WASHINGTON (7/25/13)--The Financial Accounting Standards Board (FASB) will have a new member and vice chairman as of Sept. 1. The Financial Accounting Foundation (FAF), which oversees FASB, announced Wednesday it has appointed James L. Kroeker, former chief accountant for the U.S. Securities and Exchange Commission, for a term that will end June 30, 2018.
The FAF announcement notes that Kroeker will fill a vacancy created by the retirement on June 30 of former FASB Chairman Leslie F. Seidman. It says that the dormant position of vice chair is being reinstated at this time because of "increasing demands on the time of the FASB chairman."
"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."
In April, Russell G. Golden was named new FASB chair as of July 1.