James Kroeker, former chief accountant for the US Securities and Exchange Commission (SEC), has been appointed to the newly created position of vice chairman of the Financial Accounting Standards Board (FASB).
Kroeker's appointment follows the retirement of former FASB chairman Leslie Seidman. His term of office starts in September and concludes in June 2018, when he will be eligible for appointment to an additional term of five years.
Kroeker said: 'I am deeply honored be able to serve together with this outstanding team. The FASB has an agenda full of critically important issues and I look forward to continuing to move forward to improve and simplify financial reporting for the benefit of US and global capital markets and investors.'
FASB had a vice chairman role in the early days of the standards body, which was subsequently removed. The trustees of the Financial Accounting Foundation (FAF), which oversees the FASB have decided to reinstate the position in response to increasing workloads.
Kroeker has had a career with Deloitte, most recently as a partner in the firm's National Office Accounting Services group. Between 1999 and 2001, he was a practice fellow at the FASB, leading the project that resulted in a new standard for accounting for stock compensation.
During his time at the SEC, Kroeker led the effort to address accounting and auditing issues resulting from the economic crisis of 2008-2009, including taking steps to improve off-balance-sheet accounting guidelines. In addition, he directed the SEC's 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.>
FAF board of trustees chairman Jeffrey Diermeier said: '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.'
