Financial Accounting Standards Board chairman Russell Golden marked FASB’s 40th anniversary in his first major speech since taking over the chairmanship in July, outlining the changes he plans for the standard-setting board.

Golden emphasized that FASB needs to work more closely with outside groups and listen to their feedback, away from FASB headquarters in Connecticut. “It means rappelling down the high walls of that Ivory Tower that some people still see at 401 Merritt 7 in Norwalk and spending a significant amount of time with the people who are directly and indirectly affected by the standards that we set,” he said Thursday during the FASB@40 event in New York commemorating the founding of the board and its parent organization, the Financial Accounting Foundation, in 1973.

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