Investment and Financial Services Association (IFSA) chief executive Richard Gilbert has been elected chairman of an international body that has global accounting standards at the top of its agenda.
Gilbert will remain as head of IFSA and said his dual role was a perfect fit.
The International Investments Funds Association (IIFA) was established 21 years ago, but has formalised into a registered body.
It aims to address global issues affecting investment funds from around the world.
The body is made up of 35 investment fund associations from markets that manage US$24.3 trillion.
IIFA's first task is to push for a consistent approach to the International Financial Reporting Standards (IFRS) to ensure meaningful reporting data.
"The current standards do not provide a satisfactory basis for investment fund reporting. Financial reporting standards need to take into account and reflect the characteristics of pooled investment funds," Gilbert said.
He said it was important that sound fund reporting met the needs of investors so that they could make informed decisions.
The IIFA has put forward its proposals on improving the IFRS with the Investment Company Institute and the United States Securities Exchange Commission.
Other issues that the body will address include disclosure requirements and investor documentation.
"The IIFA is the United Nations of the investment world," Gilbert said.
