New Delhi, Sep 24 (UNI) For the first time, an Indian -- Mr Prabhakar Kalavacherla -- has been appointed to the International Accounting Standards Board (IASB).
He will join the IASB as a full time member on January 1, 2009 for a four-and-a-half-year period.
Mr Kalavacherla, who was elected by the trustees of the International Accounting Standards Committee (IASC) Foundation, is an audit partner at KPMG LLP and is currently based in the San Francisco office.
He has worked extensively in India, where he led KPMG's US GAAP practice, and in Europe.
In his present role, he serves as both reviewing partner for clients preparing financial statements according to International Financial Reporting Standards (IFRSs) and filings with the US Securities and Exchange Commission (SEC).
Mr Kalavacherla has specialised in the technology and biotechnology fields. Upon assuming his new postition, he will resign from KPMG LLP as required under the constitution of the IASC Foundation.
Holding a masters degree in accountancy from California State University-Chico and a member of both the Institute of Chartered Accountants of India and the American Institute of Certified Public Accountants, he is also on the board of a not-for-profit organisation, Food for Life, which serves over 800,000 children each day.
Announcing the appointment, Mr Gerrit Zalm, Chairman of the trustees of the IASC Foundation, said, "International standards should be set by a truly international IASB, and Mr Kalavacherla brings a wealth of experience and technical expertise in the application of IFRSs within both developed and emerging markets", adding that he was joining the IASB at such an important time in the development of IFRSs.
IASB Chairman Sir David Tweedie noted that Mr Kalavacherla's appointment "further broadens the knowledge of the IASB, as he has addressed many complex accounting issues associated with the technology and biotechnology sectors" and termed his appointment as important due to his vast experience of emerging markets.
Stating that he was honoured to serve on the IASB, Mr Kalavacherla said, the objective of the IASB -- to develop a single set of high quality, global standards -- is an important one. He is of the view that IFRSs would serve as the foundation of the world's ever integrating capital markets, particularly, its widespread use will have an important effect on the development of emerging economies.
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