Thanks and Farewells

Date recorded:

Sir David Tweedie paid tribute to four Board members who were around the joint Board table for last time. Ed Trott (FASB), Hans-Georg Bruns, Tony Cope, and Tricia O'Malley (IASB) would each retire on 30 June 2007. Sir David thanked them individually for their contributions, dedication and (in Mr Cope's case) putting off retirement to serve their Boards. Their contributions had been significant and at a critical time, and their presence would be missed.

Each responded. Messrs Trott and Cope stressed the need to continue the efforts towards convergence, even if (or after) the IFRS-US GAAP reconciliation is removed. The convergence journey is important, and the benefits in terms of reduced costs to investors, analysts, and preparers are already evident. Mr Trott also stressed the importance of a truly independent standard-setter, one that operated free of regulatory interference, and encouraged both Boards to maintain this independence. Mr Bruns noted that he was proud to have been part of the Board during a critical phase in the convergence journey. With the approval of a converged standard on Business Combinations, a pervasive accounting issue (and one that had caused him headaches as a preparer) was resolved and he could retire a happy man. Ms O'Malley noted that she very pleased that she would continue to work in London as the IFRIC Co-ordinator. She saw this as 'fitting punishment' for a Board Member: to be charged with interpreting the Standards she helped to write.

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