THE INTERNATIONAL FINANCIAL reporting standards' Interpretations Committee has a new chairman.

Wayne Upton has taken over from Bob Garnett with immediate effect. Upton's role as director of international activities at the global standard setters should help promote consistent interpretation, IFRS executives have claimed.

Tsuguoki Fujinuma and Robert Glauber, vice-chair and acting co-chair of the IFRS Foundation Trustees, said: "We believe that linking Wayne's responsibilities on interpretation and international implementation will help the cause of consistent application."

They thanked Garnett for his service, calling him an effective leader who "has supported the IASB's commitment to principles-based standards through careful consideration of requests for additional implementation guidance".