NORWALK, Conn. (4/24/13)--The Financial Accounting Foundation (FAF) announced Tuesday that Russell G. Golden will be the its next chair of the Financial Accounting Standards Board (FASB), effective July 1. Golden will succeed current FASB Chair Leslie F. Seidman after her term ends on June 30.
Golden has served as a FASB member since September 2010 and before that he served for six years on the FASB staff. Before his time at FASB, Golden was a partner at Deloitte & Touche LLP.
It is that background, said Jeffrey J. Diermeier, chair of the FAF board of trustees, that elevated Golden among "many highly qualified candidates."
"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," Diermeier said. The FAF oversees FASB and its sister organization, the Governmental Accounting Standards Board.
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, as FASB members are limited to serving a total of ten years on the board.
The Credit Union National Association, which advocates credit unions' interests with FASB on issues such as its credit loss reporting proposal, commended Golden's selection.