[IMGCAP(1)] Paul Beswick has been named chief accountant of the Securities and Exchange Commission.
Beswick has been serving as acting chief accountant since July when he temporarily replaced James Kroeker, who stepped down from his post to return to the private sector.
"Paul has served the commission with great distinction and provided wise counsel on difficult accounting questions," SEC’s chairman Elisse Walter said in a statement.
The SEC's Office of the Chief Accountant establishes and enforces accounting and auditing policy to enhance the transparency and relevancy of financial reporting, and for improving the professional performance of public company auditors in order to ensure that financial statements used for investment decisions are presented fairly and have credibility.
Beswick joined the SEC staff in September 2007 and has held several positions in the office of the chief accountant. Prior to assuming the role of acting chief accountant, Beswick served as deputy chief accountant and was responsible for the day-to-day operations of the office's accounting group, including resolution of accounting practice issues, rulemaking, and oversight of private sector standard-setting efforts.
Beswick also served as staff director of a multi-year effort to help the Commission evaluate the implications of incorporating IFRS into the financial reporting system for U.S. companies. The effort began in February 2010 and a final staff report was published earlier this year.
Prior to joining the SEC, Beswick was a partner at Ernst & Young, where he worked in the firm's Professional Practice and Risk Management Group. He also served as a practice fellow at FASB, where he assisted in the development of accounting guidance related to evolving accounting issues.