), succeeding Paul Cherry, the Accounting Standards Oversight Council (AcSOC) said Wednesday.

The AcSB establishes financial reporting standards that contribute to enhanced decision making by improving the quality of financial information about organizational performance reported by Canadian entities.

O’Malley previously served as the first full-time chair of the AcSB, from 1999 to 2001. She left the AcSB to become a founding member of the International Accounting Standards Board (IASB) in London, UK, and served on the IASB from 2001 until 2007. For the past two years, she has served as director of implementation activities for the IASB.

Before joining the AcSB, O’Malley was a partner in the national assurance and profession practice group at KPMG.

O’Malley has sat on committees and advisory groups for bodies such as the Ontario Securities Commission, the Auditor General of Canada, the Institute of Chartered Accountants of Ontario, the Canadian Academic Accounting Association and the University of Alberta, School of Business.

“I am delighted that Tricia O’Malley has returned to chair the Accounting Standards Board at this crucial time for financial reporting in Canada,” says Doug Hyndman, Chair of AcSOC. “She has a deep understanding and experience with both Canadian GAAP and International Financial Reporting Standards and is the ideal person to lead the board through the IFRS transition.”

IE