Prabhakar (PK) Kalavacherla rejoined KPMG LLP (KPMG) in February 2014 as a partner in KPMG’s U.S. Department of Professional Practice (DPP) group. Prior to returning to KPMG, PK served as a member of the International Accounting Standards Board (IASB) in London, 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 7 of those years as an Audit partner.
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.
As a part of his current responsibilities at KPMG, PK is the co-head of Accounting Group at DPP and leads the global revenue topic team. In addition, he works on several large implementation assignments for KPMG’s Advisory clients. Before leaving for the IASB board role, PK served as a lead Audit engagement partner on large public companies apart from his responsibilities as a Securities and Exchange Commission (SEC) reviewing partner and International Financial Reporting Standards (IFRS) partner. PK has extensive knowledge of accounting and auditing for a wide range of U.S.-based and European multinational clients in a variety of industries. In addition to handling statutory financial audits, PK has transcontinental experience with initial public offerings from Europe and India, bonds and rights issues, as well as merger and acquisition reviews. He 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 KPMG’s Department of Professional Practice in New York, and KPMG’s U.S. Capital Markets Group in London. As a seconded U.S. partner, he led the U.S. GAAP practice in India from 2001 to 2005.
PK has contributed to many leading publications and has been a keynote speaker on several seminars on the SEC, IFRS, and U.S. GAAP. He has also been quoted in Wall Street Journal articles and has appeared on CNBC India.