By Huw Jones
LONDON, Feb 15 (Reuters) – The hunt for a new chairman of the world’s top accounting standard setter is sparking discrete jostling for a job Asian candidates are seen having the edge as economic influence shifts east.
International Accounting Standards Board Chairman David Tweedie stands down in June 2011 after a decade spent transforming an obscure committee into a board whose rules are effectively law in over 120 countries, including the European Union.
Japan, Canada, India, Korea and Brazil are also adopting IASB rules, with China bringing its domestic standards in line too. The United States is left increasingly isolated as it decides how to join the club and when.
The Asian crisis of the 1990s sparked the need for a global approach to accounting but the credit crunch politicised standard setting as policymakers changes after blaming accounting for amplifying fallout from the financial crisis.
A replacement for Britain’s Tweedie will need to be a skilled diplomat and comfortable debating the minutiae of financial reporting, industry officials said.