The Board of Trustees of the Financial Accounting Foundation (FAF) has announced the appointment of Russell G. Golden to the Financial Accounting Standards Board (FASB), effective October 1, 2010. Golden will fill the board member vacancy on the FASB resulting from the retirement of Robert H. Herz on September 30, 2010. Prior to his appointment, Golden served as technical director of the FASB.
Golden's initial term on the FASB will extend to June 30, 2012, the expiration date of the term left vacant by Herz's retirement. As technical director of the FASB, Golden held primary responsibility for overseeing FASB staff work on all standards-setting projects, including major global and domestic projects and technical application and implementation of financial accounting and reporting standards. He also served as chair of the FASB's Emerging Issues Task Force (EITF).
"We are delighted to appoint Russ to the FASB," said FAF Chairman John Brennan. "The FASB will be served well by his depth of technical knowledge in accounting, intimate familiarity with the projects on the board's technical agenda, and his proven track record for reaching out to constituents and evaluating all available input when approaching financial reporting issues, solutions and improvements."
Golden assumed his role as technical director of the FASB in June of 2008, and before that served in various roles at the FASB as a member of the senior staff. Previous to his tenure at the FASB, Golden was a partner at Deloitte & Touche LLP in the National Office Accounting Services department. Golden earned his Bachelor's degree from Washington State University. He is a licensed CPA in the states of Washington and Connecticut.
As announced by the FAF Trustees on August 24, 2010, the FASB will return to a seven-member structure. The Board of Trustees is engaged in processes to recruit and evaluate candidates for the two additional seats and to evaluate candidates for appointment as FASB Chairman. FASB member Leslie F. Seidman will assume the role of Acting Chairman as of October 1, 2010, as previously announced. More details about the search process are discussed in a Q&A with Brennan.