Regulatory Roundup - Dec. 3-9
AICPA
Press Release
ASB’s New Agreed-Upon Procedures Standard Gives CPAs More Flexibility
In today’s increasingly complex business environment, there is a great and apparent need for auditors’ expertise in rapidly evolving subject matters.
December 5, 2019
Press Release
AICPA’s Auditing Standards Board Issues New Standards to Amend the Description of the Concept of Materiality
These standards impact the CPA’s reports because the new reports include a description of when misstatements are considered material.
December 5, 2019
Press Release
16 Year-End Financial Planning Tips from the AICPA
CPA financial planners with the AICPA share the following 2019 year-end tips to help Americans save in 2020.
December 5, 2019
Press Release
AICPA Building Diverse Talent Pool of CPAs though Leadership Workshop
The AICPA is now accepting applications for the 2020 Accounting Scholars Leadership Workshop, which prepares minority students to be CPAs.
December 3, 2019
CBO
Blog Post
CBO Launches Website Enhancements for Cost Estimates
December 5, 2019
As part of a continuing effort to increase transparency, CBO has improved the section of our website that contains cost estimates with several new features.
Cost Estimate
H.R. 2474, Protecting the Right to Organize Act of 2019
December 5, 2019
As ordered reported by the House Committee on Education and Labor on September 25, 2019
Cost Estimate
H.R. 3621, Student Borrower Credit Improvement Act
December 5, 2019
As ordered reported by the House Committee on Financial Services on July 16, 2019
Cost Estimate
H.R. 1380, Big Cat Public Safety Act
December 4, 2019
As ordered reported by the House Committee on Natural Resources on September 18, 2019
Cost Estimate
H.R. 1819, War Crimes Rewards Expansion Act
December 4, 2019
As ordered reported by the House Committee on Foreign Affairs on October 30, 2019
Cost Estimate
H.R. 2153, Keeping Girls in School Act
December 4, 2019
As ordered reported by the House Committee on Foreign Affairs on October 30, 2019
Cost Estimate
H.R. 4387, an act to establish Growth Accelerator Fund Competition within the Small Business Administration, and for other purposes
December 4, 2019
As passed by the House of Representatives on October 21, 2019
Cost Estimate
H.R. 4802, a bill to amend the State Department Basic Authorities Act of 1956 to authorize rewards under the Department of State’s rewards program relating to information regarding individuals or entities engaged in activities in contravention of United S
December 4, 2019
As ordered reported by the House Committee on Foreign Affairs on October 30, 2019
Cost Estimate
H.R. 4862, United States-Jordan Defense Cooperation Extension Act
December 4, 2019
As ordered reported by the House Committee on Foreign Affairs on October 30, 2019
Presentation
HISIM2—CBO’s New Health Insurance Simulation Model
December 4, 2019
Presentation by Alexandra Minicozzi, a unit chief in CBO’s Health, Retirement, and Long-Term Analysis Division (HRLD), and Geena Kim, an analyst in HRLD, to the Health Economics Scientific Interest Group at the National Institutes of Health.
Cost Estimate
S. 2799, NEWS Act of 2019
December 4, 2019
As ordered reported by the Senate Committee on Energy and Natural Resources on November 19, 2019
Cost Estimate
S. 2805, TOD Advancement Act of 2019
December 4, 2019
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on November 13, 2019
Cost Estimate
H.R. 4018, a bill to provide that the amount of time that an elderly offender must serve before being eligible for placement in home detention is to be reduced by the amount of good time credits earned by the prisoner
December 3, 2019
As reported by the House Committee on the Judiciary on November 26, 2019
Cost Estimate
S. 1611, Developing Innovation and Growing the Internet of Things Act
December 3, 2019
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on July 10, 2019
Presentation
The Effects of Increasing the Federal Minimum Wage on Employment and Family Income
December 3, 2019
Presentation by William Carrington, an analyst in CBO’s Microeconomic Studies Division, to the Department of Economics at Haverford College.
Cost Estimate
S. 1739, Department of Energy National Labs Jobs ACCESS Act
As ordered reported by the Senate Committee on Energy and Natural Resources on November 19, 2019
Cost Estimate
S. 2668, Solar Energy Research and Development Act of 2019
As ordered reported by the Senate Committee on Energy and Natural Resources on November 19, 2019
Cost Estimate
S. 2714, ARPA-E Reauthorization Act of 2019
As ordered reported by the Senate Committee on Energy and Natural Resources on November 19, 2019
Cost Estimate
S. 995, Lifespan Respite Care Reauthorization Act of 2019
As reported by the Senate Committee on Health, Education, Labor, and Pensions on November 5, 2019
Cost Estimate
S. 1130, Scarlett’s Sunshine on Sudden Unexpected Death Act
As reported by the Senate Committee on Health, Education, Labor, and Pensions on November 5, 2019
Cost Estimate
S. 1399, Title VIII Nursing Workforce Reauthorization Act of 2019
As reported by the Senate Committee on Health, Education, Labor, and Pensions on November 5, 2019
Cost Estimate
S. 1608, Promoting Physical Activity for Americans Act
As reported by the Senate Committee on Health, Education, Labor, and Pensions on November 5, 2019
Cost Estimate
S. 1640, Portable Fuel Container Safety Act of 2019
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on November 13, 2019
Cost Estimate
S. 1657, Kay Hagan Tick Act
As reported by the Senate Committee on Health, Education, Labor, and Pensions on November 5, 2019
Cost Estimate
S. 2619, Healthy Start Reauthorization Act of 2019As reported by the Senate Committee on Health, Education, Labor, and Pensions on November 5, 2019
Cost Estimate
S. 481, Nicholas and Zachary Burt Memorial Carbon Monoxide Poisoning Prevention Act of 2019
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on November 13, 2019
FASB
Financial Accounting Standards Board Opens Search for Technical Director [12/05/19]
News Release
Registration Opens for December 19 FASB Webcast for Private Companies & Not-for-Profit Organizations [12/02/19]
Media Advisory
Registration
GAO
Imported Seafood Safety:
Actions Needed to Improve FDA Oversight of Import Alert Removal Decisions
GAO-20-62: Published: Nov 6, 2019. Publicly Released: Dec 6, 2019.
Aviation Security:
TSA Should Ensure Screening Technologies Continue to Meet Detection Requirements after Deployment
GAO-20-56: Published: Dec 5, 2019. Publicly Released: Dec 5, 2019.
Federal Debt Management:
Treasury Should Strengthen Policies for Market Outreach and Analysis to Maintain
Broad-Based Demand for Securities
GAO-20-131: Published: Dec 5, 2019. Publicly Released: Dec 5, 2019.
Immigration Enforcement:
Arrests, Detentions, and Removals, and Issues Related to Selected Populations
GAO-20-36:Published: Dec 5, 2019. Publicly Released: Dec 5, 2019.
Science and Technology:
Overview of GAO's Enhanced Capabilities to Provide Oversight, Insight, and Foresight
GAO-20-306T: Published: Dec 5, 2019. Publicly Released: Dec 5, 2019
Evidence-Based Policymaking:
Selected Agencies Coordinate Activities, but Could Enhance Collaboration
GAO-20-119: Published: Dec 4, 2019. Publicly Released: Dec 4, 2019.
Navy Maintenance:
Persistent and Substantial Ship and Submarine Maintenance Delays Hinder Efforts to Rebuild Readiness
GAO-20-257T: Published: Dec 4, 2019. Publicly Released: Dec 4, 2019.
Technology Assessment Design Handbook
GAO-20-246G: Published: Dec 4, 2019. Publicly Released: Dec 4, 2019.
Bank Secrecy Act:
Examiners Need More Information on How to Assess Banks' Compliance Controls for Money Transmitter Accounts
GAO-20-46: Published: Dec 3, 2019. Publicly Released: Dec 3, 2019.
Immigration Enforcement:
Immigration-Related Prosecutions Increased from 2017 to 2018 in Response to U.S. Attorney General's Direction
GAO-20-172: Published: Dec 3, 2019. Publicly Released: Dec 3, 2019.
Military Housing Privatization:
Preliminary Observations on DOD's Oversight of the Condition of Privatized Military Housing
GAO-20-280T: Published: Dec 3, 2019. Publicly Released: Dec 3, 2019.
Special Education:
IDEA Dispute Resolution Activity in Selected States Varied Based on School Districts' Characteristics
GAO-20-22: Published: Nov 4, 2019. Publicly Released: Dec 3, 2019.
Environmental Protection Agency:
Recent Policy Could Improve Working Relations between EPA's Office of Inspector General and Office of Homeland Security
GAO-20-89R: Published: Oct. 30, 2019 Publicly Released: Dec. 2, 2019
Services for Substance Use Disorders, and Efforts to Address Access Issues in Rural Areas
GAO-20-35: Published: Dec. 2, 2019 Publicly Released: Dec. 2, 2019
GASB
GASB Proposes New Implementation Guidance to Assist Stakeholders with Application of Its Pronouncements [12/04/19]
Media Advisory
Exposure Draft
IASB
06 December 2019
Big techs and new entrants: threats to financial stability?
03 December 2019
Management Commentary Consultative Group December meeting papers available
03 December 2019
December IASB meeting papers and agenda available
IRS
Interest rates remain the same for the first quarter of 2020
IR-2019-201, December 6, 2019 —The IRS today announced that interest rates will remain the same for the calendar quarter beginning January 1, 2020.
National Tax Security Awareness Week, Day 5: Tax professionals need data protection plans; must guard against identity theft
IR-2019-200, December 6, 2019 — As National Tax Security Awareness week concludes, the IRS, state tax agencies and the tax industry today reminded tax professionals that federal law requires them to create and follow a written information security plan to protect their clients’ data.
IRS Criminal Investigation releases Fiscal Year 2019 Annual Report; celebrates 100 years
IR-2019-199, December 5, 2019 — The Internal Revenue Service today released the Criminal Investigation Division’s (CI) annual report, highlighting significant successes and criminal enforcement actions taken in fiscal year 2019.
National Tax Security Awareness Week, Day 4: IRS, Security Summit warns business owners about being targets for identity thieves
IR-2019-198, December 5, 2019 — Amid threats from cybercriminals, the IRS, state tax agencies and the tax industry urged employers large and small to step up cybersecurity protections against business identity theft
Jan. 31 filing deadline remains for employer wage statements, independent contractor forms
IR-2019-197, December 4, 2019 — The Internal Revenue Service today reminded employers and other businesses that wage statements and independent contractor forms still have a January 31 filing deadline.
National Tax Security Awareness Week, Day 3: Creating strong passwords can protect taxpayers from identity theft
IR-2019-196, December 4, 2019 — With millions of people logging in to websites and online accounts this holiday season, the IRS and the Security Summit partners remind taxpayers that common mistakes can increase their of risk having sensitive financial and tax data stolen by identity thieves.
National Tax Security Awareness Week, Day 2: Don’t take the bait: Recognize, avoid phishing scams from identity thieves
IR-2019-195, December 3, 2019 — As the holiday season approaches, the IRS and Security Summit partners warned taxpayers to watch out for phishing scams in the deluge of holiday email messages coming from retailers and others.
Treasury, IRS issue final regulations on new international provision, the base erosion and anti-abuse tax
IR-2019-194, December 2, 2019 — The Internal Revenue Service issued final regulations and proposed regulations today on the base erosion and anti-abuse tax.
Treasury, IRS issue final regulations on the Foreign Tax Credit
IR-2019-193, December 2, 2019 — The Internal Revenue Service issued final regulations today on the Foreign Tax Credit, a long-standing tax benefit that generally allows individuals and businesses to claim a credit for income taxes paid or accrued to foreign governments.
National Tax Security Awareness Week begins; IRS and Security Summit partner offer Cyber Monday shopping tips to protect computers, mobile phones
IR-2019-192, December 2, 2019 — The Internal Revenue Service and the Security Summit partners opened this year’s National Tax Security Awareness Week with a warning for holiday shoppers on Cyber Monday to secure their computers and mobile phones to reduce the threat of identity theft.
NYS Dept. of Taxation and Finance
Untaxed Cigarettes Seized Following Series of Enforcement Inspections in Troy
Friday, December 6, 2019
PCAOB
PCAOB to Consider a Concept Release on Quality Control Standards at Open Meeting on December 17
(December 9)
SEC
Jefferies to Pay Nearly $4 Million for Improper Handling of ADRs
2019-256, Dec. 9, 2019 — The Securities and Exchange Commission today announced that broker-dealer Jefferies LLC will pay nearly $4 million to settle charges of improper handling of “pre-released” American Depositary Receipts (ADRs).
SEC Obtains Touting and Fraud Judgment Against Colorado Cannabis Stock Promoter
2019-255, Dec. 9, 2019 — A Colorado stock promoter and two of his companies agreed to pay $4.2 million to settle the U.S. Securities and Exchange Commission's charges for fraudulently promoting and trading a cannabis stock. On Dec. 5, 2019, the U.S. District Court for the District of Colorado entered the final judgment.
SEC Charges Multinational Telecommunications Company With FCPA Violations
2019-254, Dec. 6, 2019 — The Securities and Exchange Commission today announced that Sweden-based Telefonaktiebolaget LM Ericsson was charged with engaging in a large-scale bribery scheme involving the use of sham consultants to secretly funnel money to government officials in multiple countries. The bribes netted Ericsson hundreds of millions in profits. To resolve these alleged violations of the Foreign Corrupt Practice Act (FCPA) and charges from a parallel criminal investigation, Ericsson has agreed to pay more than $1 billion to the SEC and the U.S. Department of Justice and to install an independent compliance monitor.
SEC Charges Trucking Executives With Accounting Fraud
2019-253., Dec. 5, 2019 — The Securities and Exchange Commission today charged two former top executives of Indiana-based trucking company Celadon Group Inc. for their participation in an accounting fraud that inflated the company's income and earnings per share. Celadon previously agreed to settle accounting fraud charges brought by the SEC in April.
SEC Releases Report on 38th Annual Small Business Forum
019-252., Dec. 5, 2019 — The Securities and Exchange Commission today released a report on the 38th Annual Government-Business Forum on Small Business Capital Formation. The Forum is a unique event attended by SEC Commissioners and staff in which members of the public and private sectors gather to craft suggestions for securities policy impacting emerging businesses and their investors. The 2019 Forum was hosted in partnership with the Heider College of Business at Creighton University in Omaha, Nebraska, on Aug. 14, 2019, and marks the first year that the Forum was organized by the SEC’s new Office of the Advocate for Small Business Capital Formation.
SEC Charges Iconix Brand Group and Former Top Executives With Accounting Fraud
2019-251, Dec. 5, 2019 — The Securities and Exchange Commission today charged brand-management company Iconix Brand Group Inc. and three of its former top executives with fraud. Iconix and two of its former executives have agreed to settle. The SEC’s litigation is proceeding against Iconix’s former CEO.
SEC Issues Agenda for Dec. 11 Meeting of Small Business Capital Formation Advisory Committee
2019-250, Dec. 4, 2019 — The Securities and Exchange Commission today released the agenda for a Dec. 11 telephonic meeting of its Small Business Capital Formation Advisory Committee. The committee provides the Commission with advice and recommendations on Commission rules, regulations and policy matters relating to small businesses, from privately-held emerging companies to smaller public companies. Additional information on the committee, including its members, is available on the committee webpage.
SEC Names Paul Munter as Deputy Chief Accountant
2019-249., Dec. 3, 2019 —The Securities and Exchange Commission today announced the appointment of Paul Munter as a Deputy Chief Accountant (International) in the agency's Office of the Chief Accountant.
SEC Names John Vanosdall as Deputy Chief Accountant
2019-248 , Dec. 3, 2019 — The Securities and Exchange Commission today announced the appointment of John Vanosdall as a Deputy Chief Accountant (Accounting Group) in the agency's Office of the Chief Accountant.