Accounting Standards Board Chair Appointed

PRESS RELEASE

7 March 2011

Accounting Standards Board Chair Appointed

The Accounting Standards Review Board has announced the appointment of Michele Embling as the inaugural Chair of the New Zealand Accounting Standards Board.

“Michele’s experience and standing in the accounting profession make her an ideal candidate for this role”, Board Chairman Kevin Simpkins said.

“Establishing and maintaining high quality accounting standards is important for investor confidence, public accountability and good business decisions. Under Michele’s leadership the Board will continue developing accounting standards appropriate for all sectors in the economy.”

In making this appointment, the Accounting Standards Review Board (ASRB) would like to recognise the work of the outgoing Financial Reporting Standards Board (FRSB) in developing New Zealand accounting standards over a long period of time.

The ASRB would like to pay particular tribute to Joanna Perry, the Chair of the FRSB, for her outstanding dedicated and committed leadership of the FRSB and to New Zealand standard setting over the last seven years.

The ASRB expect to make further appointments, in the next two weeks, to the role of Chair of the New Zealand Auditing and Assurance Standards Board and the new role of Chief Executive.

Ms Embling will assume her role on 1 July 2011.

Background

Accounting Standards Review Board (ASRB) and the External Reporting Board (XRB)
The Accounting Standards Review Board (ASRB) is an independent Crown entity, which is charged with reviewing and approving New Zealand’s financial reporting standards.

The ASRB is due to also take on accounting and auditing standards setting. The reconstituted board will be known as the External Reporting Board (XRB). The XRB is expected to commence operations on 1 July 2011, once the Auditor Regulation and External Reporting Bill 2010 is enacted.

New Zealand Accounting Standards Board (NZASB)
The New Zealand Accounting Standards Board (NZASB) is a sub-board of the XRB. The NZASB will be responsible for developing and issuing new accounting standards – once these functions are transferred to the XRB.

Michele Embling
Michele Embling has been Deputy Chair of the ASRB since 2009 and has an extensive background in accounting standard setting and complex financial reporting issues. She was a member of the New Zealand Institute of Charted Accountants International Financial Reporting Standards (NZICA IFRS) conversion working group and also the NZICA Public Benefit Entities (PBE) Working Group.

Michele is the Auckland Managing Partner of PricewaterhouseCoopers, where she heads their technical function. She provides advice on financial reporting, statutory and regulatory reporting issues and has been an IFRS specialist since 2004.

Her professional experience covers a full range of sectors (not for profit, public and for profit), type of entities (companies, trusts, partnerships, professional organisations) and size of entities (from small closely held entities to large and complex issuers).
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