Academic journal article Journal of Accountancy

FASB Changes Leadership, Not Direction: New Board Chairman to Focus on Convergence Projects and Private Companies

Academic journal article Journal of Accountancy

FASB Changes Leadership, Not Direction: New Board Chairman to Focus on Convergence Projects and Private Companies

Article excerpt

Russell Golden, whose technical expertise as a FASB staff member led him to a spot on the standard-setting board in 2010, was scheduled to succeed Leslie Seidman as FASB's chairman on July 1.

Golden said the board's immediate priorities include completing international convergence projects and ensuring that accounting standards for private companies are relevant. Upon being named as the next chairman, he discussed several important issues during a conference call with reporters.

Here are some of his comments:

On priorities: "The initial priorities will be the completion of the four MoU [memorandum of understanding] projects [and] focusing on improving accounting for private companies. There will also be ... a survey [conducted in May] that will be produced by the Financial Accounting Standards Advisory Council, or FASAC, which is an important survey to gather information about potential agenda items for the FASB. So following the results of that survey, I would want to consult with stakeholders, consult with senior staff, and consult with members of the board to develop the priorities following the completion of the MoU projects."

On the new Private Company Council (PCC): "I believe the PCC is off and running and has been doing an absolutely fantastic job. The members of the PCC and the chairman [Billy Atkinson] are extremely committed to working through, with the board, improvements to private company accounting standards, and I believe that will be a great step forward to produce more relevant and more cost-efficient standards for the private company community."

On the disclosure framework project, which aims to have financial statements reflect only relevant information and reduce clutter: "I think the disclosure framework is a very important project to both improve transparency to investors and to reduce the cost to investors as well as to preparers. …

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