Bruce Mackenzie

Bruce Mackenzie, Managing Partner at W.consulting, has been appointed to represent the South African Financial Reporting Standards Council (FRSC) on the International Financial Reporting Standards (IFRS) Advisory Council. The Advisory Council is the formal advisory body to the International Accounting Standards Board (IASB) and the Trustees of the IFRS Foundation.

The Council meets three times a year to advise the IASB on a range of issues, including the IASB's agenda and work programme. The Advisory Council also provides advice on single projects with a particular emphasis on practical application and implementation issues, including matters relating to existing standards that may warrant consideration by the IFRS Interpretations Committee.

Mackenzie replaces Moses Kgosana who served on this body for 3 years representing the views of South African stakeholders, as the chair of the Accounting Practices Board.

Mackenzie has a wealth of experience in IFRS and has served on a number of committees, both locally and internationally, including the Small Medium Enterprise Implementation Group (SMEIG) of the IASB. The purpose of SMEIG is to consider implementation questions raised by users of the IFRS for Small Medium Enterprises (SMEs) and consider issuing guidance or advice to the IASB on what may require amendment.

His appointment to the Advisory Council follows the appointments of many other CAs(SA) who currently occupy positions on the IFRS Foundation bodies. These include: Jeff van Rooyen who is a Trustee of the IFRS Foundation, Darrel Scott who is a member of the IASB, Frank Timmins who sits with Mackenzie on the SMEIG, Professor Wiseman Nkuhlu serves on the Financial Crisis Advisory Group, Kevin Davies is on the IASB's Global Preparers Forum and the Lease Accounting Working Group and Kim Bromfield is on the Employee Benefits Working Group.

"We are very proud of Bruce's appointment," Says Sue Ludolph, project director, financial reporting at the South African Institute of Chartered Accounts (SAICA). "This is another milestone for SAICA and further confirmation that the CA(SA) brand continues to play a significant leadership role worldwide."

Ludolph pointed out that South Africa was rated Number 1, again in 2011, for auditing and financial reporting standards by the World Economic Forum, which substantiates the important role that the country and the CA profession plays in international financial reporting.