TIC Accomplishments

  • As a result of TIC’s presentation at the September 2011 TIC/FASB Liaison Meeting in Norwalk, CT, the FASB provided guidance in its Exposure Draft on Investment Property Entities that would generally exclude affordable housing entities from the scope of the proposal.
  • PEEC adopted many of TIC’s comments to improve the clarity of revised Interpretation No. 203-1, “Departures from Established Generally Accepted Accounting Principles,” and new Interpretation No. 203-5, “Financial Statements Prepared Pursuant to Financial Frameworks Other Than Generally Accepted Accounting Principles,” under Rule 203, Accounting Principles (AICPA, Professional Standards, ET section 203).