Happenings at Spring Council Meeting

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.
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 activities, with an eye toward improving the Council process, communications and representation of the membership at large.
The proposed operating budget for fiscal year 2004-2005 was approved.
Updates were provided on several important initiatives: the Task Force on Private Company Financial Reporting, which is exploring whether GAAP financial reporting is meeting the needs of all constituents of for-profit, private company reporting; an AICPA-Department of Labor financial education campaign on ERISA responsibilities; and the Institute’s financial literacy activities (The CPA Letter, June).
Paula B. Thomas, CPA, Ph.D., of Tenn., received the AICPA Distinguished Achievement in Accounting Education Award. Thomas, who specializes in financial accounting, has taught accounting for more than 20 years and has been active in curriculum development. She currently serves as Advisory Board Distinguished Professor of Accounting and Interim Chair at Middle Tennessee State University.
Austin G. Robertson Jr. of Shreveport, La., was honored with the AICPA’s Public Service Award. Robertson was recognized for more than 40 years of community service focused on prevention, education and treatment of addictive diseases. As part of the award, a $5,000 contribution will be made by the AICPA to the charity of Robertson’s choice.