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Chief accountant to leave the SEC

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Jun 21, 2012

The SEC announced that Chief Accountant James L. Kroeker will leave the SEC in July to enter the private sector.

Mr. Kroeker came to the SEC in 2007 as deputy chief accountant and has been the SEC's chief accountant since January 2009. He guided the SEC’s efforts in its consideration of convergence of U.S. GAAP and IFRSs.

A decision about a possible IFRS adoption in the United States is eagerly awaited internationally, and any indications of what this decision might look like, what it would entail, or even just when it might take place is much noticed. Mr. Kroeker's remarks at the February 2012 IFRS Advisory Council meeting that "condorsement" was no longer used to characterize a possible move to IFRSs in the United States were seen as an encouraging message. The "few months" until the publication of final report under the work plan mentioned by Mr. Kroeker at the same meeting have since been updated to a "matter of weeks" in a speech given by SEC Commissioner Elisse B. Walter at the end of May. However, Julie Erhardt, a member of the SEC staff, clarified at the June 2012 IFRS Advisory Council meeting (click for audio recordings on the IASB's Web site) that the report will only respond to the Commissioners' request for evidence, not contain a suggested course of action.

Whether Mr. Koeker's leaving the SEC will have an impact on the SEC's activities around IFRSs remains to be seen. This will certainly also depend on the question of who is to replace him. So far the SEC has made no announcement regarding a successor candidate.

Click for the press release SEC Chief Accountant James Kroeker to Leave the Commission on the SEC's Web site.

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