In the six months since Richard Jones began his seven-year term as chairman of the Financial Accounting Standards Board (FASB), the former EY leader has conducted hundreds of meetings with investors, preparers, auditors, academics, regulators, and others. Despite this varied audience, a consensus has emerged.
Richard Jones
“One thing everyone seems to agree on is that we just went through, or are going through, a period of significant accounting change,” Jones told the audience at an American Institute of Certified Public Accountants (AICPA) conference last week. “Some companies, investors, organizations, and other users are still grappling with recently issued standards. Others haven’t even begun to implement them, and some investors are still incorporating them into their decision-making process. Throw a worldwide pandemic into the mix, and it becomes hard to keep up with day-to-day responsibilities, let alone sweeping new initiatives.”