American Institute of Certified Public Accountants' Special Committee on Financial Reporting - From FEI

The American Institute of Certified Public Accountants (AICPA) has released the executive summary of the final report submitted by its Special Committee on Financial Reporting. The AICPA's special committee, which is better known as the Jenkins Committee after its chairman Edward L. Jenkins, was set up in 1991 to study the relevance of existing business reporting standards. The Jenkins Committee's executive summary highlights the need to develop a financial reporting model that truly meets user needs. It recommends increased disclosure of business-unit activities; better accounting standards for disclosing the use of financial instruments such as derivatives; greater disclosure of off-balance sheet financial information; improved reporting on risks and uncertainties; and the separation of financial reports on core and non-core business activities. The Jenkins Commitee's executive summary of its final report was presented at a symposium held on Oct. 3, 1994.

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