The Trustees of the International Accounting Standards Committee Foundation, which oversees the International Accounting Standards Board, said they are seeking nominations to identify a successor to IASB Chairman Sir David Tweedie.

Tweedie is scheduled to retire in June 2011, when he completes his second term as chairman of the influential global standards-setting board. Tweedie’s successor is expected to work closely with the U.S. Financial Accounting Standards Board, which has accelerated its convergence efforts to resolve the major outstanding differences between U.S. GAAP and International Financial Reporting Standards by the time Tweedie’s term ends. It is still unclear if the Securities and Exchange Commission will vote to adopt the proposed roadmap to IFRS, which includes a 2011 assessment of the convergence process.

The IASC Foundation trustees said they have launched the succession process now in order to allow time for the broadest international search possible and to ensure a smooth transition. They expect to make a decision in the second half of 2010. The trustees are seeking nominations from interested parties and will also consult relevant organizations throughout the world. They have retained an international executive search firm, Spencer Stuart, to help with the process.

“Under the leadership of David Tweedie, the IASB has been instrumental in the shift from a proliferation of national GAAP to a world that is moving rapidly to a single set of high quality, global standards,” said IASC Foundation chairman Gerrit Zalm in a statement. “We shall shortly be beginning the process of considering what the IASB will look like in the next phase in the development of global standards. The new chairman will play an important role in that process.”

Further details on the search process will be posted on the IASB’s Web site, www.iasb.org.

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