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IFAC board appoints SA member

South African chartered accountant Russell Loubser has been appointed to the board of the International Federation of Chartered Accountants (IFAC), following a nomination by the South African Institute of Chartered Accountants (SAICA).

Loubser was chief executive of the Johannesburg Stock Exchange (JSE) from 1997 until his retirement in 2011, overseeing its 2005 demutualisation and conversion to a public company with a valuation of ZAR250m ($28m), which rose to ZAR6bn by 2011.

With the JSE he supported SAICA in a joint initiative to establish the South African GAAP Monitoring Panel, later the Financial Reporting Investigations Panel, which enforces IFRS compliance, and also made it a requirement for all listed companies to comply with IFRS.

He also made it a requirement for all listed companies to adopt King II legislation, and later King III, on a 'comply or explain' basis.

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International Federation of Chartered Accountants

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