Regulatory Roundup, Jan. 18-24
AICPA
AICPA to Release Quarterly Economic Gauge of Average Americans Finances on Thursday, January 26
Press Release: The AICPA will release the results of the PFSi (Personal Financial Satisfaction Index), a quarterly economic gauge that measures the personal financial standing of a typical American, at 7:00 a.m. EST, Thursday, January 26.
Published on January 24, 2017
Press Release: The Association of International Certified Professional Accountants has provided comments on three Federal agencies’ advance notice of proposed rulemaking (ANPR) regarding enhanced cyber risk management standards for large and interconnected entities and their service providers.
Published on January 20, 2017
CBO
FASB
Representatives of the Financial Accounting Standards Board and the Accounting Standards Board of Japan Hold Biannual Meeting
Representatives of the Financial Accounting Standards Board (FASB) and the Accounting Standards Board of Japan (ASBJ) met on January 18 and 19, 2017, in Tokyo, Japan. This meeting was the twenty-first in a series of biannual meetings between the FASB and the ASBJ to further the Boards’ cooperative efforts to develop high-quality global accounting standards.
GAO
Overseas Contingency Operations:
OMB and DOD Should Revise the Criteria for Determining Eligible Costs and Identify the Costs Likely to Endure Long TermMedicare Advantage:
Limited Progress Made to Validate Encounter Data Used to Ensure Proper PaymentsMilitary Base Realignments and Closures:
DOD Has Improved Environmental Cleanup Reporting but Should Obtain and Share More InformationDefense Infrastructure:
DOD Needs Clearer Guidance on Notifying Congress of Privately Financed Construction ProjectsVeterans Health Administration:
Management Attention Is Needed to Address Systemic, Long-standing Human Capital ChallengesIASB
The meeting summary, along with meeting papers and recordings, can be found on the ASAF December 2016 meeting page.
20 Jan 2017 - January 2017 IASB Update published
The January 2017 IASB Update has been published. The topics for discussion were: Post-implementation Review of IFRS 13 Fair Value Measurement; Symmetric Prepayment Options; Accounting Policies and Accounting Estimates; Insurance Contracts (Oral update); and The Conceptual Framework for Financial Reporting
20 Jan 2017 - Global Preparers Forum November 2016 meeting notes posted
The Global Preparers Forum November 2016 meeting notes have been posted. Access the notes, along with meeting papers and recordings, on the GPF November 2016 meeting page.
The work plan reflecting decisions made at the January 2017 IASB meeting was updated on 19 January 2017.
IRS
Special Rules Help Many People With Disabilities Qualify for the Earned Income Tax Credit; Up to 1.5 Million Fail to Claim Valuable Benefit
IR-2017-07, Jan. 23, 2017 — The IRS wants taxpayers with disabilities and parents of children with disabilities to be aware of the EITC and correctly claim it if they qualify.
2017 Tax Filing Season Opens Today
IR-2017-06, Jan. 23, 2017 — The IRS said today that it successfully started accepting and processing 2016 federal individual income tax returns on schedule.
NYS Dept. of Taxation and Finance
Follow This To-Do List as Tax Season Officially Begins
The New York State Department of Taxation and Finance today announced important tax tips to follow and common errors to avoid this filing season.
SEC
Jan. 23, 2017 Shipping Conglomerate and Former CFO Charged With Failure to Recognize Hundreds of Millions in Tax Liabilities
The Securities and Exchange Commission today charged shipping conglomerate Overseas Shipholding Group (OSG) and its former chief financial officer Myles R. Itkin with failing to recognize hundreds of millions in tax liabilities in its financial statements that had accumulated over nearly 12 years resulting from its controlled foreign subsidiary guaranteeing OSG’s debt that had been borrowed under various credit financing agreements.
Jan. 23, 2017 SEC Announces Fraud Charges, Asset Freeze in Alleged Nursing Home Investment Scheme
The Securities and Exchange Commission today announced fraud charges and an emergency asset freeze obtained against a businessman in South Carolina accused of siphoning funds he raised from investors for the purpose of purchasing or renovating senior housing facilities.
Jan. 23, 2017 SEC Announces $7 Million Whistleblower Award
The Securities and Exchange Commission today announced an award of more than $7 million split among three whistleblowers who helped the SEC prosecute an investment scheme.
Jan. 19, 2017 SEC Establishes Supervisory Cooperation Arrangement With Hong Kong SFC
The Securities and Exchange Commission today announced that it has established a comprehensive arrangement with the Hong Kong Securities and Futures Commission (SFC) as part of the SEC’s long-term strategy to enhance the oversight of regulated entities that operate across national borders.
Jan. 19, 2017 Jennifer Diamantis Named Chief of Office of Market Intelligence
The Securities and Exchange Commission today announced that Jennifer A. Diamantis has been named Chief of the Enforcement Division’s Office of Market Intelligence, which is responsible for the collection, analysis, and monitoring of the hundreds of thousands of tips, complaints, and referrals that the SEC receives each year.
Jan. 19, 2017 Financial Company Charged With Improper Accounting and Impeding Whistleblowers
The Securities and Exchange Commission today announced that Seattle-based financial services company HomeStreet Inc. has agreed to pay a $500,000 penalty to settle charges that it conducted improper hedge accounting and later took steps to impede potential whistleblowers.
Jan. 19, 2017 SEC Chief of Staff Andrew J. Donohue to Leave Agency
The Securities and Exchange Commission today announced that SEC Chief of Staff Andrew J. ”Buddy” Donohue will be leaving the agency at the end of January.
Jan. 18, 2017 Company Settles Charges Over Undisclosed Perks and Improper Use of Non-GAAP Measures
The Securities and Exchange Commission today announced that New York-based marketing company MDC Partners has agreed to pay a $1.5 million penalty to settle charges that it failed to disclose certain perks enjoyed by its then-CEO and separately violated non-GAAP financial measure disclosure rules.
The Securities and Exchange Commission today announced that General Counsel Anne K. Small will leave the agency later this month.
Jan. 18, 2017 SEC Deputy Chief of Staff Nathaniel Stankard to Leave Agency
The Securities and Exchange Commission today announced that Nathaniel Stankard, deputy chief of staff for policy, will be leaving the agency.
Jan. 18, 2017 General Motors Charged With Accounting Control Failures
The Securities and Exchange Commission today announced that General Motors has agreed to pay a $1 million penalty to settle charges that deficient internal accounting controls prevented the company from properly assessing the potential impact on its financial statements of a defective ignition switch found in some vehicles.
Jan. 18, 2017 Medical Device Company Charged With Accounting Failures and FCPA Violations
The Securities and Exchange Commission today announced that Texas-based medical device company Orthofix International has agreed to admit wrongdoing and pay more than $14 million to settle charges that it improperly booked revenue in certain instances and made improper payments to doctors at government-owned hospitals in Brazil in order to increase sales.