The Trustees of the IFRS Foundation have appointed Bruce Mackenzie as the chair of the IFRS Interpretations Committee, effective 1 March.

Mackenzie has served as a member of the International Accounting Standards Board (IASB) since October 2020 and will continue to serve as an IASB member when he assumes the role as Chair of the Committee.

Before becoming a member of the IASB, Mackenzie served as a member of the Committee from 2014 to 2020. He is taking over from Sue Lloyd, who is moving to the International Sustainability Standards Board as its inaugural Vice-Chair from March 2022, when she also steps down as IASB Vice-Chair.

The Committee works closely with the IASB to support the consistent application of IFRS Accounting Standards by responding to application questions that arise in practice. It responds by publishing agenda decisions that often contain explanatory materials or by considering possible changes to the requirements.

IFRS Foundation Trustees chair Erkki Liikanen said: “I am pleased to welcome Bruce as the new Chair of the Committee. Just as it was with the outgoing Chair Sue, having an IASB member chairing the Committee ensures there is effective collaboration between the two bodies to serve our stakeholders well. I would like to also take this opportunity to thank Sue for her leadership of the Committee since 2017.”

Mackenzie said: “It is a privilege to be appointed Chair of this Committee which has a critical role to play both for the IASB and for all our stakeholders tasked with applying IFRS Accounting Standards. I am committed to continuing the good work that Sue has overseen and ensuring that the Committee continues to respond effectively to application questions.”

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The Committee comprises 14 expert members from around the world and from a variety of professional backgrounds. Its meetings are webcast on the Foundation’s website. The Chair has a non-voting role.