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Edmund L. Jenkins was named in late June as the replacement for Dennis Beresford as chairman of the Financial Accounting Standards Board. Jenkins is retired from Arthur Andersen but is perhaps best known for his leadership as chair of the AICPA Special Committee on Financial Reporting. That committee, which became known as the Jenkins committee, made recommendations for an expanded financial or "business" reporting model.
Jenkins arrives just in time for FASB to begin consideration of its role in implementing the recommendations of the special committee he chaired. In an interview with Dennis Beresford in this issue, The CPA Journal learned from Beresford that the FASB has begun to explore to what extent it should provide guidance to companies wishing to implement the special committee's recommendations.
Jenkins takes over at a very critical time for FASB as it attempts to finalize its standards for derivatives and establish a place for U.S. accounting standards relative to international standards, which appear destined to take a prominent place in the global capital markets. *
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