Keith C Peterka appointed to the IFRS for SME Implementation Group


Tuesday, August 10th, 2010

Keith C Peterka appointed to the IFRS for SME Implementation Group.

Keith C Peterka, from Kreston International’s US member firm Mayer Hoffman McCann’s Professional Standards Group,  has been appointed as a member of the IFRS Foundation’s newly created SME Implementation Group, to be chaired by IASB board member Paul Pacter.

The IFRS Foundation, the body responsible for the adoption of International Financial Reporting Standards and the oversight of the International Accounting Standards Board, invited applications for membership of the group in March 2010. Keith represents one of only non Big Four accounting networks selected.

The 21 members were selected on the basis of their knowledge and experience in the financial reporting of SMEs. While members of the group do not act as country representatives, the trustees of the IFRS Foundation have sought to ensure a balanced geographical distribution in selecting its members. Representatives of the European Commission and the European Financial Reporting Advisory Group will participate in the work of the group as observers.

The mission of the group is to support the international adoption of IFRS for Small and Medium-sized Entities and to monitor its implementation.  The group has two main responsibilities: to develop non-mandatory guidance for implementing the IFRS for SMEs in the form of questions and answers that will be made publicly available on a timely basis; and to make recommendations to the IASB if and when needed regarding amendments to the IFRS for SMEs.

Krestons Director of Quality and International Standards, Sue Almond comments:

“IFRS adoption by non-listed entitites is really gaining momentum worldwide and this influential group will have a critical role to play over the next few years. The appointment process was highly competitive and we are really proud of Keith’s success in gaining this appointment. I am sure if will be hugely beneficial to the whole of the Kreston network”.

Keith, and other members of the group will serve a renewable term of two years from July 2010.

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