Regulatory Roundup - June 18-24

By:
Chris Gaetano
Published Date:
Jun 24, 2019

AICPA 

Press Release
AICPA Proposed Auditing Standard Tackles Evolution of Audit Evidence in Today’s Business Environment
Given the rapid evolution of audit evidence, it is critically important that auditors have a robust, durable set of attributes that allows them to make consistent assessments.
June 20, 2019

Press Release
AICPA’s ARSC Considers Aligning U.S. Statements on Standards for Accounting and Review Services with International Standards
“SSARSs are widely used by practitioners in the United States and these proposed amendments align our standards with those used globally,” said Robert Dohrer, CPA, CGMA, AICPA Chief Auditor.
June 19, 2019

CBO

Cost Estimate
S. 1900, Emergency Supplemental Appropriations for Humanitarian Assistance and Security at the Southern Border Act, 2019
June 21, 2019
As reported by the Senate Committee on Appropriations on June 19, 2019

Cost Estimate
H.R. 1585, Violence Against Women Reauthorization Act of 2019
June 21, 2019
As passed by the House of Representatives on April 4, 2019

Cost Estimate
H.R. 1146, Arctic Cultural and Coastal Plain Protection Act
June 21, 2019
As ordered reported by the House Committee on Natural Resources on May 1, 2019

Cost Estimate
H.R. 1815, SEC Disclosure Effectiveness Testing Act
June 19, 2019
As ordered reported by the House Committee on Financial Services on March 28, 2019

Cost Estimate
S. 1207, Navajo Utah Water Rights Settlement Act of 2019
June 19, 2019
As ordered reported by the Senate Committee on Indian Affairs on May 15, 2019

Cost Estimate
H.R. 1079, CASES Act
June 19, 2019
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on May 15, 2019

Cost Estimate
H.R. 2534, Insider Trading Prohibition Act
June 19, 2019
As ordered reported by the House Committee on Financial Services on May 8, 2019

Cost Estimate
H.R. 2156, RECLAIM Act of 2019
June 19, 2019
As ordered reported by the House Committee on Natural Resources on May 1, 2019

Cost Estimate
H.R. 1569, A bill to amend title 28, United States Code, to add Flagstaff and Yuma to the list of locations in which court shall be held in the judicial district for the State of Arizona
June 19, 2019
As ordered reported by the House Committee on the Judiciary on June 12, 2019

Cost Estimate
S. 906, Driftnet Modernization and Bycatch Reduction Act
June 19, 2019
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on April 3, 2019

Cost Estimate
H.R. 2156, RECLAIM Act of 2019
June 19, 2019
As ordered reported by the House Committee on Natural Resources on May 1, 2019

Report
CBO’s Implementation of a Training and Education Program About Workplace Rights
June 19, 2019
CBO is submitting this report to the Committee on House Administration of the House of Representatives and the Committee on Rules and Administration of the Senate in accordance with section 509 of the CAA Reform Act.

Cost Estimate
Direct Spending and Revenue Effects of H.R. 2500, the National Defense Authorization Act for Fiscal Year 2020
June 18, 2019
As ordered reported by the House Committee on Armed Services on June 13, 2019

Blog Post
CBO Releases Interactive Federal Budget Infographic
June 18, 2019
CBO released an interactive graphic showing the overall federal budget in fiscal year 2018 as part of its annual update of infographics on the federal budget.

Graphic
The Federal Budget in 2018: An Infographic
June 18, 2019
The federal deficit in 2018 was $779 billion, equal to 3.9 percent of gross domestic product. Learn more about the deficit with a new interactive version of the infographic.

Graphic
Mandatory Spending in 2018: An Infographic
June 18, 2019
Mandatory spending by the federal government totaled $2.5 trillion in 2018, of which $1.7 trillion was for Social Security and Medicare.

Graphic
Discretionary Spending in 2018: An Infographic
June 18, 2019
Discretionary spending by the federal government totaled $1.3 trillion in 2018—about half for national defense and half for nondefense activities.

Graphic
Revenues in 2018: An Infographic
June 18, 2019
Revenues received by the federal government in 2018 totaled $3.3 trillion, of which $1.7 trillion was receipts from individual income taxes.

Blog Post
CBO to Release Long-Term Budget Projections on June 25
June 18, 2019
CBO will release The 2019 Long-Term Budget Outlook at 10:00 a.m. on Tuesday, June 25. The report presents projections of what federal spending, revenues, deficits, and debt would be for the next 30 years if current laws generally did not change.

Cost Estimate
H.R. 3253, Empowering Beneficiaries, Ensuring Access, and Strengthening Accountability Act of 2019
​As introduced on June 13, 2019

Cost Estimate
H.R. 693, PAST Act
As introduced on January 22, 2019

Cost Estimate
H.R. 2515, Whistleblower Protection Reform Act of 2019
As ordered reported by the House Committee on Financial Services on May 8, 2019

Report
Federal Mandatory Spending for Means-Tested Programs, 2009 to 2029
Under current law, outlays for federal mandatory means-tested programs would grow over the next decade at an average annual rate of 4 percent, whereas spending for mandatory non–means-tested programs would grow at an average rate of almost 6 percent, CBO projects.

Cost Estimate
Direct Spending and Revenue Effects of S. 1790, the National Defense Authorization Act for Fiscal Year 2020
As reported by the Senate Committee on Armed Services on June 11, 2019

FASB

Emerging Issues Task Force  [06/21/19]
June 13, 2019 Meeting Recap

FASB Moves Towards Approving Accounting Relief for Contract Modifications Arising from Reference Rate Reform  [06/19/19]
Media Advisory

Remarks of FASB Chairman Russell G. Golden at the IMA 2019 Annual Conference and Expo, San Diego, California  [06/18/19]
Speech

GAO

International Trade:
Foreign Sourcing in Government Procurement
GAO-19-414: Published: May 30, 2019. Publicly Released: Jun 24, 2019.

Emergency Communications:
Required Auction of Public Safety Spectrum Could Harm First Responder Capabilities
GAO-19-508: Published: Jun 21, 2019. Publicly Released: Jun 21, 2019.

Food Loss and Waste:
Building on Existing Federal Efforts Could Help to Achieve National Reduction Goal
GAO-19-391: Published: Jun 21, 2019. Publicly Released: Jun 21, 2019.

Black Lung Benefits Program:
Financing and Oversight Challenges Are Adversely Affecting the Trust Fund
GAO-19-622T: Published: Jun 20, 2019. Publicly Released: Jun 20, 2019.

Board Diversity:
Strategies to Increase Representation of Women and Minorities
GAO-19-637T: Published: Jun 20, 2019. Publicly Released: Jun 20, 2019.

Civilian Marksmanship Program:
Army Funded Report Addresses Various Aspects of the Sale of Surplus Firearms
GAO-19-555R: Published: Jun 20, 2019. Publicly Released: Jun 20, 2019.

Federal Housing Administration:
Improved Procedures and Assessment Could Increase Efficiency of Foreclosed Property Conveyances
GAO-19-517: Published: Jun 20, 2019. Publicly Released: Jun 20, 2019.

NASA Commercial Crew Program:
Schedule Uncertainty Persists for Start of Operational Missions to the International Space Station
GAO-19-504: Published: Jun 20, 2019. Publicly Released: Jun 20, 2019.

Land and Water Conservation Fund:
Variety of Programs Supported, but Improvements in Data Collection Needed at BLM
GAO-19-346: Published: May 31, 2019. Publicly Released: Jun 20, 2019.

Foster Care:
States with Approval to Extend Care Provide Independent Living Options for Youth up to Age 21
GAO-19-411: Published: May 21, 2019. Publicly Released: Jun 20, 2019.

Defense Infrastructure:
Additional Actions Could Enhance DOD's Efforts to Identify, Evaluate, and Preserve Historic Properties
GAO-19-335: Published: Jun 19, 2019. Publicly Released: Jun 19, 2019.

NASA Human Space Exploration:
Persistent Delays and Cost Growth Reinforce Concerns over Management of Programs
GAO-19-377: Published: Jun 19, 2019. Publicly Released: Jun 19, 2019.

Post-9/11 GI Bill:
Veterans Affected by School Closures
GAO-19-553T: Published: Jun 19, 2019. Publicly Released: Jun 19, 2019.

Veterans Health Administration:
Regional Networks Need Improved Oversight and Clearly Defined Roles and Responsibilities
GAO-19-462: Published: Jun 19, 2019. Publicly Released: Jun 19, 2019.

K-12 Education:
Education Should Take Immediate Action to Address Inaccuracies in Federal Restraint and Seclusion Data
GAO-19-551R: Published: Jun 18, 2019. Publicly Released: Jun 18, 2019.

Nuclear Weapons:
Additional Actions Could Help Improve Management of Activities Involving Explosive Materials
GAO-19-449: Published: Jun. 17, 2019 Publicly Released: Jun. 17, 2019

Transitioning Servicemembers:
Information on Military Employment Assistance Centers
GAO-19-438R: Published: Jun. 17, 2019 Publicly Released: Jun. 17, 2019

IASB

24 June 2019
Webcast: Borrowing costs and revenue recognition

21 June 2019
June 2019 IFRIC Update published

21 June 2019
June 2019 IASB Update published and work plan updated

20 June 2019
Strengthening the relevance of financial reporting

19 June 2019
Accounting Standards Advisory Forum July meeting papers available

19 June 2019
Digitalisation, economics and financial reporting

19 June 2019
IFRS Taxonomy 2018 now available in Ukrainian

18 June 2019
Call for members—Capital Markets Advisory Committee

IRS 

National Taxpayer Advocate Nina Olson delivers her final report to Congress; identifies priority challenges facing the IRS and TAS
IR-2019-119, June 20, 2019 — National Taxpayer Advocate Nina E. Olson today released her 37th and final report to Congress in advance of her previously announced retirement on July 31.

Millions more ITINs set to expire in 2019; IRS says renew early to prevent refund delays
IR-2019-118, June 19, 2019 — Nearly 2 million Individual Taxpayer Identification Numbers (ITINs) are set to expire at the end of 2019 as the Internal Revenue Service continues to urge affected taxpayers to submit their renewal applications early to avoid refund delays next year.

Electronic Tax Administration Advisory Committee issues 2019 Annual Report; Recommendations target identity theft, refund fraud
IR-2019-117, June 19, 2019 — The Electronic Tax Administration Advisory Committee (ETAAC) today released its annual report to Congress, featuring recommendations focused on the prevention of identity theft and refund fraud.

Washington, D.C. area IRS Nationwide Tax Forum coming July 9 to 11; Register early to save and hear latest on tax reform, cybersecurity
IR-2019-116, June 18, 2019 — The IRS kicks off the 2019 Nationwide Tax Forum season with special sessions outside the nation’s capital focused on tax reform changes and cybersecurity tips for tax professionals.

IRS, Treasury issue guidance under Tax Cuts and Jobs Act and the Consolidated Appropriations Act of 2018 for cooperatives and patrons of cooperatives
IR-2019-115, June 18, 2019 — The Treasury Department and Internal Revenue Service today issued legal guidance under the 2017 Tax Cuts and Jobs Act (TCJA) and the Consolidated Appropriations Act of 2018 providing information on certain deductions to cooperatives and their patrons.

NYS Dept. of Taxation and Finance

Former Crossgates Mall Food Court Vendor Charged with Criminal Tax Fraud
June 18, 2019​

SEC

SEC Adopts Capital, Margin, and Segregation Requirements for Security-Based Swap Dealers and Major Security-Based Swap Participants and Amends the Capital and Segregation Requirements for Broker-Dealers
Washington D.C., June 21, 2019 —The Securities and Exchange Commission took another significant step toward establishing the regulatory regime for security-based swap dealers today by adopting a package of rules and rule amendments under Title VII of the Dodd-Frank Act.  These and other rules previously adopted by the Commission are designed to enhance the risk mitigation practices of firms that stand at the center of our security-based swap market, thereby protecting their counterparties and reducing risk to the market as a whole.

SEC Wins Jury Trial Against Broker Charged With Defrauding Customers
Washington D.C., June 20, 2019 —Jurors in Manhattan federal court today returned a verdict in the Securities and Exchange Commission’s favor against a broker who was charged in January 2017 with fraud for excessively trading customer accounts using a trading scheme that generated hefty commissions for the broker but significant losses for his customers. A second broker, also charged in the same complaint for engaging in the same fraudulent practices, admitted to his misconduct and settled with the SEC on the eve of trial.

Statement on Senate Confirmation of Allison H. Lee
June 20, 2019

SEC Charges Intelligence Communications Company and Top Executives With Defrauding Merger Investors
Washington D.C., June 20, 2019 —The SEC has charged Ability Inc., an Israel-based intelligence communications company, its wholly-owned subsidiary, and two of its top executives with defrauding shareholders of a Florida-based special purpose acquisition company (SPAC), a company formed to raise capital for a merger or acquisition within a set timeframe.

Walmart Charged With FCPA Violations
Washington D.C., June 20, 2019 —The Securities and Exchange Commission today charged Walmart with violating the Foreign Corrupt Practices Act (FCPA) by failing to operate a sufficient anti-corruption compliance program for more than a decade as the retailer experienced rapid international growth.

SEC Freezes Assets in International Manipulative Trading Scheme
Washington D.C., June 20, 2019 —The Securities and Exchange Commission today announced charges against five foreign traders for executing illegal matched trades in the stock of Medico International, Inc. (MDDT).  The SEC also obtained an emergency court order freezing assets held in brokerage accounts of the defendants, including approximately $144,000 that otherwise could have been wired offshore, and hundreds of thousands of shares of MDDT stock.

SEC Chairman Clayton Announces Events for Main Street Investors in Boston
Washington D.C., June 19, 2019 —Securities and Exchange Commission Chairman Jay Clayton announced today two events for Main Street investors to be held in Boston on Monday, July 8. First, Chairman Clayton will host a roundtable with Main Street investors as part of the SEC’s ongoing investor education efforts. The roundtable will focus on issues relevant to Main Street investors, such as understanding key differences between broker-dealers and investment advisers, and choosing whether to work with one of these types of financial professionals. Senior SEC staff are expected to join the Chairman at this event. Later that evening, Chairman Clayton will discuss the package of rules and interpretations adopted by the Commission on June 5, which were designed to enhance and clarify the standards of conduct applicable to broker-dealers and investment advisers, help retail investors better understand and compare the services offered and make an informed choice of the relationship best suited to their needs and circumstances, and foster greater consistency in the level of protections provided by each regime, particularly at the point in time that a recommendation is made.

Wedbush to Pay More Than $8.1 Million for Improper Handling of ADRs
Washington D.C., June 18, 2019 —The Securities and Exchange Commission today announced that Wedbush Securities Inc. will pay more than $8.1 million to settle charges for improper handling of "pre-released" American Depositary Receipts (ADRs). This is the SEC's 11th action against a bank or broker resulting from the SEC's ongoing investigation into abusive ADR pre-release practices, which, thus far, has resulted in monetary settlements exceeding $422 million

SEC Adopts Amendments to Improve the Application of the Auditor Independence Rules to Loan Provision
Washington D.C., June 18, 2019 —The Securities and Exchange Commission adopted amendments to the auditor independence rules relating to the analysis that must be conducted to determine whether an auditor is independent when the auditor has a lending relationship with certain shareholders of an audit client.

SEC Seeks Public Comment on Ways to Harmonize Private Securities Offering Exemptions
Washington D.C., June 18, 2019 —The Securities and Exchange Commission today requested public comment on ways to simplify, harmonize, and improve the exempt offering framework to expand investment opportunities while maintaining appropriate investor protections and to promote capital formation.

TIGTA

June 19, 2019
Controls Over Information Technology Procurements Need Improvement [PDF]
»Highlights

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