Two leading investment analysts have joined the International Accounting Standards Board. The move is a response to critics who claim theoretical accountants dominate the board, meaning users’ views are drowned out.

The new members are Patrick Finnegan, an accounting expert at the CFA Institute, an association representing investment managers, and Patricia McConnell, until recently an investment analyst specializing in accounting issues at Bear Stearns & Co. Both join on July 1.

Finnegan and McConnell replace two of IASB’s existing U.S. members: Mary Barth, an accounting professor at Stanford University’s Graduate School of Business, and Tom Jones, a former CFO of Citicorp.

European Commissioner Charlie McCreevy complained recently IASB had an “over-academic” approach to standard setting, which many felt was “out of touch with today’s reality”.

Gerrit Zalm, chairman of the board of trustees that oversees IASB, said the trustees had “consistently received the message from the investment community about the need to enhance the user perspective on the IASB.” The new members “understand both the technical accounting issues and the needs of investors,” he added.

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