FASB Names Russell Golden New Chairman

Russell G. Golden was named as the next chairman of the Financial Accounting Standards Board (FASB), effective July 1, 2013. Golden succeeds 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,” says Jeffrey 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.

The Center for Audit Quality (CAQ) issued the following statement from Executive Director Cindy Fornelli regarding the Financial Accounting Foundation (FAF) naming Russell Golden as the next Chairman of the Financial Accounting Standards Board (FASB): “The public company auditing profession and the CAQ wish to congratulate Russell Golden on being named the next Chairman of the FASB. A member of the accounting profession who previously served on the FASB’s staff before being appointed to the Board in 2010, Russ has an ideal combination of technical knowledge and perspective on the big picture to serve investors and the public interest. We look forward to working with Russ in his new role. We would also like to thank outgoing Chairman Leslie Seidman for her many contributions to investors, the auditing profession and the capital markets. First as a member of the Board, and now as Chairman, Leslie has consistently demonstrated her commitment to investors by pursuing high quality accounting standards that are responsive to investors’ changing information needs. We commend Leslie on her accomplishments at the FASB and wish her well in her future endeavors.”