Highlights of Board of Directors' December Meeting.

Among other actions at its meeting on Dec. 7-8, 2000, the AICPA Board of Directors:

* Was updated on recent IFAC activities to promote worldwide harmonization of accounting standards through, in part, the International Accounting Standards Committee (IASC). The International Organization of Securities Commissions (IOSCO) has approved IASC standards, making theses standards permissible for cross border transactions. The International Auditing Practices Committee is also seeking IOSCO endorsement.

* Heard about a task force's proposed ethics for the repositioning of the CPA profession. The task force consisted of a diverse group of AICPA members, non-AICPA members, and an academician. The codes of conduct of more than 50 U.S. and foreign professional organizations were reviewed for guidance and common themes regarding professional issues.

* Was informed of a proposed exposure draft concerning revisions to CPE standards on behalf of the Special Joint AICPA/NASBA Committee on CPE Standards. The committee's goals were to increase the scope of activities eligible to be considered as CPE, to measure learning rather than sitting time, and to secure regulatory approval of the new CPE. The board granted permission to the Special Committee to proceed with an exposure draft pending approval by the NASBA Board of Directors. If approved by both boards, an exposure period would begin as soon as possible, ending on Aug 1.

* Received a report on the proposed global business professional credential. Additional preliminary research regarding interest among professionals -- CPAs and non-CPAS -- was mainly positive (see page 1).

* Was updated on the activities of the Group of 100, which include a look at technology best practices in public accounting; creation of a task force on accounting standards to take a critical look at the accounting model; and discussion of issues various membership segments might face three years from now in light of the global credential and Internet portal projects. In addition, efforts to bring younger CPAs into the group were discussed.

* Heard that the portal project has attracted much external visibility and attention from important outside groups interested in new kinds of partnerships (see "Chair's Corner," page 5).