Russ Golden
International Tax Review is part of the Delinian Group, Delinian Limited, 4 Bouverie Street, London, EC4Y 8AX, Registered in England & Wales, Company number 00954730
Copyright © Delinian Limited and its affiliated companies 2024

Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement

Russ Golden

Chairman, US Financial Accounting Standards Board

Russ Golden

For anyone concerned with US tax accounting and reporting, Russ Golden is a critical figure. The chairman of the Financial Accounting Standards Board, who took on the role on July 1 this year for a four-year term, and his other directors are ultimately responsible for the setting of US Generally Accepted Accounting Principles, so what they decide about what US companies should include in their financial statements, and how they should do it, is closely watched.

Possibly the most significant event in FASB’s tax accounting work in 2013 came towards the end of the year when the board voted to authorise its staff to prepare a final version of its work on revenue recognition. The so-called ballot draft is likely to be published in the first quarter of 2014. The new US standard will be the culmination of a joint project with the International Accounting Standards Board, which produces International Financial Reporting Standards (IFRS) that began more than 10 years ago in 2002.

“The FASB will issue a standard that both improves and substantially converges guidance on how revenue is recognised in financial statements,” said Golden. “Today’s [November 12] vote represents a major milestone in our 11-year effort to create greater comparability in an area of financial reporting that affects all industries.”

Golden is a FASB chairman who was formerly a member of staff, having been technical director from 2008 to September 2010, responsible for overseeing FASB’s work on accounting standards and technical application and implementation activities. He also chaired the FASB’s Emerging Issues Task Force. It is this deep knowledge of the issues that will stand to Golden as he continues his term as head of the organisation.

The Global Tax 50 2013

« Previous

Tara Ferris

View the complete list

Next »

Justice Henderson

more across site & bottom lb ros

More from across our site

Despite the relief, Brazil’s government has also presented a bill which seeks to re-impose a tax burden on companies’ payroll, one local tax specialist told ITR
Jeremy Brown arrives at the firm after a near 16-year career with Deloitte
PwC could elect a woman into the senior leadership position for the first time; in other news, KPMG Australia has extended its CEO’s term
The Senate report into PwC’s scandal is titled ‘The cover up worsens the crime’
Law firms that are conscious of their role in society are more likely to win work, according to a survey of over 23,000 in-house professionals
The firm’s tax business generated a quarter of HLB’s overall revenues in 2023
While successful pillar two implementation will require collaboration across all units, a combination of internal and external tax advice is at the centre of the effort
Binance has also been accused of manipulating foreign exchange rates via currency speculation and rate-fixing
Six individuals should have raised questions over information they received but did not breach professional standards, according to the firm
The partnership of KPMG UK has installed Holt for a second term as CEO and senior partner; in other news, a Baker McKenzie partner has sued the IRS
Gift this article