Kevin Frohbus will be coming across from Crowe Horwath, where he was technical director for IFRS advisory for just over four years. Accountants Daily understands he’s an addition to the team, and will not be replacing any departing executives.
Mr Frohbus will be based in Sydney, and will be working alongside BDO’s national leader for IFRS advisory Aletta Boshoff.
The appointment is in response to changing legislation in IFRS, which Sydney managing partner Grant Saxon believes will impact a substantial number of clients.
“Our existing clients are beginning to consider how to prepare their financial statements using the new accounting standards and are reaching out for assistance,” Mr Saxon said.
Ms Boshoff believes the new standards will create the biggest upheaval since Australia adopted the standards in 2005.
“The introduction of the three new Australian accounting standards significantly changes the financial reporting landscape for how entities recognise revenue, account for financial instruments and how lessees account for operating leases,” she said.
“These changes come into effect between now and 2019 and raise a whole host of issues for organisations in every industry sector – from corporate to not-for-profit.
“The changes have impacts beyond accounting as the choices made by organisations will affect the way the performance of their business is measured and reported. It’s vital to consider not only the commercial and practical issues but also any tax impacts of these changes.”