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Highlights of Board of Directors' February meeting.

Following are some of the more significant actions and events that took place at the AICPA Board of Directors' meeting Feb. 9-10:

* Board members heard an update on the AICPA and FASB Working Group's recent discussions regarding the effort to ensure that GAAP meets the financial reporting needs of private company constituents.

* Background information and a status report were provided on the merger of the AICPA Peer Review Program and the Center for Public Company Audit Firms' Peer Review Program. The first major initiative of the new Peer Review Board will likely be the issuance of an exposure draft this fall proposing revisions to the standards (to be issued in 2007 but not effective until 2008).

* The board agreed to refer the report of the Board of Directors' Task Force on Peer Review to the Peer Review Board regarding a proposed new reporting model, enhanced annual reporting on oversight, expansion of the voluntary public file and an increase in the number and quality of peer reviewers.

* A number of tax issues were highlighted, such as the Budget Reconciliation Bill (opposition to codifying the economic substance doctrine in the Senate version), changes made in Schedule "D" at AICPA's urging (The CPA Letter, Feb.) and AICPA efforts to launch a pro-bono tax service for low-income taxpayers affected by hurricanes (see article above).

* Chair Leslie Murphy reported that since the Dec. 2005 board meeting, she and other Institute volunteer leaders had made more than 20 presentations to state CPA societies, universities and other professional groups to discuss the AICPA's activities and initiatives.

* Progress on the relocation of certain areas of the Institute to Durham, N.C., was outlined. Among other things, a project management firm was hired and a property lease has been signed.
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Title Annotation:member news
Publication:CPA Letter
Date:Apr 1, 2006
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