Xerox Corporation chief accounting officer Gary Kabureck has been appointed to serve as a member of the International Accounting Standards Board starting in April.
Kabureck is a prominent and respected financial reporting practitioner who has been an active member of Financial Executives International. Since 2006, he has participated in FEI’s Committee on Corporate Reporting and for many years has acted as liaison between accounting standard-setters and FEI members regarding technical matters. Kabureck has also served on various advisory boards for the Public Company Accounting Oversight Board and previously the Financial Accounting Standards Board. He frequently speaks on professional accounting and auditing matters at conferences.
“Gary is a well-known and much admired member of the global financial reporting community,” said IASB chairman Hans Hoggervorst in a statement. “His deep-rooted conceptual knowledge of accounting will be immensely helpful to us as we consider the meaty topics of the conceptual framework and a range of other projects.”
Kabureck’s presence on the IASB also helps ensure a continued U.S. presence on the international standard-setting body as the IASB and FASB continue their efforts to converge accounting standards, even after the expiration of the decade-long memorandum of understanding known as the Norwalk Agreement. Conveniently, Xerox headquarters are located in Norwalk, Conn., the same city where FASB’s headquarters are situated.
Kabureck will serve as an IASB member for an initial term ending June 30, 2017, which is renewable for a further three years. Last November, the IASB appointed another U.S. member, Mary Tokar, the global leader of KPMG’s International Financial Reporting Group, to replace Paul Pacter, a long-serving U.S. member (see IASB Picks New U.S. Member). Her term will also run until June 30, 2017 and can also be renewed for another three years. Two other U.S. members currently serve on the IASB, Patrick Finnegan and Patricia McConnell, but their terms both end in June 2014.
Kabureck has global responsibility for both IFRS and U.S. GAAP accounting processes at Xerox and supervises a team of more than 1,200 accountants worldwide. He oversees Xerox’s accounting policy development, implementation of new accounting procedures, internal and external financial reporting, along with internal controls. Prior to becoming chief accounting officer, he held various senior accounting positions at Xerox, beginning in 1985. His professional career began at PricewaterhouseCoopers in 1975, where he worked for a decade.
“I am honoured to join the IASB,” Kabureck said in a statement. “I have always been a strong supporter of global accounting standards and feel privileged to be able to help shape the future direction of this important work.”
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