Financial Accounting Standards Board technical director Russell G. Golden has been appointed a member of the board, filling one of three vacancies on the newly expanded panel.
FASB’s parent organization, the Financial Accounting Foundation, announced the abrupt retirement of FASB chairman Robert Herz last month and the expansion of the board from five members to seven (see FASB Chairman Herz to Retire Next Month). FASB board member Leslie Seidman is stepping into the role of acting chairman starting on Oct. 1, but that left three vacancies on the board.
Golden’s initial term on FASB will extend to June 30, 2012, the expiration date of the term left vacant by Herz’s retirement. As technical director of 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 FASB’s Emerging Issues Task Force, and frequently appeared at conferences and panel discussions on accounting standards.
Golden, an acknowledged expert on the technical accounting issues that FASB wrestles with and who is accustomed to dealing with the vagaries of the standard-setting process, was widely expected to be one of the main candidates for filling one of the open slots. Golden will begin filling the first board member vacancy left by Herz’s retirement on Sept. 30.
“We are delighted to appoint Russ to the FASB,” said FAF chairman John Brennan in a statement. “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 FASB in June 2008, and before that served in various roles at FASB as a member of the senior staff. Prior to his tenure at FASB, Golden was a partner at Deloitte & Touche LLP in the National Office Accounting Services department. He is a licensed CPA in the states of Washington and Connecticut.