Paul Volcker, who played a major role in the setting up of the IFRS standard setter, the International Accounting Standard Board (IASB), and was a key player in US monetary policy for three decades, has died at the age of 92, says Accountancy Daily.

In a statement following news of his death after a long illness, the trustees of the IFRS (International Financial Reporting Standards) Foundation and members of the IASB said: ‘Mr Volcker was a committed public servant, held in the highest regard internationally and within the US.

‘Among the many accomplishments of his long career, he was appointed as the inaugural chairman of the IFRS foundation (formerly IASC foundation) trustees, serving from 2000 until 2006.

‘During this period, Mr Volcker led the restructuring of the foundation, appointed the first board and garnered widespread international support for its mission of global accounting standards.

‘Many of the Foundation’s achievements in subsequent years are therefore thanks to the path set out by Mr Volcker during his tenure as chairman of the trustees.’

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