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January 15, 2015

US standard-setting oversight body appoints KPMG global leader to board

John Veihmeyer has been appointed to the board of trustees of the Financial Accounting Foundation (FAF), replacing Grant Thornton International chief executive Edward Nusbaum.

The FAF is the US equivalent of the IFRS Foundation, and oversees two standard-setting bodies, the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB).

Veihmeyer’s appointment is for a four-year term, ending 31 December 2019. In April 2010 he took over as KPMG US chairman and chief executive for a five-year term.

Under his tenure KPMG US revamped in 2014 its strategy strengthening consulting and advisory capabilities within the firm.

In February 2014 he was appointed KPMG global chairman, as Michael Andrew retired after being diagnosed with a serious medical condition.

Veihmeyer featured in the list of Top 50 Global Influencers of The Accountant and International Accounting Bulletin.

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KPMG grew by 6% its global revenues to $24.82bn in the year to 30 September 2014, a 4% increase compared with the previous year.

The FAF appointed also Myra Drucker, a senior director at a global investment management firm, to the board of trustees.

She replaced Luis Viceira, a professor of investment management and capital markets at Harvard Business School.

FAF chairman Jeffrey Diermeier said the diverse backgrounds and perspectives of the trustees, currently 16, add significant value to the standard-setting oversight of the FASB and the GASB.

It improves accounting and reporting standards, "while educating stakeholders on how to understand and implement those standards", Diermeier said.

FAF trustee, secretary and treasurer, Ann Marie Petach, was reappointed to a second term, which ends on 31 December 2017.

The resignation of trustee Teri List-Stoll, executive vice-president and CFO at Kraft Foods, was accepted and FAF will seek for a replacement during 2015.

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Global Accounting Power 50 2014

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