Robert Golden Likely to Be the Next Chairman in US Accounting
Financial Accounting Standards Board is gearing up to appoint its new head. Robert Golden, technical director of the Board is being considered for the post. FASB is managed by a foundation and this foundation has shortlisted Robert Golden as one of the top contenders for the post. Prior to joining FASB in 2004, Robert Golden was with Deloitte as a partner. He was appointed as the technical director of FASB in the year 2008.
The Wall Street Journal reported that the present Chairman Bob Herz is taking an early retirement and is expected to leave office towards the end of this month. This came as a surprise as he was scheduled to leave later in the year. He was appointed as the chairman of FASB in 2002. This was the time when US was facing the Enron accounting scandal.
Bob Herz has played a pivotal role in converging US standards of accounting with the international ones. This was not looked upon favorably by some in US as only a small percentage of business is done internationally here. Moreover, the convergence policy was not considered conducive to promote the failing economy of US during the time of recession.
There are speculations regarding the role of the new Chairman regarding this issue. It is still a debate whether he would stick to the ‘fair value principle in company accounting’ initiated by Bob Herz or will remain loyal to the US GAAP. Golden has the reputation of tackling some of the most demanding accounting issues over the past decade like fair value accounting and stock-option expensing.
Robert Golden has a background of being an auditor which would definitely help him in managing FASB as the new chairman successfully if appointed.