SEC Names Kroeker Chief Accountant

SEC Names Kroeker Chief Accountant - 8/25/2009

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HEADLINE NEWS:

SEC Names Kroeker Chief Accountant, The Former Deloitte Partner Has Been Filling In As Acting Chief Accountant Since January
Sarah Johnson

CFO.com. August 25, 2009
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EXCERPT: Securities and Exchange Commission chairman Mary Schapiro has chosen one of the regulator's insiders to lead the office that drives the financial-reporting policies for U.S. publicly traded companies. Schapiro named James Kroeker, a two-year SEC veteran, as chief accountant on Tuesday. He has been temporarily filling the position since January, when then–SEC chairman Christopher Cox put him in the role following the resignation of Conrad Hewitt. Kroeker will oversee accounting interpretations, auditing issues, and international accounting matters. Since she took over the reputation-tarnished agency, Schapiro has turned to outside sources to fill its top ranks with people who did not work under her predecessor. For instance, earlier this year she named WilmerHale LLP attorney Meredith Cross as director of the SEC's corporation finance division and former federal prosecutor Robert Khuzami to head its enforcement division. Kroeker gained prominence in recent months as a defender of fair-value accounting rules during several congressional hearings exploring whether the rules exacerbated the financial downturn. In his testimonies, Kroeker — who in December wrote a 211-page congressionally mandated report aimed at dissuading lawmakers from interfering with the Financial Accounting Standards Board's fair-value rules — touted the merits of applying fair value, but also recognized that the existing rules aren't perfect. "Accounting did not cause this crisis and accounting will not end it, but accounting should not make it worse," he said during a House Financial Services subcommittee hearing earlier this year. Kroeker's appointment should be "seamless" within the SEC as no transition is necessary, says Zoe-Vonna Palmrose, who worked with Kroeker for more than a year as deputy chief accountant for professional practice and is now an accounting professor at the University of Southern California Marshal School of Business.

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