AICPA

Press Release
AICPA Foundation Grants 25 Minority Doctoral Fellowships
AICPA names the 25 Minority Doctoral Fellowships for 2020. This is part of an effort to increase minority representation among accounting faculty at colleges and universities.
October 8, 2020

Press Release
Stablecoins and Fair Value Measurement Feature in Updated Guidance from AICPA Digital Assets Working Group
We hope this new set of Q&As go a long way in providing support and guidance to financial statement preparers operating in the digital assets space.
October 8, 2020

Media Advisory
AICPA Credit Union Conference Will Address the Future of the Financial Services Industry with Updates on CECL, Fraud and Cannabis Banking
The multi-day virtual event is designed for the C-suite, accounting managers, internal auditors, board and supervisory committee members, CPAs who audit credit unions and regulators.
October 7, 2020

CBO

Report
CBO’s Recent Publications and Work in Progress as of October 6, 2020
October 8, 2020
CBO releases an annual report summarizing completed projects. The agency also publishes quarterly reports, like this one, highlighting recent work and summarizing work in progress.

Report
Monthly Budget Review for September 2020
October 8, 2020
The federal government ran a budget deficit of $3.1 trillion in fiscal year 2020, CBO estimates, more than triple the shortfall recorded in 2019. The Treasury Department will report the actual deficit for the year later this month

Report
Testimony on CBO's 2020 Long-Term Budget Outlook
October 7, 2020
CBO Director Phillip Swagel testifies before the Subcommittee on Fiscal Responsibility and Economic Growth of the Senate Finance Committee.

Cost Estimate
S. 3235, Veterans Posttraumatic Growth Act
October 6, 2020
As reported by the Senate Committee on Veterans Affairs on September 15, 202o

Cost Estimate
S. 3650, Coverage for Urban Indian Health Providers Act
October 6, 2020
As ordered reported by the Senate Committee on Indian Affairs
on July 29, 2020

GAO

Aviation Cybersecurity:
FAA Should Fully Implement Key Practices to Strengthen Its Oversight of Avionics Risks
GAO-21-86: Published: Oct 9, 2020. Publicly Released: Oct 9, 2020.

Open Data:
Agencies Need Guidance to Establish Comprehensive Data Inventories; Information on Their Progress is Limited
GAO-21-29: Published: Oct 8, 2020. Publicly Released: Oct 8, 2020.

Laboratory Safety:
FDA Should Strengthen Efforts to Provide Effective Oversight
GAO-20-594: Published: Sep 8, 2020. Publicly Released: Oct 8, 2020.

Information Technology:
IRS Needs to Address Operational Challenges and Opportunities to Improve Management
GAO-21-178T: Published: Oct 7, 2020. Publicly Released: Oct 7, 2020.

National Security:
Additional Actions Needed to Ensure Effectiveness of 5G Strategy
GAO-21-155R: Published: Oct 7, 2020. Publicly Released: Oct 7, 2020.

The Nation's Fiscal Health:
A Long-Term Plan Is Needed for Fiscal Sustainability
GAO-21-161T: Published: Oct 7, 2020. Publicly Released: Oct 7, 2020.

Unaccompanied Children:
Actions Needed to Improve Grant Application Reviews and Oversight of Care Facilities
GAO-20-609: Published: Sep 15, 2020. Publicly Released: Oct 7, 2020.

Federal Oil and Gas Revenue:
Actions Needed to Improve BLM's Royalty Relief Policy
GAO-21-169T: Published: Oct 6, 2020. Publicly Released: Oct 6, 2020.

IASB

09 October 2020
Hope for a New Paradigm—Sustainability Reporting

09 October 2020
Forthcoming second webinar in English on Discussion Paper Business Combinations—Disclosures, Goodwill and Impairment

09 October 2020
Forthcoming second webinar in Japanese on Discussion Paper Business Combinations—Disclosures, Goodwill and Impairment

07 October 2020
Due Process Oversight Committee October 2020 meeting papers available

IRS

IRS adds QR technology to key balance due notices to help taxpayers
IR-2020-233, October 9, 2020 — For the first time, the IRS is adding barcode technology to notices sent to millions of taxpayers.

IRS: Check tax withholdings now as the last quarter of 2020 begins
IR-2020-232, October 9, 2020 — The Internal Revenue Service today reminded taxpayers that now is the perfect time to review their tax withholding and payments to avoid a surprise when filing next year.

October 15 deadline nears for taxpayers who requested tax filing extensions
IR-2020-231, October 7, 2020 — The Internal Revenue Service today reminds taxpayers who filed an extension that the October 15 due date to file their 2019 tax return is near.

IRS Free File marks record increase; available through Oct. 15
IR-2020-230, October 6, 2020 — The Internal Revenue Service announced today that Free File, the IRS-private sector partnership that offers free tax preparation products, scored a record percentage increase in new users as taxpayers turned to free name-brand providers in 2020.

​IRS extends Economic Impact Payment deadline to Nov. 21 to help non-filers
IR-2020-229, October 5, 2020 — The Internal Revenue Service announced today that the deadline to register for an Economic Impact Payment (EIP) is now Nov. 21, 2020.

NYS

Deadline to File Tax Returns and Claim Impact Money is Quickly Approaching
October 7, 2020

ICYMI: Superintendent Linda A. Lacewell’s Op-Ed in the New York Daily News: The Feds Fail Low-Income Consumers at the Worst Moment
October 7, 2020

Governor Cuomo Announces DFS Issues Guidance to Insurance Industry Clarifying Coverage For PrEP And Related Services
October 8, 2020

PCAOB

PCAOB Issues Staff Update and Preview of 2019 Inspection Observations
(October 8)

SEC

SEC Charges Seismic Data Company, Former Executives With $100 Million Accounting Fraud
2020-251, Oct. 8, 2020 — The Securities and Exchange Commission today charged Houston-based seismic data company, SAExploration Holdings Inc. (SAE), and four former executives for a multi-year accounting fraud that falsely inflated the company’s revenue by approximately $100 million and concealed the theft of millions of dollars by the executives. SAE issued restated financial statements in February and declared bankruptcy in August

SEC to Hold National Compliance Outreach Seminar for Investment Companies and Investment Advisers Virtually
2020-249, Oct. 7, 2020 — The Securities and Exchange Commission today announced that it has rescheduled its compliance outreach program's national seminar for investment companies and investment advisers to Nov. 19, 2020. This program is intended to help Chief Compliance Officers (CCOs) and other senior personnel at investment companies and investment advisory firms enhance their compliance programs for the protection of investors. The November program will be offered as a live webcast—both speakers and attendees will be participating in the program remotely. All live webcast attendees may view the program real-time, access presentation materials, and submit questions to the speakers during the presentation. Questions for the panels may also be submitted prior to the event to ComplianceOutreach@sec.gov.

SEC Proposes Conditional Exemption for Finders Assisting Small Businesses with Capital Raising
2020-248, Oct. 7, 2020 — The Securities and Exchange Commission today voted to propose a new limited, conditional exemption from broker registration requirements for “finders” who assist issuers with raising capital in private markets from accredited investors.  If adopted, the proposed exemption would permit natural persons to engage in certain limited activities involving accredited investors without registering with the Commission as brokers.  The proposed exemption seeks to assist small businesses to raise capital and to provide regulatory clarity to investors, issuers, and the finders who assist them.

SEC Updates Regulatory Framework for Fund of Funds Arrangements
2020-247, Oct. 7, 2020 —The Securities and Exchange Commission today voted to adopt a new rule and related amendments designed to put in place a comprehensive regulatory framework for fund of funds arrangements.  The rule also reflects the Commission’s decades of experience with fund of funds arrangements and will create a consistent and efficient rules-based regime for the formation and oversight of funds of funds

SEC Charges John McAfee With Fraudulently Touting ICOs
2020-246., Oct. 5, 2020 — The Securities and Exchange Commission today charged businessman and computer programmer John McAfee for promoting investments in initial coin offerings (ICOs) to his Twitter followers without disclosing that he was paid to do so. McAfee’s bodyguard, Jimmy Watson, Jr., was also charged for his role in the alleged scheme.

SEC Staff Releases Report on U.S. Credit Market Interconnectedness and the Effects of the COVID-19 Economic Shock
2020-245, Oct. 5, 2020 —The Securities and Exchange Commission today published a staff report titled U.S. Credit Markets: Interconnectedness and the Effects of the COVID-19 Economic Shock, which focuses on the origination, distribution and secondary market flow of credit across U.S. credit markets. The staff report also addresses how the related interconnections in our credit markets operated as the effects of the COVID-19 pandemic took hold. In addition, staff will host a Roundtable on Interconnectedness and Risk in U.S. Credit Markets to discuss the issues raised in the report on the afternoon of Oct.14.

SEC’s Messages for World Investor Week 2020
2020-244., Oct. 5, 2020 —  As World Investor Week (WIW) 2020 kicks off, the Securities and Exchange Commission today announced that staff will engage with Main Street investors to emphasize the importance of two particularly relevant investing topics−planning for life’s unexpected challenges and investing for the long term in times of uncertainty and market volatility.