NEWS RELEASE 09/17/10
Financial Accounting Foundation Appoints Russell G. Golden to the Financial
Accounting Standards Board
Norwalk, CT, September 17,
2010—The Board of Trustees of the Financial Accounting Foundation (FAF)
today announced the appointment of Russell G. Golden to the Financial Accounting
Standards Board (FASB), effective October 1, 2010. Mr. 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, Mr. Golden served as technical
director of the FASB.
Mr. Golden’s initial term on the FASB will extend
to June 30, 2012, the expiration date of the term left vacant by Mr. Herz’s
retirement. As technical director of the FASB, Mr. 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.”
Mr. 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, Mr. Golden was a
partner at Deloitte & Touche LLP in the National Office Accounting Services
department. Mr. 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
Mr. Brennan.
About the Financial Accounting Foundation
The FAF is responsible for the oversight, administration, and
finances of both the Financial Accounting Standards Board (FASB) and its
counterpart for state and local government, the Governmental Accounting
Standards Board (GASB). The Foundation also is responsible for selecting the
members of both Boards and their respective Advisory
Councils.
About the Financial Accounting Standards
Board
Since 1973, the Financial Accounting Standards Board has
been the designated organization in the private sector for establishing
standards of financial accounting and reporting. Those standards govern the
preparation of financial reports and are officially recognized as authoritative
by the Securities and Exchange Commission and the American Institute of
Certified Public Accountants. Such standards are essential to the efficient
functioning of the economy because investors, creditors, auditors, and others
rely on credible, transparent, and comparable financial information. For more
information about the FASB, visit our website at www.fasb.org.