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AASB chair steps down

Kevin Stevenson has stepped down as chair of Australian Accounting Standards Board (AASB) with research director, Angus Thomson acting in the role pending the appointment of a permanent chair.

News Michael Masterman 08 July 2014
— 1 minute read

Mr Stevenson has had a long association with standard-setting and has held many roles, both domestically and internationally, in the field over his career.

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Ian Mackintosh, deputy chair of the IASB and former chair of Australia’s former PSASB and of the UK Accounting Standards Board, professed great admiration for Kevin’s professional accomplishments.

“He was heavily involved with Korea and Nepal and other Asian countries in their moves to IFRS and his chairmanship of the AOSSG has helped it become a strong and respected part of the IFRS network. His influence on the international standard-setting scene cannot be overestimated,” he said.

During his career, Mr Stevenson was also national technical partner for Coopers & Lybrand between 1989 and 1998; senior technical partner for PricewaterhouseCoopers in Australia between 1998 and 1999; established a specialist financial reporting practice with long-time colleague Warren McGregor that operated from 1999 to 2001; and, following his time at the IASB, senior partner, Melbourne, Global Capital Markets Group, PricewaterhouseCoopers between 2005 and 2009.

Mr Stevenson was a key promoter of ‘principle-based’ standard-setting and was instrumental in the development of a Conceptual Framework for financial reporting.

Lynn Wood, a trustee of the IFRS Foundation (the IASB’s oversight body) and chair of the FRC for much of Mr Stevenson’s term as chair, commented:

“All of Kevin’s contributions during his term as AASB Chair have continued Australia’s long tradition of striving for improvements in financial reporting both domestically and internationally. I’ve been delighted to be able to work with Kevin and have greatly appreciated his counsel on matters affecting the FRC and his clear focus on working in the public interest”.

AASB chair steps down
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