On April 23, 2013, Russell G. Golden was named as the next chairman of the Financial Accounting Standards Board (FASB) effective July 1, 2013. The appointment was made by the Board of Trustees of the Financial Accounting Foundation (FAF), which oversees the FASB and its sister organization, the Governmental Accounting Standards Board. Golden will succeed current FASB Chairman Leslie F. Seidman, whose term ends June 30.
"After an extensive search, which involved the evaluation of many highly qualified candidates from a variety of backgrounds, the Trustees determined that Russ Golden is the best qualified person to take on the role of FASB chairman," said Jeffrey J. Diermeier, chairman of the FAF Board of Trustees. "I'm very pleased that Russ will be moving into this new role. He will bring to his new position a deep understanding of technical accounting issues informed by a broad appreciation of the larger environment in which the FASB operates, which he developed during his years as both a staff member and as a Board member.
"The Trustees wish to express their deep appreciation to Leslie Seidman for her more than fifteen years of service to the FASB as a staff member, board member, and chairman. She has set a high standard as a champion of excellence and independence. During Leslie's tenure, she worked tirelessly to improve US Generally Accepted Accounting Principles (US GAAP) and to dramatically reduce the differences between US GAAP and International Financial Reporting Standards," Diermeier added.
Golden has served as a FASB member since his appointment in September 2010. He previously served for six years on the FASB staff. Earlier, he was a partner at Deloitte & Touche LLP.
Golden's initial term as FASB chairman will extend to June 30, 2017. At that time, he will be eligible to serve another term of three years. (FASB members are limited to serving a total of ten years on the board.)
FAF President and CEO Teresa S. Polley said of Golden: "In his years serving on the board and earlier on the FASB staff, Russ always has put great emphasis on understanding and engaging with investors and taking their issues and concerns into account during the decision-making process. At this historic moment, all of us at the FAF look forward to working with Russ and our new GASB chair, David Vaudt, to build on the important work of their predecessors."
Golden said, "In the past three years, I've had the privilege of working closely and cooperatively with my talented and dedicated colleagues on the FASB. I'm honored that I've been asked to continue that work as FASB chairman. As we address the many critical issues facing the FASB in the coming months, I'll strive to ensure that we meet the high standard set by Leslie Seidman. That means putting the interests of investors first; working to make financial reporting as clear, transparent, and useful as possible; and never losing sight of the balance between costs and benefits."
From 2008 to September 2010, Golden was technical director of the FASB, overseeing FASB staff work on standards-level projects, including both major projects and technical application and implementation activities. He also chaired the FASB's Emerging Issues Task Force (EITF).
Previously, Golden was director of technical application and implementation activities for the FASB. Appointed to that position in July 2007, Golden managed FASB activities relating to the application and implementation of accounting standards and other board pronouncements.
Prior to joining the FASB as a senior technical advisor in 2004, Golden was a partner at Deloitte & Touche LLP in the National Office Accounting Services department. In this role, he was responsible for providing timely and accurate accounting consultations to partners and clients throughout the United States and globally. Previously, Golden held various positions within Deloitte & Touche LLP. Golden earned his bachelor's degree from Washington State University. He is a licensed CPA in the states of Washington and Connecticut.
Source: April 23, 2013, FAF Press Release