Financial Reporting Council (FRC) chair of Australia Jeffrey Lucy has been appointed a member of the Accounting Standards Review Board (ASRB), with Kevin Simpkins appointed deputy chair for a five-year term.
Lucy has a wide range of expertise and has previously held senior roles at the Australian Securities and Investments Commission.
"His appointment signals the continued commitment by ASRB and FRC to work together to ensure better integration of Trans-Tasman accounting and financial reporting standards," New Zealand commerce minister Lianne Dalziel said.
Simpkin's expertise in profit-seeking, not-for-profit, and public sector financial reporting is also particularly important on the board, she said.
"International standards are designed for use by profit-seeking companies and the policies and process for adapting them for use by central and local governments and other public benefit entities is a crucial part of the ASRB's role."
The ASRB plays an active role in furthering the harmonisation of financial reporting frameworks in New Zealand and Australia.
