Regulatory Roundup - Oct. 13-19
AICPA
Press Release
AICPA Announces Annual Leadership Academy Graduates
29 young CPAs from around the country graduated from the 2020 AICPA Leadership Academy.
October 13, 2020
CBO
Cost Estimate
H.R. 925, Heroes Act
October 16, 2020
As passed by the House of Representatives on October 1, 2020
Interactive
How Changes in Revenues and Outlays Would Affect Debt Service, Deficits, and Debt
October 16, 2020
This interactive workbook allows users to see how revenues and outlays that differed from those in CBO’s September 2020 baseline budget projections would increase or decrease net interest costs and thus affect deficits and debt.
Working Paper
Key Methods That CBO Used to Estimate the Effects of Pandemic-Related Legislation on Output: Working Paper 2020-07
October 16, 2020
This paper describes key methods that the Congressional Budget Office used to estimate the effects on economic output of the laws enacted in response to the 2020 coronavirus pandemic.
Report
A Review of CBO’s Estimate of Spending From the Department of Defense’s Medicare-Eligible Retiree Health Care Fund
October 15, 2020
In a cost estimate prepared in October 2000, the Congressional Budget Office estimated that spending for new health care benefits for military retirees would total about $57 billion over the 2003–2010 period; actual costs over that period were about $55 billion.
Presentation
CBO's Current Revenue Forecast
October 15, 2020
Presentation by Joshua Shakin, Chief of the Revenue Estimating Unit in CBO’s Tax Analysis Division, to the Federation of Tax Administrators.
Presentation
Confidentiality and Data Access: A User’s Perspective
October 15, 2020
Presentation by Molly Dahl, Chief of the Long-Term Analysis Unit in CBO’s Health, Retirement, and Long-Term Analysis Division, to the Federal Committee on Statistical Methodology and the Council of Professional Associations on Federal Statistics.
Presentation
An Overview of The 2020 Long-Term Budget Outlook
October 13, 2020
Presentation by Phill Swagel, CBO’s Director, to the National Association of Home Builders’ Financial Institutions and Capital Markets Subcommittee
Cost Estimate
H.R. 4713, Department of Homeland Security Office for Civil Rights and Civil Liberties Authorization Act
October 13, 2020
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on March 11, 2020
Cost Estimate
S. 711, Care and Readiness Enhancement for Reservists Act of 2019
October 13, 2020
As reported by the Senate Committee on Veterans’ Affairs on September 15, 2020
Cost Estimate
S. 805, Stopping Harm and Implementing Enhanced Lead-time for Debts for Veterans Act of 2020
October 13, 2020
As reported by the Senate Committee on Veterans’ Affairs on September 15, 2020
Report
The Cost of the Navy’s New Frigate Program
October 13, 2020
By CBO’s calculations, the Navy’s new frigate could cost 40 percent more than the service estimates. If the Navy’s estimate proves correct, however, the frigate would be its least expensive surface combatant in the past 50 years.
Report
CBO’s Recent Publications and Work in Progress as of October 6, 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
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
CBO Director Phillip Swagel testifies before the Subcommittee on Fiscal Responsibility and Economic Growth of the Senate Finance Committee.
FASB
FASB Issues Accounting Standards Update 2020-08, Codification Improvements to Subtopic 310-20, Receivables—Nonrefundable Fees and Other Costs [10/15/20]
ASU 2020-08
Private Company Council [10/13/20]
September 22, 2020 Meeting Minutes
GAO
Workplace Sexual Harassment:
Experts Suggest Expanding Data Collection to Improve Understanding of Prevalence and Costs
GAO-20-564: Published: Sep 30, 2020. Publicly Released: Oct 16, 2020.
Nuclear Weapons:
NNSA Plans to Modernize Critical Depleted Uranium Capabilities and Improve Program Management
GAO-21-16: Published: Oct 15, 2020. Publicly Released: Oct 15, 2020.
Data Security:
Recent K-12 Data Breaches Show That Students Are Vulnerable to Harm
GAO-20-644: Published: Sep 15, 2020. Publicly Released: Oct 15, 2020.
Disaster Recovery:
COVID-19 Pandemic Intensifies Disaster Recovery Challenges for K-12 Schools
GAO-21-62R: Published: Oct 14, 2020. Publicly Released: Oct 14, 2020.
Aviation Consumer Protection:
Increased Transparency Could Help Build Confidence in DOT's Enforcement Approach
GAO-21-109: Published: Oct 13, 2020. Publicly Released: Oct 13, 2020.
DOD Financial Management:
Continued Efforts Needed to Correct Material Weaknesses Identified in Financial Statement Audits
GAO-21-157: Published: Oct 13, 2020. Publicly Released: Oct 13, 2020.
USAJOBS Website:
OPM Has Taken Actions to Assess and Enhance the User Experience
GAO-21-31: Published: Oct 13, 2020. Publicly Released: Oct 13, 2020.
GASB
GASB Hosting CPE Webinars on the Exposure Draft, Financial Reporting Model Improvements [10/13/20]
Stakeholder Advisory
IASB
16 October 2020
October 2020 IASB meeting papers and agenda now available
16 October 2020
Save the date: joint investor outreach webinar on Discussion Paper Business Combinations—Disclosures, Goodwill and Impairment
14 October 2020
Compilation of Agenda Decisions—Volume 3 published
IRS
Online seminars from 2020 IRS Nationwide Tax Forums now available
IR-2020-234, October 13, 2020 — The Internal Revenue Service today announced 18 new seminars from the 2020 Nationwide Tax Forums are now available on IRS Nationwide Tax Forums Online. The cost is $29 per seminar.
NYS
Superintendent Lacewell Announces DFS To Host First-Ever Techsprint To Advance the Department’s Regulator of The Future Vision
October 15, 2020
Department of Financial Services Calls for Regulation of Social Media Giants after Twitter Hack Investigation
October 14, 2020
SEC
SEC Updates Auditor Independence Rules
2020-261, Oct. 16, 2020 — The Securities and Exchange Commission today announced that it adopted final amendments to certain auditor independence requirements in Rule 2-01 of Regulation S-X. Informed by decades of staff experience applying the auditor independence framework, the final amendments modernize the rules and more effectively focus the analysis on relationships and services that may pose threats to an auditor’s objectivity and impartiality.
SEC Releases Agenda for October 26 Roundtable on Regulation Best Interest and Form CRS
2020-260, Oct. 16, 2020 — The Securities and Exchange Commission today announced the agenda and panelists for the October 26, 2020, roundtable where Commission staff and FINRA will discuss initial observations on Regulation Best Interest and Form CRS implementation
SEC and CFTC to Hold a Joint Open Meeting on October 22
2020-259, Oct. 15, 2020 — The U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission today announced their agencies will hold a joint open meeting on Thursday, Oct. 22, 2020, at 10:00 a.m. (EDT). The meeting will be held virtually.
SEC Charges Andeavor for Inadequate Controls Around Authorization of Stock Buyback Plan
2020-258, Oct. 15, 2020 — The Securities and Exchange Commission today announced settled charges against Andeavor LLC for controls violations relating to a stock buyback plan it implemented while it was in discussions to be acquired by Marathon Petroleum Corp. in 2018. Andeavor agreed to pay a $20 million penalty to settle the charges.
Board Member James G. Kaiser to Retire From the PCAOB; Contributed Substantially to PCAOB Strategic Plan and the Use of Technology to Enhance Audit Quality
2020-257, Oct. 15, 2020 — The Securities and Exchange Commission today announced that James (Jim) G. Kaiser will leave the Public Company Accounting Oversight Board (PCAOB) after completing his term as a Board member. Mr. Kaiser was appointed to the Board in December 2017 and his term expires in October 2020. Mr. Kaiser was eligible for reappointment to the 2020-2025 term but elected not to stand for reappointment. Mr. Kaiser has agreed to continue his service as a member of the PCAOB Board past the expiration of his term on October 24, 2020, until such time as Megan Zietsman is able to transition into her new role as a Board member later this year.
SEC Appoints PCAOB Chief Auditor Megan Zietsman to PCAOB Board
2020-256, Oct. 15, 2020 — The Securities and Exchange Commission today announced the appointment of Megan Zietsman as a Board member of the Public Company Accounting Oversight Board (PCAOB) for a term ending in October 2025. Ms. Zietsman has been the Chief Auditor and Director of Professional Standards of the PCAOB since February 2019.
SEC Awards $800,000 to Whistleblower
020-255, Oct. 15, 2020 — The Securities and Exchange Commission today announced an award of more than $800,000 to a whistleblower whose information caused the staff to open an investigation that led to two successful SEC enforcement actions.
SEC Charges Brazilian Meat Producers With FCPA Violations 2020-254
2020-254 , Oct. 14, 2020 — The Securities and Exchange Commission today announced that Brazilian nationals Joesley Batista and Wesley Batista and their companies J&F Investimentos S.A. and JBS S.A., a global meat and protein producer, have agreed to pay nearly $27 million to resolve charges arising out of an extensive bribery scheme that took place over multiple years.
Tamara Brightwell Named Deputy Director of Division of Corporation Finance’s Disclosure Review Program
2020-253, Oct. 13, 2020 — The Securities and Exchange Commission today announced that Tamara M. Brightwell has been named Deputy Director of the Division of Corporation Finance’s Disclosure Review Program.
Jessica Kane Named Director of Division of Corporation Finance’s Disclosure Review Program
2020-252, Oct. 13, 2020 —The Securities and Exchange Commission today announced that Jessica S. Kane has been named Director of the Division of Corporation Finance’s Disclosure Review Program.