TIC Advocacy

Advocacy-PCPS Technical Issues Committee 

TIC Alerts (e-newsletters)
Provides news about new and proposed accounting, auditing, compilation/review and ethics standards.

TIC Comment Letters
Comment letters with informed recommendations submitted by TIC, in support of private firms.



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


Committee meeting table

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.

TIC also helps firms keep up with the latest technical standards – a top challenge for small firms according to the most recent PCPS Top Issues Survey – through the Technical Issues Alert. The TIC Alert reports on selected new and proposed standards developed by accounting, auditing, ethics, government and other key standard setters that are especially relevant to local firms and private entities. It also alerts practitioners to available non-authoritative guidance and potential changes in practice.

Get Involved!
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.

Meetings
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:

  • September 26-27, 2017, Coronado, CA
  • November 14-15, 2017, Charleston, SC (TIC liaison with ARSC)
  • January 17-18, 2018, San Juan, PR (TIC liaison with ASB)

 

Recent Developments








FASB ED (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities

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.








ASB ED: Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA

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
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