The Financial Accounting Foundation took the first step today toward filling the three vacant seats on the Financial Accounting Standards Board that opened up with the retiring of Bob Herz and the FAF’s decision to move from 5 to 7 members. In this press release, the FAF announced that the FASB’s technical director, Russell Golden, will become a board member for the FASB, effective October 1, 2010.

One of the obvious benefits of appointing Russ is that, as the technical director, he is intimately aware of the ongoing projects and so will be a strong position to immediately contribute to process of deliberation and decision making.

Stay tuned to see how the remaining two seats get filled. For more on this process, check out this Q&A with FAF Chairman Jack Brennan.