International Accounting Standards Board chair Hans Hoogervorst is looking back at the growth of International Financial Reporting Standards as his decade running the IASB is set to end this month.
Hoogervorst, a former finance minister from the Netherlands, will be stepping down on June 30 and will be succeeded on July 1 by Andreas Barckow, an accounting professor who has been president of the Accounting Standards Committee of Germany since 2015 (see story). Hoogervorst, who became IASB chair on July 1, 2011, spoke at an IFRS Foundation virtual conference Thursday about how the IASB has strengthened financial reporting requirements by introducing several new IFRS standards — including for revenue recognition, loan losses, leases and insurance contracts — as well as consolidated the ways that companies report around the world. IFRS standards are now required in more than 140 jurisdictions.
“The excitement around IFRS that greeted me 10 years