SEC appoints chief accountant
James Kroeker has been confirmed as
the new chief accountant at the US Securities and Exchange
Commission (SEC). He has been acting in the position since his
predecessor, Conrad Hewitt, retired in January this year.
Kroeker has been instrumental in
the regulator’s response to the financial crisis.
He directed an SEC study that
recommended improving rather than suspending fair value measurement
and has led efforts to address the current turmoil, including steps
to improve off-balance sheet accounting standards.
Kroeker joined the SEC as deputy
chief accountant in February 2007 from Deloitte US, where he had
been a partner in the firm’s accounting services group.
He has also previously served as
a practice fellow at the US Financial Accounting Standards
IAASB issues SME audit guide
The International Audit and
Assurance Standards Board has released a guide to help with
the audit of SMEs. The publication is in question-and-answer format
and is entitled, Applying ISAs Proportionately with the Size
and Complexity of an Entity.
The guide explains how the
design of International Standards on Auditing (ISAs) enables them
to be applied in a manner that is proportionate to the specific
characteristics of an entity. Answers relate to audit procedures,
work effort, documentation and professional judgment.
International round tables to tackle financial instruments
The International Accounting Standards
Board (IASB) and the US Financial Accounting Standards Board (FASB)
will hold round table discussions on their proposals for financial
instruments in Asia, Europe and North America.
The IASB and the FASB have been
separately considering the appropriate model for classification and
measurement of financial instruments with an ultimate goal of
achieving a common outcome to improve the accounting for financial
The round tables will discuss
the alternative approaches proposed by the IASB and the FASB.
The discussions will be held in
Tokyo, Japan on 3 September; in London, UK on 10 September; and in
Norwalk, US on 14 September.