FASB's Chairman to Retire

October 25, 2001 (PLANSPONSOR.com) - Edmund Jenkins, chairman of the Financial Accounting Standards Board (FASB), will retire at the end of his five-year term on June 30 next year.

The Financial Accounting Foundation, which oversees the board, announced that the search for his replacement will start soon.

Prior to joining the FASB in 1997, Jenkins was employed by Arthur Andersen LLP for 38 years, most recently as Managing Partner of the Professional Standards Group of its worldwide practice.

In addition, from 1991 to 1994, he served as Chairman of the Special Committee on Financial Reporting that became known as the “Jenkins Committee”. He also was a charter member of the FASB’s Emerging Issues Task Force from 1984 to 1991 and served as a member of the FASB’s Advisory Council from 1991 to 1995.

The Financial Accounting Standards Board establishes the standards of financial accounting and reporting that govern the preparation of financial reports. FASB standards and are officially recognized as authoritative by the Securities and Exchange Commission and the American Institute of Certified Public Accountants