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Russell Golden outlines priorities for the FASB

  • Speech — dark blue Image

May 31, 2013

In a speech delivered at the 32nd Annual SEC and Financial Reporting Institute Conference in Pasadena, CA, on May 30, incoming FASB Chairman Russell Golden presented his views on the FASB’s current and future tasks.

Mr. Golden commented on the FASB’s and IASB’s convergence projects, noting that they are “critically important” and a top priority. The FASB’s current plan is to issue (1) a standard on revenue recognition in the coming months, (2) two financial instruments standards in early 2014 (on classification and measurement and impairment), and (3) standards on leasing and insurance sometime in 2014. Mr. Golden also explained that shortly after issuing each standard, the FASB will create a "transition resource group" to facilitate implementation of the standards. The groups will focus on issues related to education, amendments, and interpretation and will include FASB and IASB members as well as representatives from preparer, auditor, and investor communities.

In addition, Mr. Golden discussed the new Accounting Standards Advisory Forum (ASAF) and how the FASB’s membership in the ASAF will help advance the convergence process.

Regarding the FASB’s future agenda items, Mr. Golden noted that the Financial Accounting Standards Advisory Council has published a survey seeking information from stakeholders on what projects they believe the FASB should prioritize. Possible projects include disclosure framework, hedging, pension accounting, and liabilities and equity. Further, the FASB will continue to work with the Private Company Council to address the needs of users of private company financial statements.

Lastly, Mr. Golden stated that in response to feedback from stakeholders about the FASB Accounting Standards Codification, the FASB plans to “conduct an analysis of areas where the codification may be improved.” The focus of the analysis will be to improve how changes to the codification are written and communicated and “to rewrite some of the more confusing sections” (the FASB is presently rewriting the liabilities and equity sections).

The full text of the speech is available on the FASB's Web site.

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