Gary Kabureck, CPA, the chief accounting officer of Xerox, has been appointed to the International Accounting Standards Board (IASB) and will increase US representation on the board.
Kabureck will join the IASB in April and serve an initial term that ends June 30th 2017, and is renewable for three additional years. He has held various senior accounting positions at Xerox since 1985 and has been chief accounting officer since 2001 and corporate vice president since 2003.
He has served on advisory boards to the US Financial Accounting Standards Board (FASB) and the US Public Company Accounting Oversight Board (PCAOB) and is a member of Financial Executives International’s committee on corporate reporting.
“Gary is a well-known and much admired member of the global financial reporting community,” IASB Chairman Hans Hoogervorst said in a news release. “His deep-rooted conceptual knowledge of accounting will be immensely helpful to us as we consider the meaty topics of the conceptual framework and a range of other projects.”
Kabureck said in a news release that he always has been a strong supporter of global accounting standards and feels privileged to have a role in shaping the future direction of IFRS.
The addition of Kabureck gives the 16-member board four members from the United States.
By adding Kabureck and Mary Tokar, who was appointed November 15th, the IFRS Foundation has demonstrated that the SEC’s lack of a vote on whether to incorporate IFRS for US public company financial reporting will not prevent the United States from having significant representation on the board, at least in the short term.
The IASB did lose a member from the United States when Paul Pacter’s term ended December 31st 2012.
—Ken Tysiac (ktysiac@aicpa.org) is a CGMA Magazine senior editor.