Trusted Professional

Regulatory Roundup: July 9-15

AICPA 

Overview
AICPA Reporter Resources
Links to information and statistics about the AICPA.
July 11, 2019

Press Release
AICPA Issues New Professional Standards for Forensic Accounting Service Providers
New standard provides clarity for investigation and litigation services provided by forensic accountants.
July 10, 2019

Press Release
AICPA’s Auditing Standards Board Proposes Two New SASs - Auditor Reporting on ERISA Plan Financial Statements and Transparency in Annual Reports
The ASB has issued Statement on Auditing Standards No. 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA.
July 10, 2019

Press Release
AICPA Honors Gerard Schreiber, Jr., CPA and John F. Dailey, Jr., CPA with Its Special Recognition Award
Since 1999, the AICPA has bestowed the award upon individuals who have performed or contributed to the success of a particular project or initiative of an outstanding nature
July 9, 2019

CBO

Cost Estimate
H.R. 3460, End Neglected Tropical Diseases Act
July 12, 2019
As ordered reported by the House Committee on Foreign Affairs on June 26, 2019

Cost Estimate
H.R. 3494, Damon Paul Nelson and Matthew Young Pollard Intelligence Authorization Act for Fiscal Years 2018, 2019, and 2020
July 11, 2019
As ordered reported by the House Permanent Select Committee on Intelligence on June 27, 2019

Cost Estimate
H.R. 2037, Saudi Arabia Human Rights and Accountability Act of 2019
July 11, 2019
As ordered reported by the House Committee on Foreign Affairs on June 26, 2019

Cost Estimate
S. 1224, Stop STALLING Act
July 11, 2019
As reported by the Senate Committee on the Judiciary on June 28, 2019

Cost Estimate
H.R. 1327, Never Forget the Heroes: Permanent Authorization of the September 11th Victim Compensation Fund Act
July 11, 2019
As ordered reported by the House Committee on the Judiciary on June 12, 2019

Cost Estimate
H.R. 550, Merchant Mariners of World War II Congressional Gold Medal Act of 2019
July 10, 2019
As introduced on January 15, 2019

Cost Estimate
S. 349, Reviving America’s Scenic Byways Act of 2019
July 10, 2019
As reported by the Senate Committee on Environment and Public Works on June 19, 2019

Cost Estimate
H.R. 1365, a bill to make technical corrections to the Guam World War II Loyalty Recognition Act
July 10, 2019
As ordered reported by the House Committee on Natural Resources on June 19, 2019

Cost Estimate
H.R. 2978, National Historical Publications and Records Commission Reauthorization Act
July 10, 2019
As ordered reported by the House Committee on Oversight and Reform on June 12, 2019

Cost Estimate
S. 1014, Route 66 Centennial Commission Act
July 10, 2019
As ordered reported by the Senate Committee on Environment and Public Works on June 19, 2019

Cost Estimate
S. 1833, Restore the Harmony Way Bridge Act
July 10, 2019
As reported by the Senate Committee on Environment and Public Works on June 19, 2019

Cost Estimate
H.R. 3301, Taxpayer Certainty and Disaster Tax Relief Act of 2019
July 9, 2019
As ordered reported by the House Committee on Ways and Means on June 20, 2019

Cost Estimate
S. 1199, Poison Center Network Enhancement Act of 2019
July 9, 2019
As ordered reported by the Senate Committee on Health, Education, Labor, and Pensions on June 26, 2019

Cost Estimate
S. 1173, Emergency Medical Services for Children Program Reauthorization Act of 2019
July 9, 2019
As ordered reported by the Senate Committee on Health, Education, Labor, and Pensions on June 26, 2019

Cost Estimate
H.R. 759, Ysleta del Sur Pueblo and Alabama-Coushatta Tribes of Texas Equal and Fair Opportunity Settlement Act
July 9, 2019
As ordered reported by the House Committee on Natural Resources on June 19, 2019

Cost Estimate
S. 1539, Protecting Faith-Based and Nonprofit Organizations from Terrorism Act of 2019
July 9, 2019
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on June 19, 2019

Cost Estimate
H.R. 2476, Securing American Non-Profit Organizations Against Terrorism Act of 2019
July 9, 2019
As passed by the House of Representatives on June 10, 2019

Cost Estimate
H.R. 3300, Economic Mobility Act of 2019
July 9, 2019
As ordered reported by the House Committee on Ways and Means on June 20, 2019

Cost Estimate
H.R. 397, Rehabilitation for Multiemployer Pensions Act of 2019
July 9, 2019
As posted by the House Committee on Ways and Means on July 8, 2019

Report
CBO's Work in Progress as of July 2, 2019
July 9, 2019
Each quarter, CBO provides information about its work in progress. As of July 2, the agency was working on 95 cost estimates for bills in addition to 20 analytic reports and working papers.

Report
The Distribution of Household Income, 2016
July 9, 2019
In 2016, average household income before accounting for means-tested transfers and federal taxes was $21,000 for the lowest quintile and $291,000 for the highest quintile. After transfers and taxes, those averages were $35,000 and $214,000.

Cost Estimate
H.R. 36, Combating Sexual Harassment in Science Act of 2019
As ordered reported by the House Committee on Science, Space, and Technology on June 20, 2019

Cost Estimate
H.R. 1311, a bill to amend the Robert T. Stafford Disaster Relief and Emergency Assistance Act to ensure that unmet needs after a major disaster are met
As ordered reported by the House Committee on Transportation and Infrastructure on March 27, 2019

Cost Estimate
S. 1521, a bill to amend section 327 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act to clarify that National Urban Search and Rescue Response System task forces may include Federal employees
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on June 19, 2019

Cost Estimate
H.R. 35, Emmett Till Antilynching ActAs ordered reported by the House Committee on the Judiciary on June 12, 2019

Cost Estimate
H.R. 3154, Homeownership for DREAMers Act
As ordered reported by the House Committee on Financial Services on June 11, 2019

Cost Estimate
H.R. 677, 21st Century President Act
As ordered reported by the House Committee on the Judiciary on June 12, 2019

Cost Estimate
S. 727, Global Fragility Act of 2019
As ordered reported by the Senate Committee on Foreign Relations

Cost Estimate
S. 1945, Saudi Arabia False Emergencies Act
As ordered reported by the Senate Committee on Foreign Relations on June 25, 2019

Report
Monthly Budget Review for June 2019
The federal budget deficit was $746 billion for the first nine months of fiscal year 2019, the CBO estimates, $139 billion more than the deficit recorded during the same period last year. Revenues were $69 billion higher and outlays were $208 billion higher than during first nine months of 2018.

Cost Estimate
S. 727, Global Fragility Act of 2019
As ordered reported by the Senate Committee on Foreign Relations

Cost Estimate
S. 1945, Saudi Arabia False Emergencies Act
As ordered reported by the Senate Committee on Foreign Relations on June 25, 2019

Report
Monthly Budget Review for June 2019
The federal budget deficit was $746 billion for the first nine months of fiscal year 2019, the CBO estimates, $139 billion more than the deficit recorded during the same period last year. Revenues were $69 billion higher and outlays were $208 billion higher than during first nine months of 2018.

Cost Estimate
H.R. 2327, Burma Political Prisoners Assistance Act
As ordered reported by the House Committee on Foreign Affairs on June 20, 2019

Cost Estimate
H.R. 2229, First Responders Passport Act of 2019
As ordered reported by the House Committee on Foreign Affairs on June 20, 2019

Report
The Effects on Employment and Family Income of Increasing the Federal Minimum Wage
The federal minimum wage is $7.25 per hour for most workers. In this report, CBO examines how increasing the federal minimum wage to $10, $12, or $15 per hour by 2025 would affect employment and family income.

FASB

FASB Seeks Stakeholder Input on Certain Identifiable Intangible Assets and the Subsequent Accounting for Goodwill  [07/09/19]
Media Advisory
Invitation to Comment
Video

GAO

Retirement Security:
Trends in Corporate Restructurings and Implications for Employee Pensions
GAO-19-447R:Published: Jul 12, 2019. Publicly Released: Jul 12, 2019.

Agricultural Lending:
Information on Credit and Outreach to Socially Disadvantaged Farmers and Ranchers Is Limited
GAO-19-539:Published: Jul 11, 2019. Publicly Released: Jul 11, 2019.

Border Infrastructure:
Actions Needed to Improve Information on Facilities and Capital Planning at Land Border Crossings
GAO-19-534:Published: Jul 11, 2019. Publicly Released: Jul 11, 2019.

Defense Acquisitions:
DOD Needs to Improve How It Communicates the Status of Regulation Changes
GAO-19-489:Published: Jul 11, 2019. Publicly Released: Jul 11, 2019.

Emergency Management:
FEMA's Disaster Recovery Efforts in Puerto Rico and the U.S. Virgin Islands
GAO-19-662T:Published: Jul 11, 2019. Publicly Released: Jul 11, 2019.

K-12 Education:
Education Should Take Immediate Action to Address Inaccuracies in Federal Restraint and Seclusion Data [Reissued with revisions on July 11, 2019.]
GAO-19-551R:Published: Jun 18, 2019. Publicly Released: Jun 18, 2019.

Dam Safety:
Army Corps' Decisions about and Status of Repayment for Harlan County Dam Repairs
GAO-19-593R:Published: Jul 9, 2019. Publicly Released: Jul 9, 2019.

Drug Control:
Certain DOD and DHS Joint Task Forces Should Enhance Their Performance Measures to Better Assess Counterdrug Activities
GAO-19-441:Published: Jul 9, 2019. Publicly Released: Jul 9, 2019.

Individual Retirement Accounts:
Formalizing Labor's and IRS's Collaborative Efforts Could Strengthen Oversight of Prohibited Transactions
GAO-19-495: Published: Jun. 7, 2019 Publicly Released: Jul. 8, 2019

GASB

GASB Proposes Omnibus Statement Addressing Wide Range of Practice Issues  [07/09/19]
Media Advisory
Exposure Draft

IASB

15 July 2019
Proposal for a cleaning contract with the IFRS Foundation

11 July 2019
IFRS Taxonomy formula linkbase 2019 now available

IRS 

Time is running out for some combat-injured veterans to claim tax refunds of up to $3,200
IR-2019-125, July 12, 2019  — The IRS is reminding veterans who received disability severance payments after 1991 and claimed it as income that time may be running out to claim their refund.

Have a sunnier tax season with these summertime IRS tax tips
IR-2019-124, July 10, 2019 — Buying a home? Working a summer job? Volunteering? Activities that are common in the summer often qualify for tax credits or deductions.

National Taxpayer Advocate Nina Olson releases comprehensive report intended to improve EITC administration; publishes "subway map" of taxpayer’s journey through the tax system
IR-2019-123, July 10, 2019 — National Taxpayer Advocate Nina E. Olson today released a special report on the Earned Income Tax Credit (EITC), which makes recommendations designed to increase the participation rate of eligible taxpayers and reduce overclaims by ineligible taxpayers.

Tax Security 2.0 – A "Taxes. Security. Together" Checklist
IR-2019-122, July 9, 2019 — Leaders from the IRS, state tax agencies and the tax industry today called on tax professionals nationwide to take time this summer to review their current security practices, enhance safeguards where necessary and take steps to protect their businesses from global cybercriminal syndicates prowling the Internet.

PCAOB

PCAOB Posts CAM Resources for Investors (July 11)

PCAOB Posts CAM Resources for Audit Committees (July 11)

SEC

Nomura to Pay Misled Bond Customers $25 Million to Settle SEC Charges
Washington D.C., July 15, 2019 —The Securities and Exchange Commission today instituted two related enforcement actions against Nomura Securities International Inc., which has agreed to repay approximately $25 million to customers for its failure to adequately supervise traders in mortgage-backed securities.  

SEC Charges Securities Lawyer and Microcap Agent with Fraud

Washington D.C., July 12, 2019 —The Securities and Exchange Commission today charged an Arizona-based attorney and a Missouri-based agent of microcap shell companies with securities fraud and registration violations. According to the SEC's complaint, from February 2015 to April 2017, attorney William Scott Lawler engaged in schemes to fraudulently transfer control over the shares of two publicly-traded shell companies to his client.

SEC Staff Publishes Statement Highlighting Risks for Market Participants to Consider As They Transition Away from LIBOR

Washington D.C., July 12, 2019 —The Securities and Exchange Commission today announced that SEC staff have published a statement that encourages market participants to proactively manage their transition away from LIBOR and outlines several potential areas that may warrant increased attention during that time. It is expected that parties reporting information used to set LIBOR will stop doing so after 2021.

SEC Investor Advisory Committee to Meet on July 25

Washington D.C., July 11, 2019 —The Securities and Exchange Commission’s Investor Advisory Committee will hold a meeting on July 25. The meeting will begin at 9 a.m. in the Multipurpose Room at SEC headquarters at 100 F Street, N.E., Washington, D.C. and is open to the public. The meeting will be webcast live and archived on the committee’s website for later viewing.

SEC Charges Accountant and Friend in $6.2 Million Insider Trading Scheme

Washington D.C., July 10, 2019 —The Securities and Exchange Commission today filed insider trading charges against an accountant and her friend, whom she illegally tipped with confidential information in advance of her company’s quarterly performance announcements in exchange for all-expense paid travel and other expensive gifts.  The alleged insider trading scheme generated profits of more than $6.2 million and was uncovered by the SEC through analysis and technology that it uses to detect suspicious trading activity.

CFTC and SEC Invite Public Comment on a Joint Proposal to Align Margin Requirements for Security Futures With Requirements for Similar Financial Products

Washington D.C., July 9, 2019 — The Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) (together, the Commissions) have approved a joint proposal to align the minimum margin required on security futures with other similar financial products. The proposal would set the minimum margin requirement for security futures at 15 percent of the current market value of each security future​

Agencies Adopt Final Rule to Exclude Community Banks from the Volcker Rule

Washington D.C., July 9, 2019 —Five federal financial regulatory agencies announced on Tuesday that they adopted a final rule to exclude community banks from the Volcker Rule, consistent with the Economic Growth, Regulatory Relief, and Consumer Protection Act. The Volcker Rule generally restricts banking entities from engaging in proprietary trading and from owning, sponsoring, or having certain relationships with hedge funds or private equity funds. Under the final rule, which is unchanged from the proposal, community banks with $10 billion or less in total consolidated assets and total trading assets and liabilities of 5 percent or less of total consolidated assets are excluded from the Volcker Rule.

SEC Announces August 13 Meeting of Small Business Capital Formation Advisory Committee
Washington D.C., July 9, 2019 —The Securities and Exchange Commission today announced the August 13 meeting of its Small Business Capital Formation Advisory Committee. The meeting will begin at 9:30 a.m. CT, 10:30 a.m. ET, at Creighton University in Omaha, Nebraska, and is open to the public with limited seating availability. The meeting will be webcast live and archived on the committee’s website for later viewing. The agenda for the meeting will be published at a later date.

Julie A. Erhardt, Deputy Chief Accountant, to Leave the SEC

Washington D.C., July 9, 2019 — The Securities and Exchange Commission announced today that Julie A. Erhardt, Deputy Chief Accountant (Technology and Innovation) in the Office of the Chief Accountant (OCA), plans to leave the agency in July after more than 14 years of noteworthy service. 

Allison Herren Lee Sworn In As SEC Commissioner
Washington D.C., July 9, 2019 —Allison Herren Lee was sworn into office on July 8 as an SEC Commissioner.Ms. Lee was nominated to the SEC by President Donald J. Trump and unanimously confirmed by the U.S. Senate.