Advocacy-PCPS Technical Issues Committee
TIC Alerts (e-newsletters)
Provides news about new and proposed accounting, auditing, compilation/review and ethics standards.
What is the PCPS Technical Issues Committee (TIC)?
TIC is a committee of CPA practitioner volunteers working to represent the views of local firms and their clients in the standards-setting process.
What is TIC’s Charge?
TIC monitors the activities of the various standard setting boards (FASB, GASB, ASB) and other AICPA Senior Committees and, when appropriate, TIC submits comments and recommendations to the standard setters as the collective voice of small and medium-sized firms
TIC provides standards-setters with practical assistance as well; such as "field testing" portions of proposed guidance, providing practical examples of potential implementation difficulties and serving on standard-setting task forces.
If you have questions, local firm advocacy issues or suggestions for TIC, let us hear your voice. Kristy Illuzzi, CPA, CGMA, is the AICPA’s TIC Staff Liaison and can be reached by email. You can also volunteer to serve on the TIC Committee. More information about volunteer opportunities is available here.
TIC meetings offer local practitioners the chance to provide their unique perspectives in the standard-setting process. All CPAs are invited to attend. Future meeting dates are:
- January 17 and 18, New Orleans, LA (TIC’s annual liaison with the ASB)
- May 8 and 9, Scottsdale, AZ (TIC liaison with PEEC)
- June 11-14, Las Vegas, NV (Engage Conference and TIC meeting with select PCC and FASB board and staff members)
- August 14 and 15, Seattle, WA (TIC’s annual liaison with ARSC)
- October 7-9, Norwalk, CT (TIC’s annual liaison with the FASB, GASB, and PCC)
TIC reviewed this Proposed Accounting Standards Update and provides comments in this letter. The effort of the Board to streamline and simplify the guidance for variable interest entities (VIEs) is appreciated by TIC. In addition, TIC agrees with the proposal to consider indirect interests held through related parties under common control on a proportional basis rather than as the equivalent of a direct interest in its entirety and TIC agrees with the removal of the related party tiebreaker for private entities.
In this letter, TIC comments on the proposed SAS to establish specific auditing standards as it relates to employee benefit plans. TIC is opposed to the proposed reporting requirement for findings from procedures to be attached to the Form 5500 to avoid confusion for the readers. Instead, TIC recommends requiring the findings within the AU-C Section 260 or 265 letter, as appropriate. In addition, TIC believes there should be a delayed effective date in order to allow plan sponsors and auditors a sufficient amount of time to prepare for these changes.
AICPA Technical Hotline
The AICPA Technical Hotline is free and provides prompt, high-quality technical assistance by phone concerning issues related to: accounting principles and financial reporting; auditing, attestation, compilation and review standards