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.

Maria L. Murphy, CPA, is a regular contributor to Compliance Week. She is a senior content management analyst, accounting and auditing products, CCH tax and accounting North America for Wolters Kluwer....