Regulatory Roundup - Aug. 13-19
AICPA
Press Release
AICPA Honors Three Academics for Their Contributions to the Profession
AICPA recognizes Stephen Moehrle with the Distinguished Achievement in Accounting Education Award, and Panos N. Patatoukas and Yaniv Konchitchki with the Notable Contributions to Accounting Award
August 14, 2019
Press Release
Public Accounting Firm Hiring Model Shifts: AICPA ‘Trends Report’
Undergraduate accounting enrollments were second highest on record, and AICPA is working to strengthen pipeline of talent.
August 13, 2019
CBO
Cost Estimate
H.R. 347, Responsible Disposal Reauthorization Act of 2019
August 16, 2019
As ordered reported by the Senate Committee on Energy and Natural Resources on July 16, 2019
Cost Estimate
H.R. 3537, Veteran Entrepreneurship Training Act of 2019
August 16, 2019
As ordered reported by the House Committee on Small Business on July 17, 2019
Cost Estimate
H.R. 3734, Successful Entrepreneurship for Reservists and Veterans Act
August 16, 2019
As ordered reported by the House Committee on Small Business on July 17, 2019
Cost Estimate
S. 1601, HOT CARS Act of 2019
August 16, 2019
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on July 10, 2019
Cost Estimate
S. 1611, Developing Innovation and Growing the Internet of Things Act
August 16, 2019
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on July 10, 2019
Cost Estimate
S. 2065, Deepfake Report Act of 2019
August 16, 2019
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on July 24, 2019
Cost Estimate
S. 764, ARTICLE ONE Act
August 16, 2019
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on July 24, 2019
Cost Estimate
S. 1992, a bill to amend the FAST Act to repeal a rescission of funds
August 15, 2019
As reported by the Senate Committee on Environment and Public Works on July 31, 2019
Report
Sequestration Update Report: August 2019
August 15, 2019
In a report required by law, CBO provides estimates of the caps on discretionary funding for each fiscal year through 2021. CBO concludes that the discretionary appropriations provided to date for 2019 do not exceed the caps for this year.
Cost Estimate
H.R. 499, Service-Disabled Veterans Small Business Continuation Act
August 14, 2019
As ordered reported by the House Committee on Small Business on July 17, 2019
Cost Estimate
S. 1589, Damon Paul Nelson and Matthew Young Pollard Intelligence Authorization Act for Fiscal Years 2018, 2019, and 2020
August 14, 2019
As reported by the Senate Select Committee on Intelligence on May 22, 2019
Presentation
The 2019 Long-Term Budget Outlook in 23 Slides
This presentation summarizes the findings of CBO’s recent report The 2019 Long-Term Budget Outlook. CBO has also provided a narrated presentation highlighting the key aspects of the agency’s extended baseline projections.
Report
The Impact of Various Levels of Federal Debt on GNP and GNP per Capita
In a letter to Congressman Steve Womack, CBO provides additional information about its extended baseline projections and three alternative scenarios from The 2019 Long-Term Budget Outlook. Specifically, CBO provides estimates of gross national product (GNP) and GNP per capita in all four cases.
FASB
FASB Seeks Public Comment on Proposal to Delay Effective Dates for Private and Certain Public Companies and Organizations [08/15/19]
News Release
Exposure Document
FASB In Focus
FASB Outlook E-Newsletter [08/13/19]
Newsletter
GAO
Defense Acquisition Workforce:
DOD Increased Use of Human Capital Flexibilities but Could Improve Monitoring
GAO-19-509: Published: Aug 15, 2019. Publicly Released: Aug 15, 2019.
Defense Travel:
DOD Should Strengthen Its Ongoing Actions to Reduce Improper Travel Payments
GAO-19-530: Published: Aug 15, 2019. Publicly Released: Aug 15, 2019.
Future Warfare:
Army Is Preparing for Cyber and Electronic Warfare Threats, but Needs to Fully Assess the Staffing, Equipping, and Training of New Organizations
GAO-19-570: Published: Aug 15, 2019. Publicly Released: Aug 15, 2019.
Social Security and Medicare:
Improved Schedule Management Needed for More Timely Trust Fund Reports
GAO-19-596: Published: Jul 30, 2019. Publicly Released: Aug 14, 2019.
Electronic Cigarettes:
U.S. Imports, 2016-2018
GAO-19-619R: Published: Jul 12, 2019. Publicly Released: Aug 14, 2019.
Medicare Part D:
Use of Pharmacy Benefit Managers and Efforts to Manage Drug Expenditures and Utilization
GAO-19-498: Published: Jul 15, 2019. Publicly Released: Aug 13, 2019.
Export-Import Bank:
Status of End-Use Monitoring of Dual-Use Exports as of August 2019
GAO-19-656R: Published: Aug. 12, 2019 Publicly Released: Aug. 12, 2019
Security Assistance:
U.S. Agencies Should Improve Oversight of Human Rights Training for Foreign Security Forces
GAO-19-554: Published: Aug. 12, 2019 Publicly Released: Aug. 12, 2019
GASB
GASB Publishes Implementation Guidance on Lease Accounting [08/15/19]
Media Advisory
Implementation Guide 2019-3
IASB
15 August 2019
IASB adds phase two of its project on IBOR to the work plan
IRS
IRS automatically waives estimated tax penalty for eligible 2018 tax filers
IR-2019-144, August 14, 2019 — The Internal Revenue Service is automatically waiving the estimated tax penalty for the more than 400,000 eligible taxpayers who already filed their 2018 federal income tax returns but did not claim the waiver.
Tax Security 2.0 – A “Taxes-Security-Together” Checklist – Step 5
IR-2019-143, August 13, 2019 — The IRS and its Security Summit partners today reminded tax professionals that they should report data theft immediately to the IRS and follow an established process for helping the IRS protect their clients.
Moriarty selected as new associate chief counsel for Income Tax and Accounting
IR-2019-142, August 12, 2019 — The IRS’s Chief Counsel announced that John Moriarty has been selected as the new associate chief counsel, Income Tax and Accounting.
NYS Dept. of Taxation and Finance
Liquor Smuggler Agrees to Forfeit Alcohol and Vehicle After Guilty Plea
August 15, 2019
SEC
Cantor Fitzgerald and BMO Capital Charged for Improper Handling of ADRs SEC Charges Former CFO of Cash Advance Company With Defrauding Retail Investors charged charged SEC Releases Videos for Investors on Choosing and Working with a Financial Professional SEC.gov Investor.gov/CRS
SEC Wins Jury Trial Against Broker Charged with Insider Trading
2019-152 Washington D.C., Aug. 14, 2019 — Today, jurors in Atlanta federal court returned a verdict finding New Jersey securities broker Raymond J. Pirrello, Jr. liable for insider trading in advance of three merger and acquisition transactions.
SEC Charges Broker-Dealer with Violations of Gatekeeping Provisions Aimed at Protecting Investors
2019-151 Washington D.C., Aug. 14, 2019 —The Securities and Exchange Commission today charged Canaccord Genuity LLC, a broker-dealer headquartered in New York City, with enabling trading in dozens of thinly-traded securities without conducting the review required by the federal securities laws.
SEC Obtains Freeze of $8 Million in Assets in Alleged Fraudulent Token Offering and Manipulation Scheme
2019-150 Washington D.C., Aug. 13, 2019 —The Securities and Exchange Commission announced fraud charges against a Brooklyn individual and two entities under his control who allegedly engaged in a fraudulent scheme to sell digital securities to investors and to manipulate the market for those securities. On Aug. 12, 2019, the court entered an emergency freeze to preserve at least $8 million of the $14.8 million the defendants raised in 2017 and 2018 in an offering of digital securities).
SEC Charges Investment Banking Analyst with Insider Trading
2019-149 Washington D.C., Aug. 12, 2019 —The Securities and Exchange Commission today charged an analyst at a large international investment bank with insider trading based on confidential information that he learned about Siris Capital Group's plans to acquire Electronics for Imaging, Inc. (EFII).
TIGTA
August 14, 2019
Information Technology Risks Are Identified, Assessed, and Reported, but Mitigation Documentation and Oversight Need Improvement [PDF]
Highlights