From the President's Desk—Independence Day Special Issue  [06/28/18]
Column

FASB

Investor Advisory Committee  [07/02/18]
June 28, 2018 Meeting Recap

Private Company Council  [07/02/18]
June 26, 2018 Meeting Recap

GAO

Medicare:
Small and Rural Practices' Experiences in Previous Programs and Expected Performance in the Merit-based Incentive Payment System
GAO-18-428:Published: May 31, 2018. Publicly Released: Jul 2, 2018.

Summer Meals:
Actions Needed to Improve Participation Estimates and Address Program Challenges
GAO-18-369:Published: May 31, 2018. Publicly Released: Jul 2, 2018.  

Puerto Rico:
Limited Federal Data Hinder Analysis of Economic Condition and DOL's 2016 Overtime Rule
GAO-18-483:Published: Jun 29, 2018. Publicly Released: Jun 29, 2018.  

Capitol Preservation Fund:
Audit of Fiscal Years 2015, 2016, and 2017 Transactions
GAO-18-524R:Published: Jun 28, 2018. Publicly Released: Jun 28, 2018.

Conflict Minerals:
Company Reports on Mineral Sources in 2017 Are Similar to Prior Years and New Data on Sexual Violence Are Available
GAO-18-457:Published: Jun 28, 2018. Publicly Released: Jun 28, 2018.

Information Technology:
IRS Needs to Take Additional Actions to Address Significant Risks to Tax Processing
GAO-18-298:Published: Jun 28, 2018. Publicly Released: Jun 28, 2018.

Senate Preservation Fund:
Audit of Fiscal Years 2015, 2016, and 2017 Transactions
GAO-18-525R:Published: Jun 28, 2018. Publicly Released: Jun 28, 2018.

U.S. Postal Service:
Projected Capital Spending and Processes for Addressing Uncertainties and Risks
GAO-18-515:Published: Jun 28, 2018. Publicly Released: Jun 28, 2018.

Drug Discount Program:
Federal Oversight of Compliance at 340B Contract Pharmacies Needs Improvement
GAO-18-480:Published: Jun 21, 2018. Publicly Released: Jun 28, 2018.

Strategic Petroleum Reserve:
DOE Needs to Strengthen Its Approach to Planning the Future of the Emergency Stockpile
GAO-18-477:Published: May 30, 2018. Publicly Released: Jun 28, 2018. 

Medicaid:
Actions Needed to Mitigate Billions in Improper Payments and Program Integrity Risks
GAO-18-598T:Published: Jun 27, 2018. Publicly Released: Jun 27, 2018.

U.S. Customs and Border Protection:
Progress and Challenges in Recruiting, Hiring, and Retaining Law Enforcement Personnel
GAO-18-487:Published: Jun 27, 2018. Publicly Released: Jun 27, 2018

IASB:

03 July 2018
Issue 16 of the Investor Update published

29 June 2018
New IFRS 9 Financial Instruments webcast available

28 June 2018
IASB Chair's speech: IFRS Standards as enlightened self-interest

28 June 2018 
IASB consults on the accounting for financial instruments with characteristics of equity

28 June 2018
Video: IASB Vice-Chair Sue Lloyd talks about the Financial Instruments with Characteristics of Equity Discussion Paper

27 June 2018 
June 2018 IFRS for SMEs Update published

26 June 2018
Transforming the impact of financial information: the role of technology

26 June 2018
IFRS Foundation Trustees appoint two IFRS Interpretations Committee members

IRS

IRS Working on a New Form 1040 for 2019 Tax Season
IR-2018-146, June 29, 2018 – As part of a larger effort to help taxpayers, the Internal Revenue Service plans to streamline the Form 1040 into a shorter, simpler form for the 2019 tax season.

Tax bill this year? Check withholding soon, avoid another one next year
IR-2018-145, June 28, 2018 — Taxpayers who owed additional tax when they filed their 2017 federal tax return earlier this year can avoid another unexpected tax bill next year by doing a “paycheck checkup” as soon as possible, according to the IRS.

Electronic Tax Administration Advisory Committee issues 2018 annual report
IR-2018-144, June 27, 2018 — The Electronic Tax Administration Advisory Committee (ETAAC) today released its annual report, featuring numerous recommendations on a range of issues in electronic tax administration.

National Taxpayer Advocate identifies priority areas in mid year report to Congress; focuses on customer service challenges
IR-2018-143, June 27, 2018 — National Taxpayer Advocate Nina E. Olson today released her statutorily mandated mid-year report to Congress that presents a review of the 2018 filing season, identifies the priority issues the Taxpayer Advocate Service (TAS) will address during the upcoming fiscal year and contains the IRS’s responses to each of the 100 administrative recommendations the Advocate made in her 2017 Annual Report to Congress.

NYC Dept. of Finance

July 2, 2018
Amendment to Rule Relating to Parking Violations

June 29, 2018
Finance Memoranda #18-6  June 29, 2018  Recognition and Allocation of Deferred Income from a Non-Qualified Deferred Compensation Plan

NYS Dept. of Taxation and Finance

College Students and Recent High School Graduates: Don’t Neglect to Claim Tax Refunds and Benefits

SEC

SEC Charges Attorney and Law Firm Business Manager With Illegal Sales of UBI Blockchain Internet Stock
Washington D.C., July 2, 2018 —The Securities and Exchange Commission today charged two men alleged to have profited from illegal sales of stock of a company claiming to have a blockchain-related business

SEC Charges KBR for Inflating Key Performance Metric and Accounting Controls Deficiencies
Washington D.C., July 2, 2018 —The Securities and Exchange Commission today charged global engineering and construction company KBR Inc. with inflating a key, non-financial statement performance metric known as work in backlog.  KBR agreed to pay a $2.5 million penalty to settle the SEC’s charges.

SEC Charges New York-Based Firm and Supervisors for Failing to Supervise Brokers Who Defrauded Customers
Washington D.C., June 29, 2018 —The Securities and Exchange Commission today charged New York-based broker-dealer Alexander Capital L.P. and two of its managers for failing to supervise three brokers who made unsuitable recommendations to investors, “churned” accounts, and made unauthorized trades that resulted in substantial losses to the firm’s customers while generating large commissions for the brokers.

SEC Charges Morgan Stanley in Connection With Failure to Detect or Prevent Misappropriation of Client Funds Washington D.C., June 29, 2018 — The Securities and Exchange Commission today announced that Morgan Stanley Smith Barney (MSSB) has agreed to pay a $3.6 million penalty and to accept certain undertakings for its failure to protect against its personnel misusing or misappropriating funds from client accounts. 

SEC Chairman Clayton Invites Main Street Investors to ‘Tell Us’ About Their Investor Experience
Washington D.C., June 29, 2018 — Securities and Exchange Commission Chairman Jay Clayton is inviting Main Street investors from around the country to ‘Tell Us’ about their investor experience through roundtable discussions in several cities. In these roundtables, Main Street investors will be able to speak directly with Chairman Jay Clayton and senior SEC staff about our efforts to enhance retail investor protection and promote choice and access to a variety of investment services and products.

SEC and CFTC Announce Approval of New MOU
Washington D.C., June 28, 2018 — The Securities and Exchange Commission and the Commodity Futures Trading Commission (CFTC) announced today that the two agencies have approved a Memorandum of Understanding (MOU) that will help ensure continued coordination and information sharing between the two agencies.​

Former Equifax Manager Charged With Insider Trading
Washington D.C., June 28, 2018 — The Securities and Exchange Commission today charged a former Equifax manager with insider trading in advance of the company’s September 2017 announcement of a massive data breach that exposed Social Security numbers and other personal information of approximately 148 million U.S. customers.   This is the second case the SEC has filed arising from the Equifax data breach.  In March, the former chief information officer of Equifax’s U.S. business unit was charged with insider trading. 

SEC Expands the Scope of Smaller Public Companies that Qualify for Scaled Disclosures
Washington D.C., June 28, 2018 —The Securities and Exchange Commission today voted to adopt amendments to the “smaller reporting company” (SRC) definition to expand the number of companies that qualify for certain existing scaled disclosure accommodations.

SEC Adopts Inline XBRL for Tagged Data
Washington D.C., June 28, 2018 —The Securities and Exchange Commission today voted to adopt amendments to eXtensible Business Reporting Language (XBRL) requirements for operating companies and funds.  The amendments are intended to improve the quality and accessibility of XBRL data.

SEC Proposes New Approval Process for Certain Exchange-Traded Funds
Washington D.C., June 28, 2018 —The Securities and Exchange Commission today voted to propose a new rule and form amendments intended to modernize the regulatory framework for exchange-traded funds (ETFs), by establishing a clear and consistent framework for the vast majority of ETFs operating today.  ETFs that satisfy certain conditions would be able to operate within the scope of the Investment Company Act of 1940 and to come to market without applying for individual exemptive orders.  The proposal would therefore facilitate greater competition and innovation in the ETF marketplace, leading to more choice for investors.   

SEC Adopts Targeted Changes to Public Liquidity Risk Management Disclosur
Washington D.C., June 28, 2018 — The Securities and Exchange Commission today adopted amendments to public liquidity-related disclosure requirements for certain open-end funds.  Under the amendments, funds would discuss in their annual or semi-annual shareholder report the operation and effectiveness of their liquidity risk management programs.  This requirement replaces a pending requirement that funds publicly provide a quantitative end-of-period snapshot of historic aggregate liquidity classification data for their portfolios on Form N-PORT.

SEC Proposes Whistleblower Rule Amendments
Washington D.C., June 28, 2018 —The Securities and Exchange Commission today voted to propose amendments to the rules governing its whistleblower program.  The whistleblower program was established in 2010 to incentivize individuals to report high-quality tips to the Commission and help the agency detect wrongdoing and better protect investors and the marketplace.

SEC Approves Final and Proposed Rules in Latest Open Meeting
Washington D.C., June 28, 2018 — The Securities and Exchange Commission today voted on several final rules and rule proposals that together represent material progress toward many Commission priorities.

SEC Celebrates Lesbian, Gay, Bisexual and Transgender Pride Month
​Washington D.C., June 28, 2018 — The Securities and Exchange Commission this week concluded its month of special events and guest speakers – at its Washington, D.C. headquarters, as well as in regional offices around the country – in honor of Lesbian, Gay, Bisexual and Transgender (LGBT) Pride Month.