Highlights of December AICPA Board of Directors' meeting.

Following are some of the more significant actions and events that took place at the AICPA Board of Directors' meeting on Dec. 4-5, 2008:

* AICPA President and CEO Barry Melancon, CPA, described how the Institute is responding to the economic downturn, including a review of its strategic plan and the creation of numerous resources to help members address the crisis for their employers, firms and clients.

* Board Chairman Ernest Almonte, CPA, CITP, CFF, gave a report on his 12 state CPA society visits and attendance at the National Association of State Boards of Accountancy annual meeting.

* Robert Herz, chair of the Financial Accountin Standards Board discussed the importance of independent standard setting and expressed appreciation for the Institute's support on this front. He also reported on developments in key areas, including fair value and International Financial Reporting Standards. He reaffirmed the FASB's understanding of the value of private company financial reporting.

* AICPA Washington, D.C., staff updated the board on...