Regulatory Roundup, Dec. 13-20

By:
Chris Gaetano
Published Date:
Dec 20, 2016

IRS

Tax Preparedness Series: Plan Now to Get Full Benefit of Saver’s Credit; Tax Credit Helps Low- and Moderate-Income Workers Save for Retirement
IR-2016-171, Dec. 15, 2016 — As the tax filing season approaches, the IRS reminds low- and moderate-income workers that they can take steps now to save for retirement and earn a special tax credit in 2016 and years ahead.

Tax Preparedness Series: What to Do Before The Tax Year Ends Dec. 31
IR-2016-170, Dec. 14, 2016 — As tax filing season approaches, the IRS is reminding taxpayers there are things they should do now to get ready for filing season.

2017 Standard Mileage Rates for Business, Medical and Moving Announced
IR-2016-169, Dec.13, 2016 — The IRS today issued the 2017 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

AICPA

AICPA Delivers Compendium of Tax Proposals to Capitol Hill 
Washington, D.C. (Dec. 15, 2016) – The American Institute of CPAs (AICPA) has sent to members of the House Ways and Means Committee and Senate Finance Committee its 2017 Compendium of Tax Legislative Proposals – Simplification and Technical Proposals, which addresses legislative as well as statutory provisions that the AICPA believes need modification.

FASB

FASB Issues Targeted Changes to Key Areas of Accounting Guidance
Norwalk, CT, December 14, 2016—The Financial Accounting Standards Board (FASB) today issued an Accounting Standards Update (ASU) that clarifies and removes inconsistencies in key areas of U.S. Generally Accepted Accounting Principles (GAAP).

2017 GAAP Financial Reporting Taxonomy Now Available
Norwalk, CT, December 15, 2016—The Financial Accounting Standards Board (FASB) today announced the availability of the 2017 GAAP Financial Reporting Taxonomy (Taxonomy) pending final acceptance by the U.S. Securities and Exchange Commission (SEC).

IASB

2017 IFRS Standards (Blue Book)—now available online
The 2017 IFRS® Standards (Blue Book) is now available to access online for subscribers through eIFRS Professional. 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.

IFRS Foundation publishes Proposed IFRS Taxonomy Update to the IFRS Taxonomy 2016 for Common Practice

The proposed additions are the result of the empirical analysis of recently published IFRS financial statements of entities engaged in these activities. This Proposed Update also includes new elements discovered during the analysis of these activities that have a more general reporting scope. 

December 2016 IASB Update published and the Work Plan updated
The December 2016 IASB Update has been published and the Work Plan updated.

Summary of the ITCG October Discussions now available
The IASB's Taxonomy Consultative Group (ITCG) held a face-to-face meeting on 25 October 2016. 

IFRS Taxonomy Labels published in Ukrainian and Japanese
The Ukrainian and Japanese label linkbase files for the IFRS Taxonomy 2016 are now available. 

New profiles posted for Iran and Kazakhstan; Saudi Arabia profile updated
We have posted new profiles on the use of IFRS Standards in Iran and Kazakhstan. In addition, we have significantly modified our profile on Saudi Arabia to reflect the country’s adoption of IFRS Standards for all publicly accountable entities, including listed companies.

GASB

GASB Outlook E-Newsletter Q4 2016  [12/20/16]

PCAOB

PCAOB Concludes 10th Annual International Institute on Audit Regulation
The Public Company Accounting Oversight Board this week hosted its 10th annual International Institute on Audit Regulation, discussing topics including cybersecurity and emerging audit technology.

PCAOB Announces Eight New and Seven Reappointed Standing Advisory Group Members
The Public Company Accounting Oversight Board today announced eight new and seven reappointed members to its Standing Advisory Group, resulting in total SAG membership of 37.

SEC

SEC Files Charges in $26 Million Stock Manipulation Scheme
Washington D.C., Dec. 12, 2016 — The Securities and Exchange Commission today charged two New Jersey-based traders with manipulating more than 2,000 NYSE- and NASDAQ-traded stocks and reaping more than $26 million in profits from their successful trades.

 SEC Names Dr. Narahari Phatak Associate Director for Policy in the Division of Economic and Risk Analysis
Washington D.C., Dec. 12, 2016 — The Securities and Exchange Commission today announced that Dr. Narahari Phatak has been named Associate Director for Policy in the Division of Economic and Risk Analysis (DERA). 

SEC Approves 2017 PCAOB Budget and Accounting Support Fee
Washington D.C., Dec. 14, 2016 — The Securities and Exchange Commission voted today to approve the 2017 budget of the Public Company Accounting Oversight Board (PCAOB) and the related annual accounting support fee.

 Deutsche Bank Settles Charges of Misleading Clients About Order Router
Washington D.C., Dec. 16, 2016 — The Securities and Exchange Commission today announced that Deutsche Bank has agreed to settle charges that it misled clients about the performance of a core feature of its automated order router that primarily sent client orders to dark pools.

SEC Charges Gatekeepers in Microcap Frauds
Washington D.C., Dec. 16, 2016 — The Securities and Exchange Commission today barred several market participants from the penny stock industry for their roles in various sham initial public offerings (IPOs) of microcap stocks that defrauded investors. 

 SEC Charges Three Individuals and Broker-Dealer With Violating Market Structure Rules
Washington D.C., Dec. 16, 2016 — The Securities and Exchange Commission today announced settled cease-and-desist proceedings against the CEO of a Utah-based broker-dealer and two registered persons associated with the firm for causing the firm’s violations of SEC market structure rules, and contested administrative and cease-and-desist proceeding against the firm for the alleged violations.

SEC Charges Platinum Funds and Founder With Defrauding Investors
Washington D.C., Dec. 19, 2016 — The Securities and Exchange Commission today charged the founder of Platinum Partners and two of its flagship hedge fund advisory firms with conducting a fraudulent scheme to inflate asset values and illicitly move investor money to cover losses and liquidity problems.

Company Violated Rule Aimed at Protecting Potential Whistleblowers
Washington D.C., Dec. 19, 2016 — The Securities and Exchange Commission today announced that a technology company has agreed to pay a penalty of $180,000 to settle charges involving its severance agreements that impeded at least one former employee from communicating information to the SEC.

SEC Charges Morgan Stanley With Customer Protection Rule Violations
Washington D.C., Dec. 20, 2016 — The Securities and Exchange Commission today announced that Morgan Stanley & Co. LLC has agreed to pay $7.5 million to settle charges it used trades involving customer cash to lower the firm’s borrowing costs in violation of the SEC’s Customer Protection Rule.

GAO

Mortgage-Related Assets: Capital Requirements Vary Depending on Type of Asset
GAO was asked to explain how capital requirements for a mortgage depend upon how it is financed and how the requirements have changed since the crisis. This report examines the risk weights for residential mortgages and certain other mortgage-related assets under the U.S. Basel III-based rule and how they compare to those in effect under prior capital regimes and for nonbank entities. GAO examined information on capital requirements from current and past rules.

Social Security Offsets: Improvements to Program Design Could Better Assist Older Student Loan Borrowers with Obtaining Permitted Relief
GAO identified a number of effects on older borrowers resulting from the design of the offset program and associated options for relief from offset. First, older borrowers subject to offsets increasingly receive benefits below the federal poverty guideline. Specifically, many older borrowers subject to offset have their Social Security benefits reduced below the federal poverty guideline because the threshold to protect benefits—implemented by regulation in 1998—is not adjusted for costs of living (see figure below). 

NYS Dept. of Taxation and Finance

Westchester County Attorney Charged with Failing to File Tax Returns for Three Years
The New York State Department of Taxation and Finance today announced the arrest and arraignment of a PricewaterhouseCoopers tax partner who allegedly failed to file his state personal income tax returns three years in a row.

Click here to see more of the latest news from the NYSSCPA.