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FASB Names Former SEC Chief Accountant as Vice Chairman

July 25, 2013, 07:06 AM
Filed Under: Regulatory News

James L. Kroeker, former chief accountant for the U.S. Securities and Exchange Commission (SEC), has been appointed a member and vice chairman of the Financial Accounting Standards Board (FASB). The appointment was announced by the Board of Trustees of the Financial Accounting Foundation (FAF), which oversees the FASB and its sister organization, the Governmental Accounting Standards Board (GASB).

Mr. Kroeker’s term will begin on September 1 and conclude on June 30, 2018, when he will be eligible for appointment to an additional term of five years. He fills a vacancy created by the retirement on June 30 of former FASB Chairman Leslie F. Seidman.

At the SEC, Mr. Kroeker led the effort to address the many accounting and auditing issues that grew out of the economic crisis of 2008—2009, including taking steps to improve off-balance-sheet accounting guidelines. In addition, he directed the SEC’s Congressionally mandated study of fair value accounting standards and served as the designated federal officer responsible for the oversight of the SEC’s Advisory Committee on Improvement to Financial Reporting.
“Jim Kroeker is ideally suited to fill the new role of vice chairman at this important time in the FASB’s history,” said FAF Board of Trustees Chairman Jeffrey J. Diermeier. “During his tenure as chief accountant, Jim demonstrated an unwavering concern for the interests of investors as well as those of preparers of financial statements. The combination of his deep technical expertise and his extensive experience working with a wide range of accounting constituents will make him an exceptionally able board member.”
Mr. Kroeker was the SEC’s chief accountant from 2009 to 2012, following two years of service as deputy chief accountant. Prior to that, he was a partner in the National Office Accounting Services group of Deloitte & Touche, LLP, based in Wilton, Connecticut. Between 1999 and 2001, Mr. Kroeker was a practice fellow at the FASB, leading the project that resulted in a new standard for accounting for stock compensation. Earlier in his career, he worked at Deloitte offices in Wilton and Omaha, Nebraska. Most recently, Mr. Kroeker was a deputy managing partner in the professional practice group in Deloitte’s office in Washington, DC.

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