Assistant Treasurer Michael Sukkar has now announced that Dr Keith Kendall will be appointed as the full-time chair of the Australian Accounting Standards Board (AASB) for a five-year period from 3 May.
Dr Kendall, a current member of the Administrative Appeals Tribunal, was a partner at Rigby Cooke Lawyers, a serving barrister and a senior lecturer at La Trobe University.
He will now take over from outgoing chair Kris Peach, the former KPMG partner who led the AASB through several crucial projects, including the removal of Special Purpose Financial Statements, during her five and a half years in charge.
Dr Kendall will now be tasked with leading the AASB to develop accounting standards through adopting international financial reporting standards for use in Australia.
As part of his appointment, Dr Kendall has also been appointed as a part-time member of the Financial Reporting Council (FRC) for a five-year period commencing from the date of his appointment to the AASB.
The FRC is responsible for overseeing the effectiveness of the financial reporting framework in Australia.
“The government congratulates Dr Kendall on his appointment and thanks the outgoing AASB chair, Ms Kris Peach, for her significant contributions to the work of the AASB and the FRC,” Mr Sukkar said.
Jotham Lian is the news editor of Accountants Daily, the leading source of breaking news, analysis and insight for Australian accounting professionals.
Before joining the team in 2017, Jotham wrote for a range of national mastheads including the Sydney Morning Herald, and Channel NewsAsia.