State College, PA. – Eric P. Wallace, CPA, a Partner with the Certified Public Accounting & Consulting firm of Carbis Walker LLP, was elected 2007-2008 president-elect of the Pennsylvania Institute of Certified Public Accountants (PICPA) at the Institute’s annual meeting and conference.

Wallace also serves as Carbis Walker’s Coordinator of the Construction & Real Estate Services niche. He is the author of CCH Publishing’s “Guide to Construction Contractors,” and in 2005, was recognized by the IRS for his comments and contributions to the Industry Issue Resolution Program, which strives to improve tax administration of contractors, homebuilders, and developers. As a representative for the Construction Financial Management Association’s (CFMA) national organization, his contribution was included in the 2005 IIR Process. Eric is the author of the original (PICPA) White Paper calling for a new due process for GAAP for Private Business. This resulted in the creation of the AICPA’s (American Institute of Certified Public Accountants) Private Companies Reporting Tax Force. This group was established to evaluate potential changes to Generally Accepted Accounting Principles (GAAP) in order to improve the usefulness of private company financial reporting. FASB/AICPA issued a joint exposure on this issue in the summer of 2006.

Wallace is also the past chair of the PICPA’s Accounting and Auditing Procedures Committee.

About Carbis Walker LLP
Carbis Walker LLP was founded over sixty years ago and is a member of the Carbis Walker Group. The Firm has seven offices throughout western Pennsylvania and eastern Ohio, and specializes in the areas of Construction & Real Estate, Health Care, and Manufacturing & Distribution. The Group is comprised of Carbis Walker LLP, CPAs & Consultants; Total Practice Management, LLC, a physician billing, recruitment, and practice consulting company; and Walker Benefits, Inc., a retirement plan consulting company. The Group is also a member of the RSM McGladrey Network, an organization of ninety-seven accounting firms throughout the United States associated with RSM McGladrey and McGladrey & Pullen, considered together the fifth largest provider of accounting, tax, and business consulting in the United States.

About the PICPA
Founded in 1897, the Pennsylvania Institute of Certified Public Accountants is a professional association of more than 19,000 CPAs who work in public accounting, industry, government, and education. The PICPA is the second-oldest state CPA organization in the United States.