International Accounting Standards Committee (IASC) Initiated its Search and Selection Process for its Trustees

The Securities and Futures Commission (SFC) announced that the International Accounting Standards Committee (IASC), subsequent to its appointment of members of the Nominating Committee of which Andrew Sheng, the Chairman of the SFC was appointed to, had its first meeting on 7 January 2000.

During the meeting, the Nominating Committee had named Arthur Levitt, Chairman of the US Securities and Exchange Commission, as the Chairman and initiated its search and selection process for 19 individuals who will serve as Trustees of the restructured IASC.

The Committee also agreed that defined that all Trustees will be required to show a firm commitment to the IASC as a high quality global standard setter, to be financially knowledgeable, and to have an ability to meet the time commitment.

Each Trustee will need to have an understanding of, and be sensitive to, international issues relevant to the success of an international organisation responsible for the development of high quality international accounting standards for use in the world’s capital markets.

Mr Sheng said: "The mix of Trustees will be representative of the world’s capital markets and a diversity of geographic and professional backgrounds. To ensure a broad international base, Trustees will be appointed so that there will be four from Asia Pacific, six from North America, six from Europe and three others from any area, as long as geographic balance is maintained. It is important that the representatives from the Asia Pacific region are of the highest calibre."

Nominations will be sought from international, regional, and national organisations with an interest in financial reporting, including current members of the IASC, its Consultative and Advisory groups. Nominations also are welcomed from individuals and groups not contacted directly by the Nominating Committee.

The Committee aimsed to complete its work before May 2000.