University of Pretoria Chancellor appointed as a trustee to the International Financial Reporting Standards (IFRS) Foundation
By Sanku Tsunke
Posted on 29 October 2012
The Vice-Chancellor and Principal of the University of Pretoria, Prof Cheryl de la Rey, has congratulated the University’s Chancellor, Prof Nkuhlu, on his appointment as a Trustee of the International Financial Reporting Standards (IFRS) Foundation.
She said that Prof Nkuhlu is well-suited for the position given his illustrious career in the accountancy profession, and also having been influential in financial reporting issues.
The IFRS Foundation is a body which is responsible for the governance of the International Accounting Standards Boards (IASB), and Prof Nkuhlu’s appointment to the Foundation comes at a time when a globally accepted set of standards is being contemplated.
Professor Nkuhlu represented South Africa on the Financial Crisis Advisory Group when it was set up in December 2008 by the IASB and the Financial Accounting Standards Board (FASB). The Advisory Group was set up to advise both boards (IASB and FASB) on financial reporting issues arising from the global financial crisis.
Professor Nkuhlu is a former President of the South African Institute of Chartered Accountants (SAICA) and among the many other influential roles that Professor Nkuhlu plays in the accounting industry is that he serves as a director on the boards and audit committees of several public companies.
Professor Nkuhlu says he is very pleased and looks forward to making a contribution to the further development of a single set of high quality global accounting standards that would enhance transparency, consistency and comparability.
He further said: “As South Africa, and the rest of the continent, is getting more integrated in global capital markets, it has become critical that we become full participants in the development of global accounting standards. One hopes that this appointment will inspire many young accountants from disadvantaged backgrounds who wish to play a more significant role in the profession to realise that there are no limits".