Kris Peach will take on the role full time from the November 3 for a five-year term.
The Australian Accounting Standards Board is the Commonwealth statutory body responsible for setting accounting standards for companies, not-for-profit entities and the public sector.
In a statement, acting assistant treasurer Mathias Cormann said Ms Peach has extensive experience in the accounting standards setting. She has previously served on the Australian Accounting Standards Board as both a member and as the deputy chair.
“Ms Peach is currently a partner in KPMG’s International Standards Group and Australia’s Department of Professional Practice, providing accounting advice to a wide range of public and private entities. She has also had a number of international financial reporting leadership roles within the firm.”
Mr Cormann thanked former chair Kevin Stevenson for his significant contribution during his term at the head of the Australian Accounting Standards Board.
“Mr Stevenson’s active participation in international standards setting processes has reinforced the high regard for the board internationally. In particular, his participation in the Asian-Oceanian Standards Setters Group underpins Australia’s close relationship with standards‑setters in the region,” Mr Cormann said.
The Australian Accounting Standards Board’s research director, Mr Angus Thomson, will continue to act as chair until Ms Peach’s term begins.
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