OUR THOUGHTS ON:

Russell Golden to Chair FASB

Audit

By Michael Stetson

The Financial Accounting Foundation’s board of trustees has named Russell G. Golden as the next chairman of the Financial Accounting Standards Board, succeeding Leslie Seidman, whose term will end on June 30, 2013. Golden served as technical director of the FASB from 2008 to September 2010, 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. Previously, Golden was director of technical application and implementation activities for 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’s National Office Accounting Services department. In that 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. He earned his bachelor’s degree from Washington State University and is a licensed CPA in the states of Washington and Connecticut.

As FASB chairman, Golden will be involved with the recently launched Private Company Council, which is going to help FASB decide when differences in accounting standards should be allowed for privately held companies. 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 10 years on the board, which is why Seidman’s term ended after only about two and a half years as chair. 

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