Highlights of AICPA Council's May meeting.

Following are some of the more significant actions and events that took place at the AICPA Council meeting May 18-20:

* Council voted to designate the International Accounting Standards Board as an international accounting standard setter that can establish international financial accounting and reporting principles. As a result, AICPA members have the option of using International Financial Reporting Standards as promulgated by the IASB. The SEC decided last year to allow foreign companies filing in the U.S. to report using IFRS without reconciling to U.S. GAAP. Other bodies designated by Council to promulgate accounting standards are the Financial Accounting Standards Board, the Governmental Accounting Standards Board and the Federal Accounting Standards Advisory Board.

* The May 15 launch of www.ifrs.com was announced. The new Web site, developed in partnership with CPA2Biz, was established to help members and financial professionals learn about and stay informed on IFRS. The site's resources include a high-level overview of the differences between IFRS and U.S. GAAP, FAQs, articles, textbooks and CPE courses, helpful links and assistance for audit committee members.

* Council authorized the creation of a new CPA specialty credential in forensic accounting (see page 1). The credential, Certified in Financial Forensics, will combine specialized forensic accounting expertise with the core knowledge and skills that make CPAs among the most trusted business advisers. It will encompass skills that CPAs use in such areas as bankruptcy and insolvency; computer forensics; economic damages; family law; fraud investigations; litigation support; stakeholder disputes and valuations. The credential will launch in early fall (e-mail cff@aicpa.org for more information).

* Council received an update from representatives of the AICPA Reliability Task Force on a proposal to extend the applicability of existing compilation and review standards. The proposal, which is driven in part by feedback from users of small business financial statements, asks ARSC to consider...