AICPA

AICPA Says Treasury and SBA PPP Loan Forgiveness Application Leaves Many Questions
A loan forgiveness application and related instructions for the Paycheck Protection Program still leaves many questions for practitioners and their small business clients, the AICPA says.
May 16, 2020

Press Release
AICPA’s Financial Reporting Executive Committee Seeks Feedback on Insurance Entities Working Drafts: Targeted Improvements to Long-Duration Contracts
AICPA Financial Reporting Executive Committee (FinREC) has issued several working drafts of accounting issues for Insurance Entities and is requesting feedback.
May 15, 2020

Press Release
AICPA Offers Loan Forgiveness Calculator for Paycheck Protection Program
The AICPA has created a loan forgiveness calculator for the Paycheck Protection Program, the small business relief initiative created under the CARES Act.
May 14, 2020

Press Release
AICPA, NFIB, S Corporation Association and Other Small Business Advocates Say SBA Must Issue More Clear Guidance on PPP Loan Forgiveness, Focus on Program’s Intent
AICPA and other small business advocates call on SBA to revise recent guidance to better mirror PPP's intent and clarify terms of PPP loan forgiveness.
May 12, 2020

Press Release
AICPA, NFIB, and Others Say SBA Must Issue More Guidance on PPP Loan Forgiveness
AICPA and other small business advocates call on SBA to revise recent guidance to better mirror PPP's intent and clarify terms of PPP loan forgiveness.
May 12, 2020

CBO

Cost Estimate
H.R. 5065, Prison to Proprietorship for Formerly Incarcerated Act
May 15, 2020
As passed by the House of Representatives on January 8, 2020

Cost Estimate
H.R. 5078, Prison to Proprietorship Act
May 15, 2020
As passed by the House of Representatives on January 9, 2020

Presentation
How CBO Adjusts for Underreporting of Means-Tested Transfers in Its Distributional Analyses
May 15, 2020
Presentation by Bilal Habib, an analyst in CBO’s Tax Analysis Division, to the Bureau of Economic Analysis Advisory Committee.

Report
CBO’s Current Plan for Its Major Periodic Reports This Year
May 14, 2020
CBO plans to adjust its usual report schedule to keep the Congress informed about the rapidly evolving economic and budgetary consequences of the 2020 coronavirus pandemic.

Working Paper
CBO's Oil Price Forecasting Record: Working Paper 2020-03
May 14, 2020
Oil prices are one of the economic variables that underlie CBO's projections of the federal budget. This paper describes CBO's methods to forecast oil prices and evaluates the quality of the agency's historical forecasts.

Report
Answers to Questions Related to Federal Funding for State and Local Governments
May 13, 2020
This letter answers questions from Congresswoman Schakowsky related to federal funding for state and local governments.

Cost Estimate
H.R. 1497, Water Quality Protection and Job Creation Act of 2019
May 12, 2020
As reported by the House Committee on Transportation and Infrastructure on October 29, 2019

Cost Estimate
H.R. 1548, a bill for the relief of Maria Carmen Castro Ramirez and J. Refugio Carreno Rojas
May 12, 2020
As ordered reported by the House Committee on the Judiciary on March 11, 2020

Cost Estimate
S.3332, No CORRUPTION Act
May 12, 2020
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on March 11, 2020

FAF

Financial Accounting Foundation Improves Post-Implementation Review Process for Accounting Standards [05/13/20]
Media Advisory

FASB

FASB Outlook E-Newsletter Spring 2020  [05/12/20]
Newsletter

GAO

Actions Needed to Enhance DHS Oversight of Cybersecurity at High-Risk Chemical Facilities

Homeless Veterans:
Opportunities Exist to Strengthen Interagency Collaboration and Performance Measurement Procedures
GAO-20-428: Published: May 14, 2020. Publicly Released: May 14, 2020

2020 Census:
Update on the Census Bureau's Implementation of Partnership and Outreach Activities
GAO-20-496: Published: May 13, 2020. Publicly Released: May 13, 2020.

Environmental Liabilities:
DOE Needs to Better Plan for Post-Cleanup Challenges Facing Sites
GAO-20-373: Published: May 13, 2020. Publicly Released: May 13, 2020.

Management Report:
Improvements Are Needed to Enhance the Internal Revenue Service's Information System Security Controls
GAO-20-411R: Published: May 13, 2020. Publicly Released: May 13, 2020.

Science & Tech Spotlight:
Social Distancing During Pandemics
GAO-20-545SP: Published: May 13, 2020. Publicly Released: May 13, 2020.

Priority Open Recommendations:
General Services Administration
GAO-20-533PR: Published: May 6, 2020. Publicly Released: May 13, 2020.

Asistencia de Los Estados Unidos a México:
El Departamento de Estado podría mejorar su monitoreo de los proyectos de la Iniciativa Mérida
GAO-20-563SP: Published: May 12, 2020. Publicly Released: May 12, 2020.

Export Controls:
State and Commerce Should Improve Guidance and Outreach to Address University-Specific Compliance Issues
GAO-20-394: Published: May 12, 2020. Publicly Released: May 12, 2020.

F-35 Joint Strike Fighter:
Actions Needed to Address Manufacturing and Modernization Risks
GAO-20-339: Published: May 12, 2020. Publicly Released: May 12, 2020.

Forensic Technology:
Algorithms Used in Federal Law Enforcement
GAO-20-479SP:Published: May 12, 2020. Publicly Released: May 12, 2020.

Hanford Waste Treatment Plant:
DOE Is Pursuing Pretreatment Alternatives, but Its Strategy Is Unclear While Costs Continue to Rise
GAO-20-363: Published: May 12, 2020. Publicly Released: May 12, 2020.

U.S. Assistance to Mexico:
State Department Could Improve Its Monitoring of Mérida Initiative Projects
GAO-20-388: Published: May 12, 2020. Publicly Released: May 12, 2020.

Navy Ship Maintenance:
Evaluating Pilot Program Outcomes Could Inform Decisions to Address Persistent Schedule Challenges
GAO-20-370: Published: May. 11, 2020 Publicly Released: May. 11, 2020

IASB

15 May 2020
IASB discusses covid-19-related rent concessions at supplementary Board meeting

14 May 2020
Capital Markets Advisory Committee March meeting summary published

14 May 2020
June 2020 IFRS Taxonomy Consultative Group meeting papers available

14 May 2020
IASB releases second webcast on Request for Information Comprehensive Review of the IFRS for SMEs Standard

14 May 2020
IASB issues package of narrow-scope amendments to IFRS Standards

13 May 2020
Sustainability reporting and its relevance to the IFRS Foundation

12 May 2020
Forthcoming publication: IASB to issue package of narrow-scope amendments to IFRS Standards

IRS

IRS expands partner materials for Economic Impact Payments; continues sweeping effort to share details in multiple languages
IR-2020-96, May 15, 2020 — The Internal Revenue Service announced today the availability of additional material for partner groups sharing information related to Economic Impact Payments, including a new toolkit in Spanish and a variety of other print and visual items available.

IRS provides tax relief through increased flexibility for taxpayers in section 125 cafeteria plans
IR-2020-95, May 12, 2020 — The Internal Revenue Service today released guidance to allow temporary changes to section 125 cafeteria plans.

IRS provides guidance on the deductibility and reporting of certain amounts paid to, or at the direction of, governments
IR-2020-94, May 12, 2020 — The Internal Revenue Service today issued proposed regulations under the Tax Cuts and Jobs Act (TCJA) that provide guidance to taxpayers and governments with respect to fines, penalties and certain other amounts.

​Act by Wednesday for chance to get quicker Economic Impact Payment; timeline for payments continues to accelerate
IR-2020-92, May 8, 2020 — With a variety of steps underway to speed Economic Impact Payments, the Treasury Department and the Internal Revenue Service urged people to use Get My Payment by noon Wednesday, May 13, for a chance to get a quicker delivery.

SEC

SEC Adopts Amendments to the CAT NMS Plan to Improve Transparency and Financial Accountability
2020-114, May 15, 2020 — The Securities and Exchange Commission today voted to adopt amendments to the national market system plan governing the consolidated audit trail (the “CAT NMS Plan”) to bring additional transparency, governance, oversight, and financial accountability to its implementation.

SEC Orders Credit Rating Agency to Pay $3.5 Million for Conflicts of Interest Violations
2020-112, May 15, 2020 — The Securities and Exchange Commission today charged New York-based credit rating agency Morningstar Credit Ratings LLC for violating a conflict of interest rule designed to separate credit ratings and analysis from sales and marketing efforts. Morningstar has agreed to pay $3.5 million to settle the charges.

SEC Charges Companies and CEO for Misleading COVID-19 Claims
2020-111, May 14, 2020 — The Securities and Exchange Commission today announced charges in two cases involving companies that claimed in press releases to offer products to combat the COVID-19 virus – one against Applied BioSciences Corp. and one against Turbo Global Partners, Inc. and its CEO, Robert W. Singerman. The SEC previously suspended trading temporarily in the securities of Applied BioSciences and Turbo Global.

SEC Obtains Receiver Over Florida Investment Adviser Charged With Fraud
2020-110, May 12, 2020 — The Securities and Exchange Commission today announced that it has obtained the appointment of a receiver over Florida-based investment adviser TCA Fund Management Group Corp., its affiliate TCA Global Credit Fund GP Ltd. (TCA-GP), and several funds managed by TCA to protect investors from a fraudulent scheme allegedly conducted by TCA.

SEC Charges Morgan Stanley Smith Barney With Providing Misleading Information to Retail Clients
2020-109, May 12, 2020 — The Securities and Exchange Commission today announced that Morgan Stanley Smith Barney LLC (MSSB) has agreed to settle charges that it provided misleading information to clients in its retail wrap fee programs regarding trade execution services and transaction costs.  MSSB has agreed to pay a $5 million penalty that will be distributed to harmed investors.

Chairman Jay Clayton Announces Additions to Executive Staff
2020-108, May 11, 2020 — The Securities and Exchange Commission today released an updated roster of the executive staff of Chairman Jay Clayton, including several individuals who have recently joined the office.

SEC Names John Moses Managing Executive in Chairman’s Office
2020-107, May 11, 2020 — The Securities and Exchange Commission today announced that John Moses has been named the Managing Executive in the Office of Chairman Jay Clayton.  As Managing Executive, Mr. Moses will advise the Chairman on matters relating to agency administration, operations and management, and will serve as the Chairman's primary liaison to divisions and offices on these matters.

Peter Uhlmann, Managing Executive in the Office of the Chairman, to Assume New Role at the Agency
2020-106, May 11, 2020 — The Securities and Exchange Commission today announced that Peter Uhlmann, Managing Executive in the Office of Chairman Jay Clayton, will assume a new role in the agency’s Office of Compliance Inspections and Examinations (OCIE).

PCAOB

PCAOB Posts Data and Technology Research Project Update
(May 12)

TIGTA

May 15, 2020
Undercover Travel Expenses Were Generally Supported; However, Controls Could Be Improved [PDF]
Highlights