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September 29, 2008

News Briefs

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

PEOPLE 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.

PEOPLE 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.

IFRS 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.”

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