Schapiro names new chief accountant

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

‘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:
watchdog stalls on key convergence post

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

Related reading

Fiona Westwood of Smith and Williamson.