Deloitte China appoints new leaders…
New member appointed to IASB…
chief executives offer mixed support for IFRS…

Deloitte China appoints new leaders

Chris Lu has been appointed as the new chief executive and
Joseph Lo the new chair of Deloitte China. Both roles are effective
from 1 October. Lu succeeds Peter Bowie, who will become senior
partner, while Lo succeeds Kenneth McKelvie. Lu has more than 27
years of international and Greater China experience. He worked in
Deloitte offices in the US and Taiwan prior to transferring to the
Chinese firm in 1994. He currently serves a number of leadership
roles, including managing partner of Eastern China, national
managing partner of the clients and markets group, as well as
co-leader of global Chinese services group. Lo’s previous
experience includes leading Deloitte China’s reorganisation and
forensic practices, as well as co-leading the financial advisory
services practice. He is also an advisor for the China Accounting
Standards Committee.

New member appointed to IASB

The International Accounting Standards Committee Foundation has
appointed Prabhakar Kalavacherla to the International Accounting
Standards Board (IASB). Kalavacherla will serve on the IASB as a
full time member from 1 January 2009 to 30 June 2013. Born in
India, Kalavacherla is an audit partner at KPMG US. He currently
serves as reviewing partner for clients preparing financial
statements according to IFRS and filings with the US Securities and
Exchange Commission. Kalavacherla has also worked extensively in
India, where he led KPMG’s US GAAP practice.

US chief executives offer mixed support for IFRS

Only 4 out of 10 US chief executives agree with the Securities
and Exchange Commission’s decision to allow foreign companies to
file financial statements under IFRS without reconciliation to US
GAAP, according to research by Grant Thornton US. Some 250 chief
executive were surveyed on IFRS with 61 percent indicating they
have some experience in using the international standards. The vast
majority of respondents, 97 percent, agree that accounting
practices become more complex when dealing with foreign businesses
as opposed to domestic companies. Grant Thornton US partner Gary
Illiano commented: “More and more, people are starting to become
familiar with IFRS, which is clearly the wave of the future.”