FAF Issues Statement Remembering Former FASB Chairman Edmund L. Jenkins, Who Died December 2

Norwalk, CT—December 3, 2020—The Financial Accounting Foundation (FAF) today issued the following statement regarding former Financial Accounting Standards Board (FASB) Chairman Edmund L. Jenkins, who died December 2, 2020.

The statement should be attributed to John W. Auchincloss, Executive Director of the FAF:

“We are saddened to acknowledge the passing of former FASB Chairman Edmund L. Jenkins. Ed provided outstanding leadership to the FASB at a critical time in its history, when Enron and other high-profile accounting scandals threatened the public’s trust in our financial systems. Among his many accomplishments during this period, Ed consulted with U.S. Senator Paul Sarbanes on what was to become the landmark Sarbanes-Oxley Act of 2002, which brought greater transparency and accountability to the U.S. capital markets.

“Ed devoted his career to high-quality accounting standards and the independent standard-setting process. Before becoming FASB chair, he was a charter member of the Emerging Issues Task Force (EITF) and a member of the Financial Accounting Standards Advisory Council (FASAC). After retiring from the FASB in 2002, Ed was always willing to share his insights at various FASB alumni events, most memorably on the former chairs panel at the FASB’s 40^th anniversary conference in 2013.

“Ed will be missed by those who had the pleasure of knowing and working with him. We offer our deepest condolences to his wife, Kay, his family, and his friends during this difficult time.”

Mr. Jenkins became FASB chairman in 1997, where he spent five years. Previously, he was employed by Arthur Andersen LLP for 38 years. In addition, from 1991 to 1994, he served as chairman of the Special Committee on Financial Reporting (constituted by the American Institute of Certified Public Accountants) that became known as the “Jenkins Committee.” He served on the EITF from 1984 to 1991 and as a member of the FASAC from 1991 to 1995.