Schapiro names new chief accountant

Schapiro names new chief accountant

Controversial post filled by IFRS moderate

The Securities and Exchange Commission (SEC) has chosen a new chief
accountant, a role which will feature centrally as the US considers whether it
will adopt global accounting rules.

James L Kroeker has been appointed the new chief accountant at the SEC where
he will serve as chairman Mary Schapiro’s point man as the US decides whether it
will adopt international accounting standards.

Of the candidates vying for the position, Kroeker was seen as the least
hostile to international convergence. His new position will feature front and
centre as the world’s largest economy decides whether it will take part in the
global accounting regime.

Other names rumoured, in the lead up to today’s announcement, fuelled fears
that the SEC, under Shaprio, would move away from global standards.

Kroeker should slot into the position neatly, after serving as acting chief
accountant since his processor, Conrad Hewitt, stepped down in January 2009.

Schapiro described the chief accountant role as critical, and said she
believed Kroeker would further efforts to improve the financial reporting
system.

‘Investors will benefit from Jim’s sound judgment and dedication to making
financial information more transparent and understandable,’ she said.

`He will play an instrumental role as we consider various ways to improve
financial reporting to investors.’

Kroeker said the financial crisis highlighted the importance of transparent
and high-quality financial reporting to investors.

`I am honored by the opportunity to continue working with chairman Schapiro,
the other commissioners and the outstanding staff of the Office of the Chief
Accountant as we continue our efforts to protect the investing public,’ he said.

Further reading:
US
watchdog stalls on key convergence post

Read the full SEC statement:
James
L. Kroeker Named Chief Accountant at SEC

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource