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:
- 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)
- January 15 and 16, 2019, TBD (TIC's annual liaison meeting with the ASB)
- May 7 and 8, 2019, Charlotte, NC
- June 9-13, 2019, Las Vegas, NV (TIC meeting and participation in AICPA Engage Conference)
TIC reviewed this Proposed Accounting Standards Update intended to make targeted improvements/simplifications to the lease standard and provides comments in this letter. The proposed standard update provides entities with an additional and optional transition method to adopt the new lease requirements with a cumulative-effect adjustment to the opening balance in retained earnings in the period of adoption. This addresses concerns about the previous transition requirements being costly and complex to apply. Additionally, this ED provides lessors with a practical expedient to not separate nonlease components from the related lease components if certain criteria are met.
In this letter, TIC comments on the proposed GASB Statement (ED) related to accounting for interest cost during the period of construction. This would require interest cost incurred during the period of construction to be recognized as expense in the period in which the cost is incurred in financial statements prepared using the economic resources measurement focus. TIC believes this will simplify the accounting for interest cost during the construction period. Additionally, TIC appreciates the prospective application which will make adoption easier and more cost effective for governments.
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