A Busy Year for the Technical Issues Committee

188bet亚洲真人体育下载的 Private Companies Practice Section Technical Issues Committee (TIC) has had quite a busy year advocating for private companies 和 their stakeholders.

2019年5月，议会发送了一份 不请自来的评论信 to the Financial 会计 St和ards Board (FASB), urging the Board to consider delaying the effective date of the lease st和ard for private companies 和 to reconsider the Private Company Decision-Making Framework default period, which gives private companies one additional year to adopt new accounting st和ards. TIC sited complexities 和 time 和 effort required to adopt the new revenue st和ard under ASC 606 as one of the main reasons for a delay, 等. FASB responded in November 2019 by issuing an ASU to extend the effective dates for private companies to adopt the lease st和ard as well as the credit loss 和 derivatives 和 hedging st和ards, which represented a significant accomplishment for the profession.

在2019年9月的会议上, TIC provided FASB with some recommendations on practical expedients 和 simplification for private companies in adopting the new lease st和ard. FASB scheduled a roundtable in April 2020 with key stakeholders (including a TIC representative) to discuss implementation issues 和 lessons learned from public company adoption.

TIC also provides feedback to the 审计ing St和ards Board (ASB), the 会计 和 Review Services Committee (ARSC), 和 the Professional 道德 Executive Committee (PEEC) on their projects 和 proposals.

2020年1月, TIC held its annual liaison meeting with the ASB, provided informal feedback related to the ASB’s recent proposal on its strategy 和 work plan, 接着是 评论信 也是在一月份发出的. 188bet亚洲真人体育下载的’s Chief 审计or plans to meet with the TIC at its May 2020 meeting to discuss the comments 和 ideas further.

在2019年, TIC urged PEEC to reconsider its Interpretation related to hosting because of practice issues that have arisen. PEEC has responded with a series of 播客 和 问答 来帮助澄清这个指导.

TIC is also planning to meet with ARSC in June at the Engage conference to discuss current projects 和 issues, including how the 财务报告 Framework for Small 和 Medium-Sized Entities is referenced 和 incorporated in the SSARSs.

After each of its five annual meetings, a 抽搐警报 is sent to interested parties that provides an overview of TIC’s advocacy efforts in action. Please contact 克里斯蒂 Illuzzi at 克里斯蒂.Illuzzi@aicpa-cima.com to be added to that distribution list or if you have any questions or suggestions related to TIC’s efforts.