Regulatory Roundup, Jan. 11-17
AICPA
Press Release: The Association has voiced its strong opposition to a plan by South Africa’s Independent Regulatory Board for Auditors to implement mandatory audit firm rotation.
Published on January 17, 2017
AICPA Commends House Sponsors of Fiscal State of the Nation Resolution
Press Release: The AICPA today expressed its support for a bipartisan initiative providing for the Comptroller General of the United States to make a presentation to a joint session of Congress regarding the audited financial statement of the executive branch.
Published on January 12, 2017
CBO
January 17, 2017
January 13, 2017
CBO’s Long-Term Projections of Labor Force Participation
January 13, 2017
Expired and Expiring Authorizations of Appropriations
January 13, 2017
CBO to Release Budget and Economic Outlook on January 24
January 11, 2017
FASB
FASB To Host Roundtable Meetings On Disclosure Framework Proposals
Norwalk, CT, January 12, 2017—The Financial Accounting Standards Board (FASB) will host two public roundtable meetings to discuss proposals related to its Disclosure Framework project. The meetings will be held on Friday, March 17, 2017, at the FASB offices located at 401 Merritt 7 in Norwalk, Connecticut.
Norwalk, CT, January 10, 2017—The Financial Accounting Standards Board (FASB) today issued proposed Accounting Standards Updates (ASUs) on: Classification of debt in a classified balance sheet (current versus noncurrent), and Changes to the disclosure requirements for inventory under the Disclosure Framework.
GAO
Financial Audit:
Fiscal Years 2016 and 2015 Consolidated Financial Statements of the U.S. Government
GAO-17-283R:Published: Jan 12, 2017. Publicly Released: Jan 12, 2017.
The Nation's Fiscal Health:
Action is Needed to Address the Federal Government's Fiscal Future
GAO-17-237SP:Published: Jan 17, 2017. Publicly Released: Jan 17, 2017.
IASB
Professor Tom Scott to become member of the International Accounting Standards Board
11 January 2017
The Trustees of the IFRS Foundation have appointed Canadian academic Tom Scott as a member of the International Accounting Standards Board (the Board). He will join the organisation in April for an initial five-year term.
International Accounting Standards Board consults on clarifications to IFRS Standards
12 January 2017
The International Accounting Standards Board (the Board) has today published proposed amendments to three Standards for public consultation as part of its annual improvements process.
2017 IFRS Standards (Blue Book)—now available to order
12 January 2017
We are pleased to announce that the 2017 IFRS®Standards (Blue Book) is now available to order. This is the only official edition of the consolidated text of the authoritative pronouncements as issued by the International Accounting Standards Board required for the financial year beginning on 1 January 2017.
IRS
Free File Opens Today; Offers Brand-Name Free Federal and Free State Tax Software
IR-2017-05, Jan. 13, 2017 — The IRS and its private-sector partners today announced the 2017 opening of Free File, the free tax software preparation program that gives eligible taxpayers a dozen options for brand-name products.
Who Will Prepare Your Tax Return?
IR-2017-04, Jan. 12, 2017 – As the start of tax filing season approaches, the IRS is reminding taxpayers to start thinking about who will prepare their 2016 federal tax return.
Security Summit Alert: New Two-Stage E-mail Scheme Targets Tax Professionals
IR-2017-03, Jan. 11, 2017 – The IRS, state tax agencies and tax industry leaders today warned tax professionals to be alert to an email scam from cybercriminals posing as clients soliciting their services.
NYC Dept. of Finance
January 17, 2017
Finance Publishes Fiscal Year 2018 Tentative Assessment Roll.
January 12, 2017
Testimony of First Deputy Commissioner Michael Hyman on legislation that authorizes the City to extend to 2020 the increase in the amount of income a household can receive from $29,000-$50,000 and still be eligible for the Rent Freeze Program.
January 11, 2017
Testimony of Commissioner Jacques Jiha, Ph.D. on legislation that will extend the City’s authority to conduct an annual tax-lien sale.
NYS Dept. of Taxation and Finance
Prepare to E-file! Tax Season Begins on January 23
NYS Tax Department highlights e-file options, valuable tax credits and filing deadline ahead of the income tax season
Allegations of $3.8 Million In Unreported Income Lead to Criminal Charges Against Queens Car Dealer and Companies
Defendants Allegedly Failed to Pay A Total of $332,000 In Taxes To State and City of New York
A.G. Schneiderman And Acting Tax Commissioner Manion Announce Felony Conviction Of Unregistered Long Island Tax Preparer
Susan Murillo Submitted Fraudulent Returns In An Attempt To Steal Refunds From The New York State Department Of Taxation And Finance
Employers—Don’t Delay Your Employees’ Tax Refunds; File Your Withholding Tax Return Today
Annual business filers must submit completed Form NYS-45 by January 31 or face financial penalties up to $10,000
Purchase Textbooks Tax Free for Upcoming Spring Semester
New York is one of 13 states nationwide to exempt textbooks from sales tax
PCAOB
PCAOB Posts Firm Data File for XML Submission of Form AP
The PCAOB today posted the Firm Data File to the XML Technical Specification section on the Form AP resource page.
SEC
SEC Charges Government Contractor With Inadequate Controls and Books and Records Violations
Washington D.C., Jan. 11, 2017 —
The Securities and Exchange Commission today announced that L3 Technologies Inc. (formerly known as L-3 Communications Holdings Inc.), a contractor for U.S. and various foreign government agencies, has agreed to pay a $1.6 million penalty to settle charges that it failed to maintain accurate books and records and had inadequate internal accounting controls.
ITG Paying $24 Million for Improper Handling of ADRs
Washington D.C., Jan. 12, 2017 —
The Securities and Exchange Commission today announced that broker ITG agreed to pay more than $24.4 million to settle charges that it violated federal securities laws when it prompted the issuance of American Depository Receipts (ADRs) without possessing the underlying foreign shares.
SEC Announces 2017 Examination Priorities
Washington D.C., Jan. 12, 2017 —
The Securities and Exchange Commission today announced its Office of Compliance Inspections and Examinations’ (OCIE) 2017 priorities. Areas of focus include electronic investment advice, money market funds, and financial exploitation of senior investors. The priorities also reflect a continuing focus on protecting retail investors, including individuals investing for their retirement, and assessing market-wide risks.
Biomet Charged With Repeating FCPA Violations
Washington D.C., Jan. 12, 2017 —
The Securities and Exchange Commission today announced that a Warsaw, Ind.-based medical device manufacturer has agreed to pay more than $30 million to resolve parallel SEC and Department of Justice investigations into the company’s repeat violations of the Foreign Corrupt Practices Act (FCPA).
BNY Mellon Settles Charges Stemming From Miscalculations of Regulatory Capital Figures
Washington D.C., Jan. 12, 2017 —
The Securities and Exchange Commission today announced that BNY Mellon has agreed to pay a $6.6 million penalty to settle charges stemming from miscalculations of its risk-based capital ratios and risk-weighted assets reported to investors.
Washington D.C., Jan. 12, 2017 —
The Securities and Exchange Commission today announced that Michael J. Osnato Jr., Chief of the Enforcement Division’s Complex Financial Instruments Unit, is planning to leave the agency later this month.
Citadel Securities Paying $22 Million for Misleading Clients About Pricing Trades
Washington D.C., Jan. 13, 2017 —
The Securities and Exchange Commission today announced that Citadel Securities LLC has agreed to pay $22.6 million to settle charges that its business unit handling retail customer orders from other brokerage firms made misleading statements to them about the way it priced trades.
Morgan Stanley Paying $13 Million Penalty for Overbilling Clients and Violating Custody Rule
Washington D.C., Jan. 13, 2017 —
The Securities and Exchange Commission today announced that Morgan Stanley Smith Barney has agreed to pay a $13 million penalty to settle charges that it overbilled investment advisory clients due to coding and other billing system errors. The firm also violated the custody rule pertaining to annual surprise examinations.
Chemical and Mining Company in Chile Paying $30 Million to Resolve FCPA Cases
Washington D.C., Jan. 13, 2017 —
The Securities and Exchange Commission today announced that Chilean-based chemical and mining company Sociedad Quimica y Minera de Chile S.A. (SQM) agreed to pay more than $30 million to resolve parallel civil and criminal cases finding that it violated the Foreign Corrupt Practices Act (FCPA).
BlackRock Charged With Removing Whistleblower Incentives in Separation Agreements
Washington D.C., Jan. 17, 2017 —
The Securities and Exchange Commission today announced that New York-based asset manager BlackRock Inc. has agreed to pay a $340,000 penalty to settle charges that it improperly used separation agreements in which exiting employees were forced to waive their ability to obtain whistleblower awards.
10 Firms Violated Pay-to-Play Rule By Accepting Pension Fund Fees Following Campaign Contributions
Washington D.C., Jan. 17, 2017 —
The Securities and Exchange Commission today announced that 10 investment advisory firms have agreed to pay penalties ranging from $35,000 to $100,000 to settle charges that they violated the SEC’s investment adviser pay-to-play rule by receiving compensation from public pension funds within two years after campaign contributions made by the firms’ associates.