The independent body promoting best standards in the government's financial reporting has begun a search for a new chair.

The Financial Reporting Advisory Board’s current chair, Elwyn Eilledge, is stepping down in the middle of the year, and the body says it requires a qualified accountant with a "track record of successful chairing or proven leadership capability".

The FRAB is currently advising the Treasury on the implementation of international financial reporting standards into government, and oversees local authority accounting – which will be produced using IFRS from 2010/2011.