Chair's corner.

I want to update you on three important issues our profession is dealing with and describe how the Institute is working to address them. These efforts clearly demonstrate our commitment to educating and informing members about new developments and to advocating on behalf of the profession and the public interest.

Keeping up with new standards has long been a critical issue for CPAs. To help members understand and apply an important new pronouncement, Financial Accounting Standards Board Interpretation No. 48, Accounting for Uncertain Tax Positions (The CPA Letter, Dec. 2006), the AICPA has created a free practice guide. FIN 48 is likely to require additional work by members in business and industry, their auditors and their tax advisers. At the time I wrote this column, more than 18,000 members had already downloaded the guide, Accounting for Uncertain Tax Positions Under FIN 48. You can get this valuable resource, available free to all AICPA members, at www.aicpa.org/FIN48guide.

Still on the subject of tax, in recent years, a number of patents have been issued for tax-reduction strategies, especially in the area of estate and gift tax. One wealth-management company has even filed a complaint alleging that a taxpayer infringed its tax-strategy patent. The AICPA has expressed concerns about the practice and others, including some members of Congress, also are starting to question the patenting of ways to comply with the tax law.

As a result of these developments, the AICPA Tax Executive Committee has formed a task force to consider an appropriate response. The task force is already engaged in communication efforts to spread the word about the issue and is considering possible legislative solutions. We will keep you updated about developments in this area as they occur.

Finally, the Institute also has been involved in a major initiative with the Financial Accounting Standards Board on private company financial reporting. The overall effort's goal is to enhance the FASB's current standard-setting process to better meet the financial reporting needs of private companies and their financial statements' users. Recently, Judith H. O'Dell, CPA, was named chair of the new Private Company Financial Reporting Committee. She's an excellent choice to lead this committee.

O'Dell's background includes financial reporting expertise with private companies, public accounting and academia, so she is very well suited to the job. She has experience in small firms and is currently a principal and chief financial officer of a familyowned company. She also maintains her own business valuation and litigation support practice. O'Dell said she expects the Private Company Financial Reporting Committee to hold its first meeting this spring, with subsequent meetings to be held quarterly. More information can be found at www.pcfr.org.

As you can see, the Institute has a full agenda of initiatives that will serve the interests of the public and the profession. I'll update you on further efforts in future columns.

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Jimmy L. Williamson, CPA, Cr.FA, DABFA Chairman, AICPA Board of Directors