News Release 07/24/13
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.
The 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.
“Over 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.
“I’m very 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 organization.”
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
Since 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 www.fasb.org.