Highlights of Board of Directors' February Meeting.

Following are some of the more significant actions and events that took place at the AICPA Board of Directors' meeting Feb. 7-8:

* Chairman of the Board of Directors Randy Fietchall reported on his participation in the Global Public Policy Symposium and the National Association of State Boards of Accountancy Summit meetings, as well as on the activities of the Securities and Exchange Commission Advisory Committee on Improvements to Financial Reporting.

* AICPA President and CEO Barry Melancon discussed several professional meetings he attended as well as various issues affecting CPAs. Among them: peer review developments, the Treasury Department's hearings (see page l), a potential reliability service and the AICPA's 2009-2011 Strategic Plan.

* The board approved for Council's consideration designation of the International Accounting Standards Board as the body to set international accounting and reporting principles under Rules 202 and 203 of the Code of Professional Conduct.

* Board members were updated on the profession's progress on various AICPA activities. Regarding interstate practice privileges, 7 states passed legislation in 2007, bringing to 11 the number that allow mobility without notification or a fee (a total of 32 states participated in 6 regional mobility meetings in 2007). A briefing on legislative efforts addressed bills to reduce tax strategy patents and equalize "more likely than not" tax reporting standards. Ad Council research found that the AICPA's financial literacy campaign is having a positive influence on those who see it (see page 5).

* The National Accreditation Commission reported on the progress of the...