Chair's corner.

• Author: Williamson, Jimmy L.

When I began my term as AICPA chairman last fall, I set several goals for the coming year. I want to update you this month on the progress we've made in two of those areas.

I have long been convinced that it's important for the profession to address the financial reporting needs of private companies and those who do business with them. These vibrant companies and their financial statement users may have distinctly different needs from large, public corporations, and it is sometimes not cost beneficial to expect them to report the same level of detailed information. As a result, I'm pleased to report that the Private Company Financial Reporting Committee held its first meeting in May. The PCFRC is chaired by CPA Judith O'Dell. It will make formal recommendations to the Financial Accounting Standards Board on proposed and existing standards, which the FASB will consider as part of its deliberations. I think this development is a very encouraging step, one that will ensure greater consideration for the needs of private company financial statement users. The PCFRC will meet again this month in Denver. For more information on their work, go to the committee's Web site at www.pcfr.org.

As we broaden our thinking about financial reporting, we should also embrace new ideas about staffing issues. In my inaugural speech as chairman, I said I wanted to "open the doors of our profession to all who aspire to meet its challenges and share its commitments." That's why I'm pleased to tell you about a great new resource: The AICPA Guide to Building a Successful Off-Ramping Program.

Statistics show that a large percentage of women professionals will "off-ramp," or take time away from the workforce during their careers. At the same time, as practitioners know, the pool of available professionals is not rising fast enough to meet demand, and recruitment and retention are critical issues for our firms and other employers.

Since women make...