Happenings at Spring Council meeting.

• Position: News update

Here are some of the more significant actions and events that took place at the governing Council meeting May 23-25:

* Consistent with the values of the profession and the public's demands for greater disclosure, Council approved a resolution that supports increased transparency of the peer review process. The resolution also directs AICPA staff to initiate a member education program to create a consistently informed membership on the issue of granting access to peer review information. The Peer Review Board further was asked to develop a process that would assist members in complying with state licensing requirements (see this issue's "Chair's Corner" on page 3 for more information).

* The Federal Accounting Standards Advisory Board will continue to establish generally accepted accounting principles for federal financial reporting entities, having received Council's re-authorization. FASAB was designated by Council in 1999 as the body to set GAAP for federal entities under Rule 203 of the AICPA's Code of Professional Conduct, subject to a five-year review.

* Council designated the Public Company Accounting Oversight Board as a body to promulgate auditing and related professional practice standards relating to the preparation and issuance of audit reports of public companies under Rules 201 and 202 of the Code of Professional Conduct. The designation allows for more efficient ethics enforcement.

* Many of the recommendations presented by the Task Force on the Role and Responsibilities of Council were accepted. The task force was charged with evaluating the mechanism for selection of Council members and how Council conducts its...