Happenings at Board of Directors' December meeting.

Following are some of the more significant actions and events that took place at the AICPA Board of Directors' meeting Dec. 4-5, 2003:

* Chairman of the Board Scott Voynich provided an update on his activities, including a concerted member outreach effort. He told board members that since the fall Council meeting, AICPA leadership has met with the National Association of State Boards of Accountancy, several state CPA societies, the International Federation of Accountants, the Comptroller General of the U.S., and the chairman of the Public Company Accounting Oversight Board. In emphasizing the importance of the Member Outreach Program, Voynich suggested a mechanism be established for board members to share their experiences.

* Former Chair James Castellano was appointed to lead the new Private Companies Financial Reporting Task Force. The task force will analyze the issue of standards-setting for non-public companies and their accounting firms.

* Upon recommendation from the Professional Ethics Executive Committee, the board approved both the PCAOB and the SEC as qualified for the purposes of the AICPA's automatic sanctioning policy. That is, those organizations' disciplinary actions...