Prabhakar Kalavacherla

PK rejoined KPMG in February 2014 as a partner in the firms Audit Quality and Professional Practice group and is based in our San Francisco office. Immediately prior to returning to KPMG, PK served as a member of the International Accounting Standards Board (IASB) in London (January 2009 to December 2013), the first Indian to be so appointed. Before joining the IASB, PK was with KPMG in the Audit practice for 15 years (1993 to 2008), with the last seven of those years as an Audit partner.

Professional and Industry Experience:

While at the IASB, PK was actively involved in the development of financial reporting standards in several critical areas of financial reporting, including financial instruments, revenue recognition, leases, insurance accounting, consolidations, and fair value measurements. Activities included extensive outreach to understand practical difficulties from a user, preparer, and auditors viewpoint and articulating reasons behind a particular board decision. PK was the lead board adviser to the staff on the revenue recognition project, a joint project with the US Financial Accounting Standards Board. PK was the liaison with the International Auditing and Assurance Standards Board (IAASB), and in that role he focused on the interest of emerging nations on important subjects such as fair value. PK also served as the chair for the IASBs Global Preparers Forum, an advisory body constituted to understand issues faced by large multinationals in complying with proposed and issued accounting standards. PK participated, chaired, and served as a keynote speaker in several seminars on technical and policy matters in several parts of the world, including the United States, Australia, Japan, India, and Africa. In addition, he interacted with technology companies in Silicon Valley on specific accounting standards, particularly revenue and leasing projects.

At KPMG, as a part of his current responsibilities, PK leads global revenue topic team and is also a member of several other global technical topic teams. Before leaving for the IASB board role, PK served as a lead Audit engagement partner on large public companies in addition to being a SEC reviewing partner and International Financial Reporting Standards (IFRS) partner. PK has extensive knowledge of accounting and auditing for a wide range of US-based and European multinational clients in a variety of industries. In addition to handling statutory financial audits, PK has transcontinental experience with IPOs from Europe and India, bonds and rights issues, as well as M&A reviews. PK advised on several complex listing/regulatory filing and corporate governance related issues and took part extensively in discussions with the SEC. PK also served in KPMGs Department of Professional Practice in New York, and KPMGs US Capital Markets Group in London. As a seconded US partner, he led the US GAAP practice in India from 2001 to 2005.