James Kroeker was reappointed as FASB’s vice chairman, the Financial Accounting Foundation Board of Trustees announced Tuesday.
Gary Buesser, a longtime portfolio manager and financial analyst, also was named to FASB. Both terms take effect July 1.
In 2013, the FAF trustees decided to reinstate FASB’s vice chairman position, which had been created early in the board’s history but later was retired. The reinstatement was a response to increasing demands on the time of FASB’s chairman.
Kroeker, who served as the SEC’s chief accountant from 2009 to 2012, began his first term as FASB’s vice chairman on Sept. 1, 2013. He worked closely with FASB Chairman Russell Golden in FASB’s issuance of major new accounting standards for revenue recognition, leases, credit losses, not-for-profit financial reporting, and hedging.
“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,” Golden said in a news release. “The FASB also benefits greatly not only from Jim’s deep experience and singular perspective, but also from his wise counsel.”
Buesser has been a portfolio manager and research analyst for the past 30 years, including at Lazard Asset Management from 2000 to the present. As a FASB member, he will succeed Marc Siegel, whose second and final term ends June 30.
—Ken Tysiac (Kenneth.Tysiac@aicpa-cima.com) is a JofA editorial director.