Today, the Board of Trustees of the Financial Accounting Foundation (FAF) announced that Russell G. Golden has been appointed to the Financial Accounting Standards Board (FASB). Mr. Golden’s appointment is effective October 1, 2010, and his initial FASB term will extend to June 30, 2012, the expiration date of the term left vacant from the impending retirement of current FASB Chairman Robert H. Herz on September 30, 2010.

Mr. Golden currently serves as technical director of the FASB. Before his tenure at the FASB, Mr. Golden was a partner at Deloitte & Touche LLP in the National Office Accounting Services department.

FAF Chairman John Brennan indicated that the FAF is “delighted to appoint Russ to the FASB” and noted that the “FASB will be served well by his depth of technical knowledge in accounting, intimate familiarity with the projects on the board’s technical agenda, and his proven track record for reaching out to constituents and evaluating all available input when approaching financial reporting issues, solutions and improvements.”

The FAF also reiterated today that it is recruiting and evaluating candidates for two additional board seats as well as evaluating candidates for appointment as FASB Chairman. FASB member Leslie F. Seidman will assume the role of Acting Chairman as of October 1, 2010.

In a question-and-answer session about the search process, Chairman Brennan indicated that he expects the results of the search process for the two additional board seats to be announced in early 2011 — sooner if possible. He added that the FAF would “like to see candidates with diverse and varied backgrounds and experience, including, if possible, in one or more of the following areas—candidates with the perspective of a user of financial statements; candidates with experience in small or private company financial reporting; and candidates with experience in financial reporting issues of global companies.”

More information is available in the FAF’s announcement on the FASB’s Web site.