FASB chairman lays out goals in first speech

In his first major speech as chairman of the Financial Accounting Standards Board, Russell Golden said his goals are to reduce the complexity in, and speed up the pace of, the standard-setting process. He also intends to continue the commitment of keeping U.S. standards comparable with international rules. Golden takes the helm of FASB as the standard-setting body is nearing completion of its massive convergence project with the International Accounting Standards Board. FASB intends to release next week recommendations that may lead to a re-evaluation of pension accounting or other topics that may have been put on the back burner due to the focus on convergence.

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