Financial Accounting Foundation Names Russell G. Golden Chairman of the
Financial Accounting Standards Board
Norwalk, CT, April 23,
2013—Russell G. Golden today 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. Mr. Golden will succeed current FASB
Chairman Leslie F. Seidman, whose term ends on 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 15 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 U.S. Generally Accepted Accounting Principles and to dramatically reduce
the differences between U.S. GAAP and International Financial Reporting
Standards," Diermeier added.
Mr. 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.
Mr. 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."
Mr. 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, Mr. 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, Mr. Golden was director of technical application and
implementation activities for the FASB. Appointed to that position in July 2007,
Mr. 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, Mr. 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, Mr. Golden held various
positions within Deloitte & Touche LLP. Mr. Golden earned his Bachelor´s
degree from Washington State University. He is a licensed CPA in the states of
Washington and Connecticut.
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 is also 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 http://www.fasb.org/.