NORWALK, Conn.--(BUSINESS WIRE)--The Board of Trustees of the Financial Accounting Foundation (FAF) today announced the reappointment of James L. Kroeker as vice chairman of the Financial Accounting Standards Board (FASB). The Trustees also announced the appointment of Gary R. Buesser—a long-time portfolio manager and financial analyst—to the FASB. Both terms are effective July 1, 2018.
Mr. Kroeker’s second and final term extends through June 30, 2024. He began his first term as vice chairman of the FASB on September 1, 2013. During his term, Mr. Kroeker worked closely with FASB Chairman Russell G. Golden in leading the FASB’s issuance and post-issuance support of major new accounting standards including revenue recognition, leases, credit losses, not-for-profit financial reporting, and hedging.
The position of vice chairman was created early in the FASB’s history, but was later retired. The FAF Trustees decided to reinstate the position in 2013 in response to increasing demands on the time of the FASB chairman.
Mr. Kroeker was the SEC’s chief accountant from 2009 to 2012, following two years of service as deputy chief accountant. Prior to joining the FASB, Mr. Kroeker also served in a number of roles at Deloitte & Touche LLP, most recently as deputy managing partner in the firm’s professional practice group. Between 1999 and 2001, Mr. Kroeker was a practice fellow at the FASB, leading the project that resulted in a new standard for accounting for stock compensation.
At the SEC, Mr. Kroeker led the effort to address the many accounting and auditing issues that grew out of the economic crisis of 2008 to 2009, including taking steps to improve off-balance-sheet accounting guidelines. In addition, he directed the SEC’s Congressionally mandated study of fair value accounting standards and served as the designated federal officer responsible for the oversight of the SEC’s Advisory Committee on Improvement to Financial Reporting.
“On behalf of the FAF Board of Trustees, I am very pleased that Jim will continue as FASB vice chairman,” said Charles H. Noski, chairman of the FAF Board of Trustees. “He has played a pivotal role during a highly dynamic period in the Board’s history and we’re fortunate to have his continued leadership as the FASB works to educate stakeholders on understanding and implementing new accounting guidance in the areas the Board addressed during his tenure,” Noski added.
FASB Chairman Golden said “With Jim’s reappointment, I’m very pleased to be able to continue to work alongside and collaborate with him as I have over the past years—a critical phase in the Board’s history. The FASB also benefits greatly not only from Jim’s deep experience and singular perspective, but also from his wise counsel.”
Mr. Buesser has been a portfolio manager/research analyst for the past 30 years, including at Lazard Asset Management from 2000 to the present. A director/research analyst at the firm since 2009, he has worked as an accounting analyst to improve the firm’s global investment professionals’ understanding of accounting standards to enable them to make better-informed investment decisions. From 2000-2009, Mr. Buesser was a portfolio manager/research analyst on the US Strategic Equity and US Mid-Cap product teams.
Prior to Lazard, Mr. Buesser was a portfolio manager at the Evergreen Funds, SG Cowen Asset Management and Shearson Lehman Hutton Asset Management. Mr. Buesser is a Chartered Financial Analyst (CFA) and a member of the New York Society of Security Analysts (NYSSA).
He currently serves on the FAF’s Financial Accounting Standards Advisory Council (FASAC). From 2010 to 2013, Mr. Buesser served on the FASB’s Investor Advisory Committee, including as co-chair from 2012 to 2013. He has also participated in numerous FASB investor outreach projects.
Mr. Buesser has been a member of the International Corporate Governance Network (ICGN) since 2013 and served as the chair or co-chair of the organization’s Accounting and Auditing Practices Committee from 2015 to 2017. He has an MBA/Finance from the College of William and Mary (Virginia) and a BS Economics from St. Peter’s College (New Jersey).
Mr. Buesser will succeed Marc A. Siegel, who joined the FASB in July 2008 and whose second and final term concludes on June 30, 2018. At the conclusion of his term on June 30, 2023, Mr. Buesser will be eligible for appointment to a second five-year term.
“We are delighted to welcome Gary to the FASB,” Mr. Noski said. “The decades of insight and expertise he has gained working with financial statements from a portfolio management, equity research, and accounting analyst perspective will be a tremendous benefit to the Board. His deep experience and broad knowledge of how investors make decisions and the information they need to know position Gary as an ideal addition to the Board.”
“I’m very pleased to see Gary appointed to the FASB,” added Mr. Golden. “He’s worked closely with the Board in numerous capacities over the past years and we are confident that his real-world understanding and keen analysis, which have been so valuable to the Board during his service as an advisor, will benefit the FASB more directly when he joins the Board next year.”
About the Financial Accounting Foundation
Established in 1972, the Financial Accounting Foundation (FAF) is the independent, private-sector, not-for-profit organization based in Norwalk, Connecticut responsible for the oversight, administration, financing, and appointment of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB). The FASB and GASB establish and improve financial accounting and reporting standards—known as Generally Accepted Accounting Principles, or GAAP—for public and private companies, not-for-profit organizations, and state and local governments in the United States. For more information, visit www.accountingfoundation.org.
About the Financial Accounting Standards Board (FASB)
Established in 1973, the FASB is the independent, private-sector organization, based in Norwalk, Connecticut, that establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations that follow Generally Accepted Accounting Principles (GAAP). The FASB is recognized by the Securities and Exchange Commission as the designated accounting standard setter for public companies. FASB standards are recognized as authoritative by many other organizations, including state Boards of Accountancy and the American Institute of CPAs (AICPA). The FASB develops and issues financial accounting standards through a transparent and inclusive process intended to promote financial reporting that provides useful information to investors and others who use financial reports. The Financial Accounting Foundation (FAF) supports and oversees the FASB. For more information, visit www.fasb.org.