The U.S. Securities and Exchange Commission appointed on Tuesday an insider, James Kroeker, as its top accountant, where he will be responsible for thorny issues such as off-balance sheet accounting.
Kroeker, who joined the SEC in 2007, represented the agency earlier this year before a testy Congressional hearing on the mark-to-market accounting standard, which was blamed for billions of dollars in bank write-downs.
The Financial Accounting Standards Board, which sets accounting standards, relaxed the rule within a month of the hearing.
Kroeker was seen as even handed during the (mark-to-market) debate, said Thomas Quaadman, executive director with the U.S. Chamber of Commerce, the country's largest business lobby.
This was a critical appointment with many major issues looming over the financial reporting horizon, Quaadman said.
Previously a partner at one of the Big Four accounting firms Deloitte & Touche
(Reporting by Rachelle Younglai; Editing by Tim Dobbyn)