Paul Beswick Named SEC Acting Chief Accountant

The Securities and Exchange Commission (SEC) Chairperson, Mary Schapiro, has named Paul Beswick acting chief accountant. As such, he is the commission's new principal spokesperson in the continuing debate over whether and how the United States should switch to global accounting rules.

 
In his new role, Beswick will oversee interpretations of accounting rules, international accounting matters, and professional practice issues. He has been with the SEC since 2007, first as a senior adviser to the chief accountant and then as a deputy chief accountant. Beswick replaces James L. Kroeker, who left the SEC July 13.
 
"I am delighted to welcome Paul as our acting chief accountant," said Schapiro. "Paul's experience at the Office of the Chief Accountant and his knowledge of the profession will help him to lead the office and continue to counsel the commission on critical accounting questions."
 
Beswick has served as staff director of the commission's effort to investigate a potential US switch to the global rules ‒ International Financial Reporting Standards (IFRS) ‒ which most countries use. The switch would allow a single set of accounting rules to be used worldwide, which US accounting authorities favor. In addition, international rule makers have been pressuring the SEC to commit to making the change.
 

There's more on AWEB!

Do you have colleagues or clients who might like to receive the free AccountingWEB newsletter?
• Practice
• Education
• Tax
• A&A
• Technology
• Wealth Management

However, the SEC staff's final report issued July 13 didn't include a recommendation to SEC commissioners for what action to take, an indication that uncertainty will continue, possibly into next year.

 
Prior to joining the SEC staff, Beswick was a partner with Ernst & Young LLP, where he worked in the firm's Professional Practice and Risk Management Group. He previously served as a practice fellow at the Financial Accounting Standards Board (FASB) from July 2005 to June 2007.
 
Beswick is a graduate of Miami University in Oxford, Ohio.
 
Related articles:
 
Source: July 16, 2012, SEC Press Release
 

You may like these other stories...

Scott London, a former senior audit partner at KPMG LLP, was sentenced to 14 months in federal prison on Thursday for providing inside information about several of his firm’s clients to a friend, who used it to make at...
In need of CPE credits? Well, if you are an enrolled agent or CPA, you could earn as much as 18 credits by attending one of five IRS Nationwide Tax Forums this summer.The IRS Nationwide Tax Forums are three-day events that...
Russia races to dodge sanctions by adapting law to FATCARussia is in a race against the clock to adapt its laws to the Foreign Account Tax Compliance Act (FATCA) and save its banks from financial sanctions, Peter Hobson of...

Upcoming CPE Webinars

Apr 25
This material focuses on the principles of accounting for non-profit organizations' revenues. It will include discussions of revenue recognition for cash and non-cash contributions as well as other revenues commonly received by non-profit organizations.
Apr 30
During the second session of a four-part series on Individual Leadership, the focus will be on time management- a critical success factor for effective leadership. Each person has 24 hours of time to spend each day; the key is making wise investments and knowing what investments yield the greatest return.
May 1
This material focuses on the principles of accounting for non-profit organizations’ expenses. It will include discussions of functional expense categories, accounting for functional expenses and allocations of joint costs.
May 14
Save your relationship in those few situations where your performance falls far from perfect. It’s easy to want to brush service failures under the rug, hope no one notices and assume that somehow everything will be all right. In this workshop, Kristen Rampe, CPA will give you the tools to strengthen your professionalism in the face of the worst-case-scenario. Don’t let experience be your only teacher on these topics!