Council approves moving forward with exploring GAAP for private companies.

• Position: Generally Accepted Accounting Principles

Here are some of the more significant actions and events that took place at the governing Council meeting May 23-24:

* A resolution passed to proceed with working with the Financial Accounting Standards Board to evaluate potential changes to GAAP for privately held, for-profit companies, as recommended by the Private Company Financial Reporting Task Force. The resolution directs the AICPA to work with the Financial Accounting Foundation and the FASB to identify and implement a process that would evaluate, where appropriate, potential changes in recognition, measurement and disclosure differences from current GAAP as applied by public companies.

* With Council's approval, the PCPS acronym returned to its original meaning: Private Companies Practice Section. The Council also affirmed the section's core purpose of making practicing CPAs and their firms successful.

* The launch of the 360 Degrees of Financial Literacy for Women program was announced (see page 3). In addition, an update was provided on the AICPA and Ad Council moving forward with a national public service advertisement campaign on financial literacy. That effort will work to educate consumers about the importance of sound money management.

* Image research that showed the profession continues to be held in high esteem by business decision makers, executives and investors was discussed (The CPA Letter, June).

* The 2004 AICPA Public Service Award for Individuals was given to Kathryn A. Forbes for...