Highlights from board of directors' December meeting.

Following are some of the more significant actions and events that took place at the AICPA Board of Directors' meeting Dec. 8-9, 2005:

* A new edition of the AICPA/National Association of State Boards of Accountancy Uniform Accountancy Act statute was approved; NASBA has approved it as well. The new edition contains revisions relating to peer review, substantial equivalency and confidentiality of board records, among other things (www.aicpa.org/states/final11.htm).

* A framework for the restructuring of the Center for Public Company Audit Firms was approved. The Center's mission will be expanded to include the development of public policy positions governing firms that audit public companies.

* A joint task force of the Center for Public Company Audit Firms Peer Review Committee and the AICPA Peer Review Board informed the board of its conclusion that a single program with a single set of peer review standards is appropriate. Final recommendations will be presented to the board this spring.

* Preliminary recommendations of the board's Peer Review Task Force were outlined, and board members provided feedback. The task force, whose charge includes assessing user needs, the reporting model, coverage of practice, oversight, and performance qualifications, will submit final recommendations at this month's board meeting.

* Board members approved issuance of a revised authoritative document, Generally Accepted Privacy Principles--A Global Privacy Framework, to replace the AICPA/CICA Privacy Framework. The name change reflects the wider acceptance of the framework that is more relevant for business (infotech.aicpa.org/resources/privacy/).

* Several initiatives in the tax area were discussed: an exemption for CPAs in the Gramm-Leach-Bliley Act which passed a House committee; how concerns about tax preparation cost estimates in IRS instructions are being addressed; ads promoting CPAs as the premier tax professionals are being circulated to the state societies for local placement: revisions to a business valuation exposure draft to reflect tax practitioners' comments (comments on the revised exposure draft will be due after tax season).