PCPS Update.

TIC Comment Letters

Who defends CPA practitioners against an onslaught of confusing and burdensome standards? That is the job of the PCPS Technical Issues Committee (TIC), representing the views of CPA firms with private company clients in the technical accounting and auditing standards-setting arena. TIC continues to monitor issues and developments being considered by the Financial and Governmental Accounting Standards Boards, the Independence Standards Board, and their staffs, and by the AICPA committees and their subcommittees, task forces, and expert panels.

To serve most effectively in its representative and advocacy roles, TIC issues official comment letters on standards in development and other topics germane to its constituency. Since these issues affect your firm, TIC has made its comment letters available on the PCPS Web site. PCPS members may view TIC's latest comment letters at www.aicpa.org/pcps in the Members Only section. Forgot how to log on? Call (800) CPA-FIRM for your firm's user name and password.

The comment letters are divided into the following categories:

* Accounting Standards

* Accounting & Review Services

* Professional Ethics

* Federal Government

* Audit Standards

* Tax/Other Standards

How can you participate? TIC welcomes practitioner input at its meetings, held throughout the year across the country. Call the TIC staff liaison, Linda Volkert, at (212) 596-6040 or PCPS at (800) CPA-FIRM or visit the AICPA Web site to find out how to join TIC as a committee member.

TIC Alert

Watch your mail! The latest TIC Technical Issues Alert has been mailed to your firm. This issue of the Alert addresses revisions to the Auditing Standard Board (ASB) Fraud Standards. It also examines the hypothetical liquidation at book value (HLBV) method from an Accounting Standards Executive Committee (AcSEC) exposure draft of a proposed SOP, Accounting for Investors' Interests in Unconsolidated Real Estate Investments. The TIC Alert is a benefit for PCPS member firms. If you did not receive your copy, please call (800) CPA-FIRM.

PCPS Member Directory

One of the most valuable features of the PCPS Web site is its Member Directory. PCPS members can gain access to the directory by logging on to the PCPS Web site at www.aicpa.org/pcps.

The Member Directory offers a database, searchable by firm name, state, ZIP code, or area code. You can update your firm's contact information directly from this part of the PCPS Web site. Click on the "Firm...