Former SEC chief accountant resurfaces at FASB

James Kroeker has been named vice chairman of the Financial Accounting Standards Board, the group responsible for setting US accounting standards.

The vice chairman position, which Kroecker will assume in September, was reinstated to relieve time demands on the FASB chairman role, which Russell Golden took over from Leslie Seidman in July.

Kroeker was the SEC’s chief accountant from 2009 to July 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 Big Four accounting firm Deloitte.

Kroeker has worked at FASB in the past. Between 1999 and 2001 he worked as a practice fellow leading a project that resulted in a new standard of accounting for stock compensation.

“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,” said Kroeker in a statement.

One of the important issues on the horizon for Kroeker and FASB at large is the merging of international and US accounting standards. FASB is currently in the middle of a massive convergence project with its more globally minded counterpart the International Accounting Standards Board.

But before FASB can move forward with potential adoption of international standards, it must first receive the backing of Kroeker’s old shop, the SEC.

Kroeker was unable to speak to PE Manager on behalf of FASB before his September inception.

In his new role, Kroeker will work with FASB chairman Golden who has served as a FASB member since his appointment in September 2010. He previously served for six years on the FASB staff and earlier was also a partner at Deloitte.