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New IFAC president named

The council of the International Federation of Accountants has appointed Rene Ricol of France as its new president in a meeting held at the World Congress of Accountants in Hong Kong.

Ricol, who has been an IFAC board member since 1997, will hold the position of president for two years, beginning this month. In a key note address at the Congress’s closing session today, Ricol will announce new IFAC undertakings supported by its governing council.

These new undertakings will include ‘rebuilding the credibility in financial reporting through, for example, enterprise governance and revitalize the profession by reinforcing the concept of integrity.’

‘There is no doubt we are in a new era of accountability and transparency. The profession must re-engineer itself to effectively serve the public interest and we must work together with regulators, standard setters and others to accomplish this,' Ricol states.

Ricol is president of his own accountancy firm Ricol, Lasteyrie and Associates, and previously served as president of the two national French accountancy bodies, L’Ordre des Experts-Comptables and Compagnie Nationale des Commissaires aux Comptes.

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