I understand the current IASB chairman, Sir David Tweedie will stand down in June 2011 upon expiry of his contract. Headhunters have been activated to look for a successor. I am thinking about applying for the position. What are requirements of the job?
Sir Tweedie has spent a decade in transforming an obscure committee into a board whose rules are effectively law in over 120 countries, including the European Union. If I were successful in getting the job, I must be able to deliver at least another 120 countries within the same time frame. I am sure it will be one of many thousands KPIs. What are other possible things in store for me?
I will need to be a skilled diplomat and yet comfortable debating the intricacies of financial reporting with technical experts.
Diplomacy is necessary as you attempt to cajole acceptance of IASB rules that may not fit the respective circumstances of each member country.
I must always remember to express my gratitude to European Union for giving IASB the kick start it needed.
I must be able to appease the Americans of their fear of surrendering regulatory control over financial reporting issues to Europe and the rest of the world. [Just like why they are keeping United Nations in New York?]
Besides Europe and US, I must be able to give the remaining stakeholders in form of Asia, with rising economic powers, a voice in the making of the rules.
I must be nimble to be able to “siam” the pots, pans and shoes that could be thrown at myself if the world faces another financial crisis in the future and blame IASB for it. Just like what they did to “Fair Value”.
I had the pleasure of meeting him once from about 20 feets away. He gave such an entertaining speech fully peppered with typical British jokes ie. subtle yet effective. I will always remember the newspaper-in-the-highland-of-Scotland joke. Tell you when I see you.
In short, Stig Enevoldsen, chairman of the European Financial Reporting Advisory Group (EFRAG) said, ‘If you look at requirements for the new chairman, the only thing that is not included is that he should be able to walk on water.’
So assuming if Edgar can do all the above and can walk on water, he will definitely get the job entitled “Accounting Ayatollah” or “Accounting Czar”….