Happenings at board of directors' September meeting.

Following are some of the more significant actions and events that took place at the AICPA Board of Directors' meeting Sept. 19-20:

* Leslie Murphy, now former chair, reported on her outreach activities since the July board of directors' meeting. Besides participating in the National Association of State Boards of Accountancy Summit meeting, she made presentations at the Beta Alpha Psi Annual Meeting, the Governmental Accounting and Auditing Conference, and seven state CPA societies.

* Ads were shown for the upcoming financial literacy public service campaign with the Ad Council, creator of such memorable campaigns as Smokey Bear and McGruff the Crime Dog. Board members were very enthusiastic and supportive of the campaign (see page 1). At press time, 48 state CPA societies had already signed up to participate in the nationwide effort to help young Americans better manage their money and plan for their future.

* Comments received on the joint exposure draft with the Financial Accounting Standards Board on private company financial reporting were discussed. The comment letters showed a significant level of support and are available at www.pcfr.org.

* The Securities and Exchange Commission's decision to help fund the development of XBRL taxonomies for U.S. GAAP was highlighted. XBRL, or "interactive data," has enjoyed considerable support from SEC Chairman Christopher Cox, and XBRL-US has become an independent, not-for-profit organization that should be fully operational in its new form by early next year (see page 3).

* Board members were provided feedback from members and others regarding the profession's move toward greater transparency in the peer review process. Further discussion would take place at Council.

* Board members approved revisions to the "substantial equivalency" language in the Uniform Accountancy Act to help ease CPAs' practice across state lines. The National Association of State Boards of Accountancy's board of directors was to consider the revisions at its late Oct. meeting. If approved, a joint AICPA/NASBA exposure draft would be released for public comment.

* Various tax legislative items and AICPA initiatives were mentioned. Among them, tax return matters such as Schedule D (list of capital transactions) and preparer costs regarding next tax season.

* The AICPA Foundation said its goals are to increase funding and raise visibility of its projects. Topping the list of activities are continuing to support the profession's diversity, improving Americans' financial literacy and increasing the number of Ph.D. accounting faculty.

* An update was provided on various initiatives. The relocation of a major part of the Institute's operations is on time and on budget; the business valuation standard exposure draft was being finalized and addressed concerns arising from the prior exposure draft (see page 8); financial results were positive for the AICPA regarding revenue sources; and CPA2Biz reported improved business outcomes for the fourth consecutive year (see page 4).