Former European Central Bank executive-board member Tommaso Padoa-Schioppa will become chairman of the International Accounting Standards Committee Foundation.

Padoa-Schioppa was considered a front-runner for Bank of Italy governor after Antonio Fazio resigned this week, but it is unlikely he will hold the top job at the bank along with the accounting-standards position. The International Accounting Standards Board also reappointed Sir David Tweedie as chairman, ensuring continuity in the IASB's effort to achieve widely applicable international accounting standards. Tweedie has spearheaded that effort, which is seen as being at a crucial point of development with a target date for the removal of the U.S. GAAP reconciliation by no later than 2009.

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