FINANCIAL ACCOUNTING FOUNDATION NAMES JAMES L. KROEKER VICE CHAIRMAN OF
FINANCIAL ACCOUNTING STANDARDS BOARDNorwalk, CT, July 24,
2013—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 today 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.
position of vice chairman was created early in the FASB´s history, but was later
retired. In response to increasing demands on the time of the FASB chairman, the
FAF Trustees decided to reinstate the position.
"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.
the last few years, the Trustees have observed the increasing demands on the
FASB chairman, which prompted their decision to reinstate the role of vice
chairman," said FAF President and Chief Executive Officer Teresa S. Polley. "In
that role, Jim will assist FASB Chairman Russ Golden in representing the FASB
with our external stakeholders and also will stand in for Russ as needed in
guiding FASB´s internal operations."
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.
pleased to welcome Jim to his new role as vice chairman of the FASB," said FASB
Chairman Golden. "With Jim´s deep knowledge of and experience in accounting
issues, all of us at the FASB know he will prove to be a tremendous asset to the
About the Financial Accounting Foundation
The FAF is responsible for the oversight, administration, and
finances of both the Financial Accounting Standards Board (FASB) and its
counterpart for state and local government, the Governmental Accounting
Standards Board (GASB). The Foundation is also responsible for selecting the
members of both Boards and their respective Advisory Councils.
About the Financial Accounting Standards Board
1973, the Financial Accounting Standards Board has been the designated
organization in the private sector for establishing standards of financial
accounting and reporting. Those standards govern the preparation of financial
reports and are officially recognized as authoritative by the Securities and
Exchange Commission and the American Institute of Certified Public Accountants.
Such standards are essential to the efficient functioning of the economy because
investors, creditors, auditors, and others rely on credible, transparent, and
comparable financial information. For more information about the FASB, visit our
website at http://www.fasb.org/.