Regulatory Roundup - Dec. 16, 2019 - Jan. 6, 2020
AICPA
Press Release
AICPA Targets Technology and Core Skills with CPA Exam Practice Analysis
The AICPA has issued proposed changes to the CPA Exam in the form of a practice analysis and invitation to comment.
December 23, 2019
Press Release
NASBA, AICPA Issue Revisions to CPE Provider Standards
AICPA and NASBA have updated the Continuing Professional Education (CPE) Standards. Among the changes are increased flexibility for CPAs, including in adaptive learning.
December 19, 2019
Press Release
CEIV Quality Monitoring Program Released
The AICPA, ASA and RICS finalized the quality monitoring program for the Certified in Entity and Intangible Valuations credential.
December 17, 2019
Press Release
AICPA Working Group Tackles Digital Assets in a New Practice Aid
This nonauthoritative guidance will be updated with additional content regularly, as topics are finalized, and posted to aicpa.org.
December 16, 2019
CBO
Presentation
The Effect of Employer Matching and Defaults on Workers’ TSP Savings Behavior
January 5, 2020
Presentation by Justin Falk and Nadia Karamcheva, analysts in CBO’s Microeconomic Studies Division, at the Allied Social Sciences Association’s Annual Meeting.
Report
Answers to Questions for the Record Following a Hearing Conducted by the House Committee on the Budget: Key Design Components and Considerations for Establishing a Single-Payer Health Care System
December 20, 2019
The House Budget Committee convened a hearing at which members of CBO's staff testified about the agency’s report Key Design Components and Considerations for Establishing a Single-Payer Health Care System. This document provides CBO’s answers to questions submitted for the record.
Blog Post
CBO’s Chorus Participates in the National Christmas Tree Music Program
December 20, 2019
Last Friday, members of CBO’s staff gave a public presentation of an unusual kind: not testimony at a Congressional hearing or a summary of research at an academic conference, but 30 minutes of holiday songs as part of the National Park Service’s National Christmas Tree Music Program.
Cost Estimate
H.R. 3622, Restoring Unfairly Impaired Credit and Protecting Consumers Act
December 20, 2019
As ordered reported by the House Committee on Financial Services on July 11, 2019
Cost Estimate
H.R. 3642, Improving Credit Reporting for All Consumers Act
December 20, 2019
As ordered reported by the House Committee on Financial Services on July 11, 2019
Cost Estimate
H.R. 4402, Inland Waters Security Review Act
December 20, 2019
As passed by the House of Representatives on December 9, 2019
Cost Estimate
H.R. 4727, Department of Homeland Security Mentor-Protégé Program Act of 2019
December 20, 2019
As passed by the House of Representatives on December 9, 2019
Cost Estimate
H.R. 537, Bureau of Reclamation Pumped Storage Hydropower Development Act
December 20, 2019
As reported by the House Committee on Natural Resources on December 5, 2019
Blog Post
Recent Transparency Efforts
December 20, 2019
Transparency is a top priority for CBO. The agency has long been dedicated to clearly explaining its analyses, and CBO has continued to bolster its efforts to be transparent over the past year.
Cost Estimate
S. 227, Savanna’s Act
December 20, 2019
As ordered reported by the Senate Committee on Indian Affairs on November 20, 2019
Cost Estimate
S. 2782, a bill to improve provisions of law relating to sexual harassment and assault prevention at the National Oceanic and Atmospheric Administration, and for other purposes
December 20, 2019
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on November 13, 2019
Cost Estimate
H.J. Res. 79, a joint resolution removing the deadline for the ratification of the equal rights amendment
December 19, 2019
As ordered reported by the House Committee on the Judiciary on November 13, 2019
Cost Estimate
H.R. 3495, Improve Well-Being for Veterans Act
December 19, 2019
As ordered reported by the House Committee on Veterans’ Affairs on December 5, 2019
Cost Estimate
H.R. 5047, GSA Lease Transparency Act of 2019
December 19, 2019
As ordered reported by the House Committee on Transportation and Infrastructure on November 20, 2019
Report
Projected Changes in the Distribution of Household Income, 2016 to 2021
December 19, 2019
This report projects the distributions of household income, means-tested transfers, and federal taxes under current law in 2021 and compares them with the actual distributions in 2016.
Cost Estimate
S. 2365, Health Care Access for Urban Native Veterans Act of 2019
December 19, 2019
As ordered reported by the Senate Committee on Indian Affairs on December 11, 2019
Cost Estimate
S. 2381, Traveling Parents Screening Consistency Act of 2019
December 19, 2019
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on December 11, 2019
Cost Estimate
S. 2638, Friendly Airports for Mothers Improvement Act
December 19, 2019
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on December 11, 2019
Cost Estimate
H.R. 307, Preserving America’s Battlefields Act
December 18, 2019
As ordered reported by the House Committee on Natural Resources on November 20, 2019
Cost Estimate
S. 999, Sustainable Chemistry Research and Development Act of 2019
December 18, 2019
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on November 13, 2019
Cost Estimate
Estimate for the Manager’s Amendment to Rules Committee Print 116-44 (H.R. 1865), to add Division Q, the Taxpayer Certainty and Disaster Relief Act of 2019
December 17, 2019
As posted on the website of the House Committee on Rules on December 17, 2019
Cost Estimate
H.R. 4461, Network Security Information Sharing Act of 2019
December 17, 2019
As ordered reported by the House Committee on Energy and Commerce on November 20, 2019
Cost Estimate
Estimate for Rules Committee Print 116-43, Consolidated Appropriations Act, 2020 (H.R. 1158)
December 16, 2019
As posted on the House Rules Committee website on December 16, 2019
Cost Estimate
Estimate for Rules Committee Print 116-44, the Further Consolidated Appropriations Act, 2020 (H.R. 1865)
December 16, 2019
As posted on the House Rules Committee website on December 16, 2019
Cost Estimate
H.R. 5430, United States-Mexico-Canada Agreement Implementation Act
December 16, 2019
As introduced on December 13, 2019
FAF
Richard R. Jones Appointed Chair of the Financial Accounting Standards Board [12/19/19]
News Release
Financial Accounting Foundation Names Kathleen L. Casey as Chair; Appoints Five New Members to the Board of Trustees [12/19/19]
News Release
Financial Accounting Foundation Trustees Announce Three New Members of the Governmental Accounting Standards Advisory Council (GASAC) [12/18/19]
News Release
Financial Accounting Foundation Appoints 11 New Members to the Financial Accounting Standards Advisory Council (FASAC) [12/18/19]
News Release
FASB
2020 GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy Now Available [12/20/19]
Media Advisory
Private Company Council [12/20/19]
December 16, 2019 Meeting Recap
Joint Meeting of the Private Company Council (PCC) and the FASB's Small Business Advisory Committee (SBAC) [12/20/19]
December 17, 2019 Meeting Recap
Small Business Advisory Committee [12/20/19]
December 17, 2019 Meeting Recap
FASB Issues Standard to Improve Accounting for Income Taxes [12/18/19]
Media Advisory
ASU 2019-12
Financial Accounting Foundation Appoints 11 New Members to the Financial Accounting Standards Advisory Council (FASAC) [12/18/19]
News Release
GAO
VA Real Property:
VHA Should Improve Activation Cost Estimates and Oversight
GAO-20-169: Published: Jan 2, 2020. Publicly Released: Jan 2, 2020.
Office of Congressional Workplace Rights:
Using Key Management Practices Would Help to Fully Implement Statutory Requirements
GAO-20-222: Published: Dec 30, 2019. Publicly Released: Dec 30, 2019.
Nutrition Assistance Programs:
Agencies Could Do More to Help Address the Nutritional Needs of Older Adults
GAO-20-18: Published: Nov 21, 2019. Publicly Released: Dec 23, 2019.
2020 Census:
Changes Planned to Improve Data Quality
GAO-20-282: Published: Dec 20, 2019. Publicly Released: Dec 20, 2019.
Federal Property:
Improved Monitoring, Oversight, and Data Would Help Understand Effects of Providing Property to Non-Federal Recipients
GAO-20-101: Published: Dec 20, 2019. Publicly Released: Dec 20, 2019.
Climate Change:
Potential Economic Costs and Opportunities to Reduce Federal Fiscal Exposure
GAO-20-338T: Published: Dec 19, 2019. Publicly Released: Dec 19, 2019.
Homeland Security Acquisitions:
Outcomes Have Improved but Actions Needed to Enhance Oversight of Schedule Goals
GAO-20-170SP: Published: Dec 19, 2019. Publicly Released: Dec 19, 2019.
NASA Lunar Programs:
Opportunities Exist to Strengthen Analyses and Plans for Moon Landing
GAO-20-68:Published: Dec 19, 2019. Publicly Released: Dec 19, 2019.
Satellite Communications:
DOD Should Develop a Plan for Implementing Its Recommendations on a Future Wideband Architecture
GAO-20-80: Published: Dec 19, 2019. Publicly Released: Dec 19, 2019.
Securities and Exchange Commission:
Personnel Management Shows Improvement, but Action Needed on Performance Management System
GAO-20-208: Published: Dec 19, 2019. Publicly Released: Dec 19, 2019.
Securities and Exchange Commission:
Systematically Assessing Staff Procedures and Enhancing Control Design Would Strengthen Internal Oversight
GAO-20-115: Published: Dec 19, 2019. Publicly Released: Dec 19, 2019.
State and Local Governments' Fiscal Outlook:
2019 Update
GAO-20-269SP: Published: Dec 19, 2019. Publicly Released: Dec 19, 2019.
Tax Administration:
Taxpayer Input Could Strengthen IRS's Online Services
GAO-20-71: Published: Dec 19, 2019. Publicly Released: Dec 19, 2019.
Wildland Fire:
Federal Agencies' Efforts to Reduce Wildland Fuels and Lower Risk to Communities and Ecosystems
GAO-20-52: Published: Dec 19, 2019. Publicly Released: Dec 19, 2019.
Community Services Block Grant:
Better Alignment of Outcome Measures with Program Goals Could Help Assess National Effectiveness
GAO-20-25: Published: Nov 19, 2019. Publicly Released: Dec 19, 2019.
Capitol Police:
Potential Effects of Raising the Mandatory Retirement Age
GAO-20-137R: Published: Dec 18, 2019. Publicly Released: Dec 18, 2019.
Drug Control:
The Office of National Drug Control Policy Should Develop Key Planning Elements to Meet Statutory Requirements
GAO-20-124: Published: Dec 18, 2019. Publicly Released: Dec 18, 2019.
Fake Caller ID Schemes:
Information on Federal Agencies' Efforts to Enforce Laws, Educate the Public, and Support Technical Initiatives
GAO-20-153: Published: Dec 18, 2019. Publicly Released: Dec 18, 2019.
Health Care Workforce:
Views on Expanding Medicare Graduate Medical Education Funding to Nurse Practitioners and Physician Assistants
GAO-20-162: Published: Dec 18, 2019. Publicly Released: Dec 18, 2019.
International Mail:
Progress Made in Using Electronic Data to Detect Illegal Opioid Shipments, but Additional Steps Remain
GAO-20-229R: Published: Dec 18, 2019. Publicly Released: Dec 18, 2019.
Juvenile Justice Grants:
DOJ Should Take Additional Actions to Strengthen Performance and Fraud Risk Management
GAO-20-202: Published: Dec 18, 2019. Publicly Released: Dec 18, 2019.
Security Assistance:
Actions Needed to Assess U.S. Activities and Ensure Timely Inspections of Equipment Transferred to Lebanon
GAO-20-176: Published: Dec 18, 2019. Publicly Released: Dec 18, 2019.
U.S. Army Corps of Engineers:
Information on Evaluations of Benefits and Costs for Water Resources Development Projects and OMB's Review
GAO-20-113R: Published: Dec 18, 2019. Publicly Released: Dec 18, 2019.
U.S. Postal Service:
Offering Nonpostal Services through Its Delivery Network Would Likely Present Benefits and Limitations [Reissued with revisions on Dec. 18, 2019.]
GAO-20-190: Published: Dec 17, 2019. Publicly Released: Dec 17, 2019.
Millennial Generation:
Information on the Economic Status of Millennial Households Compared to Previous Generations
GAO-20-194: Published: Dec 13, 2019. Publicly Released: Dec 18, 2019.
Land and Water Conservation Fund Act:
Forest Service Has Not Taken Steps to Ensure Compliance with Limitation on Land Acquisition
GAO-20-175R: Published: Dec 5, 2019. Publicly Released: Dec 18, 2019.
Customs and Border Protection:
Risk Management for Tariff Refunds Should Be Improved
GAO-20-182: Published: Dec 17, 2019. Publicly Released: Dec 17, 2019.
Nuclear Cleanup:
Actions Needed to Improve Cleanup Efforts at DOE's Three Former Gaseous Diffusion Plants
GAO-20-63: Published: Dec 17, 2019. Publicly Released: Dec 17, 2019.
Unmanned Aircraft Systems:
FAA Should Improve Drone-Related Cost Information and Consider Options to Recover Costs
GAO-20-136: Published: Dec 17, 2019. Publicly Released: Dec 17, 2019.
Assessing Data Reliability
GAO-20-283G: Published: Dec 16, 2019. Publicly Released: Dec 16, 2019.
Special Operations Forces:
Additional Actions Are Needed to Effectively Manage Air Reserve Component
GAO-20-90: Published: Dec 16, 2019. Publicly Released: Dec 16, 2019.
Troubled Asset Relief Program:
Status Update on Treasury's Two Active Investment Programs
GAO-20-218R: Published: Dec 16, 2019. Publicly Released: Dec 16, 2019.
GASB
Financial Accounting Foundation Trustees Announce Three New Members of the Governmental Accounting Standards Advisory Council (GASAC) [12/18/19]
IASB
20 December 2019
December monthly news update published
20 December 2019
Join the Foundation—Web Editor
20 December 2019
Q4 2019 IFRS Interpretations Committee podcast now available
19 December 2019
Speech: Accounting standards and the long term
19 December 2019
IFRS Foundation announces appointments to the Capital Markets Advisory Committee from 2020
18 December 2019
December IASB podcast now available
18 December 2019
IFRS Foundation publishes IASB members’ Q3 2019 stakeholder engagement register
17 December 2019
IASB proposes to require comparable profit subtotals and bring greater transparency to ‘non-GAAP’ measures
16 December 2019
November 2019 IFRS Interpretations Committee Update available
IRS
IRS issues standard mileage rates for 2020
IR-2019-215, December 31, 2019 — The Internal Revenue Service today issued the 2020 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
New Free File agreement signed to strengthen program, help taxpayers
IR-2019-214, December 30, 2019 — The Internal Revenue Service announced today an agreement with Free File, Inc. (FFI) designed to bring more clarity for taxpayers choosing to use free online software during the 2020 filing season.
IRS continues enforcement efforts in conservation easement cases following latest Tax Court decision
IR-2019-213, December 20, 2019 — The IRS today urged taxpayers involved in designated syndicated conservation easement arrangements to consult with their tax advisors following a recent U.S. Tax Court decision and agency plans to continue enforcement efforts in this area.
IRS and Treasury finalize Opportunity Zone guidance
IR-2019-212, December 19, 2019 — The IRS today issued final regulations providing details about investment in qualified opportunity zones (QOZ).
IRS: Make a tax payment now, avoid a tax-time surprise
IR-2019-211, December 18, 2019 —Taxpayers who paid too little tax during 2019 can still avoid a tax-time surprise by making a quarterly estimated tax payment now, directly to the IRS.
IRS seeks applications for the Electronic Tax Administration Advisory Committee for 2020
IR-2019-210, December 18, 2019 — The IRS is seeking qualified applicants for nomination to the Electronic Tax Administration Advisory Committee (ETAAC).
New downloadable assistant helps small businesses withhold the right amount of income tax
IR-2019-209, December 17, 2019 — The IRS has launched a new online assistant designed to help employers, especially small businesses, easily determine the right amount of federal income tax to withhold from their workers’ pay.
IRS, Treasury issue proposed regulations on compensation deductions for publicly held corporations
IR-2019-208, December 17, 2019 — The Treasury Department and IRS issued proposed regulations to reflect changes from the Tax Cuts and Jobs Act on the tax deductibility of officers’ compensation by publicly held corporations.
Get Ready for Taxes: What to do before the tax year ends December 31
IR-2019-207, December 16, 2019 — The RS reminds taxpayers there are things they should do now to get ready for the tax-filing season ahead.
NYS Dept. of Taxation and Finance
PCAOB
PCAOB Issues Quality Control Concept Release
Dec. 17, 2019
Patrick Bryan Named PCAOB Director of the Division of Enforcement and Investigations
Dec. 17, 2019
Kenneth Lench Named PCAOB General Counsel
Dec. 17, 2019
SEC
Longfin CEO Settles Fraud Action
2020-2, Jan. 3, 2020 — The Securities and Exchange Commission today announced that Longfin Corp. CEO Venkata S. Meenavalli has agreed to pay $400,000 in disgorgement and penalties to resolve the SEC’s fraud action against him. The settlement, which remains subject to court approval, concludes the SEC’s actions against Longfin, its CEO, and three other individuals in which the SEC has secured over $26 million of ill-gotten gains. The SEC intends to establish a Fair Fund to distribute money received from the defendants to harmed investors.
SEC Charges Six Individuals in International Microcap Fraud Schemes
2020-1, Jan. 2, 2020 — The Securities and Exchange Commission today charged six individuals and their companies with participating in schemes that allegedly generated more than $35 million of illegal sales of stock in at least 45 microcap companies. The charges contained in two complaints reflect investigations by staff in the SEC’s New York and Boston offices, and assistance from multiple regulators outside the U.S.
SEC Proposes to Codify Certain Consultations and Modernize Auditor Independence Rules
2019-276, Dec. 30, 2019 — The Securities and Exchange Commission today announced that it is proposing amendments to codify certain staff consultations and modernize certain aspects of its auditor independence framework. The proposed amendments would update select aspects of the nearly two-decade-old auditor independence rule set to more effectively structure the independence rules and analysis so that relationships and services that would not pose threats to an auditor’s objectivity and impartiality do not trigger non-substantive rule breaches or potentially time consuming audit committee review of non-substantive matter
Susan Nash, Associate Director in Division of Investment Management, to Leave SEC After 30 Years of Public Service
2019-275, Dec. 23, 2019 — The Securities and Exchange Commission today announced that Susan Nash, Associate Director and Senior Policy Advisor to the Director, Division of Investment Management, will retire from the SEC at the end of this month after 30 years of public service.
Susan Nash, Associate Director in Division of Investment Management, to Leave SEC After 30 Years of Public Service
2019-275, Dec. 23, 2019 — The Securities and Exchange Commission today announced that Susan Nash, Associate Director and Senior Policy Advisor to the Director, Division of Investment Management, will retire from the SEC at the end of this month after 30 years of public service.
SEC Charges Recidivist Investment Adviser With Defrauding Retirees
2019-274., Dec. 19, 2019 — The Securities and Exchange Commission today charged Sacramento, California-based investment adviser firm Springer Investment Management, Inc. dba Springer Financial Advisors (SFA) and owner Keith Springer with defrauding hundreds of retail clients, most of them in or close to retirement.
SEC Announces Robert A. Marchman as Senior Policy Advisor on Diversity and Inclusion
2019-273, Dec. 19, 2019 — The Securities and Exchange Commission today announced the appointment of Robert A. Marchman as Senior Policy Advisor on Diversity and Inclusion. In this newly created role within the SEC's Office of Minority and Women Inclusion (OMWI), Mr. Marchman will focus on working with Commission divisions, offices, and advisory committees to develop and implement strategies to promote diversity and inclusion, both within the SEC and through external engagement with agency partners and market participants. Mr. Marchman will also assist the agency's ongoing efforts to promote financial literacy and inclusion in underserved portions of the investor community
Small Business Advocate Releases First Annual Report
2019-272, Dec. 19, 2019 — The Securities and Exchange Commission’s Office of the Advocate for Small Business Capital Formation today released its inaugural Annual Report for Fiscal Year 2019. The report is available for download here.
SEC Files Charges in Ponzi Scheme Targeting Hispanic Community
2019-271, Dec. 19, 2019 — The Securities and Exchange Commission today announced charges against Edward Espinal, of Wayne, New Jersey, and his company, Cash Flow Partners LLC, in connection with an alleged $5 million Ponzi scheme that defrauded at least 90 investors, many of whom were members of the Hispanic community.
SEC Names David Bottom as Chief Information Officer
2019-270, Dec. 19, 2019 — The Securities and Exchange Commission (SEC) today announced that David Bottom has been appointed as the agency’s Chief Information Officer (CIO). In this role, Mr. Bottom will be responsible for overseeing the security and overall functions of the agency’s information technology systems. He will officially join the agency in January 2020.
MetLife to Pay $10 Million for Longstanding Internal Control Failures
2019-269, Dec. 18, 2019 — The Securities and Exchange Commission today charged MetLife, Inc. with violating the books and records and internal accounting controls provisions of the federal securities laws relating to two errors in its accounting for reserves associated with its annuities businesses. MetLife has agreed to pay $10 million to settle the charges.
SEC Charges Broker-Dealers With Illicitly Profiting in Partial Tender Offer
2019-268, Dec. 18, 2019 — The Securities and Exchange Commission today announced settled charges against two registered broker-dealers, Bluefin Trading LLC and Critical Trading LLC, for violating the so-called “short tender rule” and enriching themselves at the expense of other participants in a partial tender offer.
Issuer Settles Unregistered ICO Charges, Agrees to Return Funds and Register Tokens
2019-267, Dec. 18, 2019 — The Securities and Exchange Commission today announced settled charges against blockchain technology company Blockchain of Things Inc. (BCOT) for conducting an unregistered initial coin offering (ICO) of digital tokens.
SEC Approves 2020 PCAOB Budget and Accounting Support Fee
2019-266, Dec. 18, 2019 — The Securities and Exchange Commission voted today to approve the 2020 budget of the Public Company Accounting Oversight Board (PCAOB) and the related annual accounting support fee.
SEC Proposes to Update Accredited Investor Definition to Increase Access to Investments
2019-265, Dec. 18, 2019 — The Securities and Exchange Commission voted to propose amendments to the definition of accredited investor, one of the principal tests for who is eligible to participate in our private capital markets. The proposal seeks to update and improve the definition to more effectively identify institutional and individual investors that have the knowledge and expertise to participate in our private capital markets.
SEC Proposes Rules to Implement the Statutory Mandate to Adopt Resource Extraction Disclosure Rules
2019-264, Dec. 18, 2019 — Following a series of Commission actions, court proceedings and Congressional action, the Securities and Exchange Commission today voted to propose rules that would require resource extraction issuers to disclose payments made to foreign governments or the U.S. federal government for the commercial development of oil, natural gas, or minerals.
SEC Adopts Actions to Stand Up Security-Based Swap Regulatory Regime
2019-263, Dec. 18, 2019 — The Securities and Exchange Commission today adopted a package of rule amendments, guidance, and a related order to expand and improve the framework for regulating cross-border security-based swaps, including single-name credit default swaps. The adoption of this package also stands up the Commission’s broad security-based swap regulatory regime as it triggers the compliance date for security-based swap entities to register with the Commission and the implementation period for previously adopted rules under Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act. These rules establish a coherent approach to the regulation of margin, capital, segregation, recordkeeping and reporting and business conduct for security-based swaps.
SEC Adopts Risk Mitigation Techniques for Uncleared Security-Based Swaps
2019-262, Dec. 18, 2019 —The Securities and Exchange Commission today voted to adopt rules requiring the application of risk mitigation techniques to portfolios of uncleared security-based swaps.
Silicon Valley IT Administrator and Friends Charged in Multimillion Dollar Insider Trading Ring
2019-261, Dec. 17, 2019 — The Securities and Exchange Commission today announced insider trading charges against five friends who repeatedly traded on confidential earnings information about a Silicon Valley cloud-computing company, reaping millions of dollars in trading profits.
SEC Charges Former Goldman Sachs Executive With FCPA Violations
2019-260, Dec. 16, 2019 — The Securities and Exchange Commission today announced charges against former Goldman Sachs Group Inc. executive Tim Leissner for engaging in a corruption scheme, by which he obtained millions of dollars by paying unlawful bribes to various government officials to secure lucrative contracts for Goldman Sachs. Leissner has agreed to a settlement of the alleged violations of the Foreign Corrupt Practices Act (FCPA) that includes a permanent bar from the securities industry.