For anyone concerned with US tax accounting and reporting, Russ Golden is a critical figure. The chairman of the Financial Accounting Standards Board, who took on the role on July 1 this year for a four-year term, and his other directors are ultimately responsible for the setting of US Generally Accepted Accounting Principles, so what they decide about what US companies should include in their financial statements, and how they should do it, is closely watched.
Possibly the most significant event in FASB’s tax accounting work in 2013 came towards the end of the year when the board voted to authorise its staff to prepare a final version of its work on revenue recognition. The so-called ballot draft is likely to be published in the first quarter of 2014. The new US standard will be the culmination of a joint project with the International Accounting Standards Board, which produces International Financial Reporting Standards (IFRS) that began more than 10 years ago in 2002.
“The FASB will issue a standard that both improves and substantially converges guidance on how revenue is recognised in financial statements,” said Golden. “Today’s [November 12] vote represents a major milestone in our 11-year effort to create greater comparability in an area of financial reporting that affects all industries.”
Golden is a FASB chairman who was formerly a member of staff, having been technical director from 2008 to September 2010, responsible for overseeing FASB’s work on accounting standards and technical application and implementation activities. He also chaired the FASB’s Emerging Issues Task Force. It is this deep knowledge of the issues that will stand to Golden as he continues his term as head of the organisation.
The Global Tax 50 2013 |
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Tara Ferris |
Justice Henderson |