Diermeier, chairman of the FAF Board of Trustees, said: "After an extensive search, which involved the evaluation of many highly qualified candidates from a variety of backgrounds, the trustees determined that Russ Golden is the best qualified person to take on the role of FASB
He has served as a FASB
member since his appointment in September 2010.
The cross-fertilization that's going on is the result of an agreement between the Financial Accounting Standards Board (FASB
) and the International Accounting Standards Board (IASB) to make their existing financial reporting standards compatible with each other to better respond to the complexity of the world's markets (See "The Urge to Converge," page 70).
Although the FASB
does not believe that tax opinions are required or appropriate in all instances, it noted that an unqualified "should prevail" tax opinion from a qualified expert, for which all conditions are objectively verifiable, may help to demonstrate that the probable threshold has been met.
In addition, the proposed statement refers to FASB
wants, and what makes sense, is for CEOs to accept that it is the standards-setting body, and to engage with them on issues that will hit companies' bottom lines, such as the treatment of variable interest entities.
Russell Golden, Senior Technical Advisor for the FASB
, will participate in the program.
The full text of the statement and related appendices is currently available on the FASB
's Web site (www.fasb.org).
To this end, the members of the Toronto Valuation Accord and their representatives to the IVSC seek greater public involvement and assistance to ensure that the FASB
's recently released Proposal on Fair Value Measurements (www.fasb.org) has wide public response before it's finalized.
In response to questions received from accounting firms and creditors, the SEC announced on May 20 that registrants should follow the FASB
guidance in developing their loan-loss allowance estimates.
board agreed that the proposed FSP would apply for fiscal years beginning after Dec.
also issued Staff Position FAS 13-1, Accounting for Rental Costs Incurred during a Construction Period (www.fasb.