Regulatory Roundup - March 17-23

By:
Chris Gaetano
Published Date:
Mar 23, 2020

AICPA

Press Release
AICPA-led Coalition Urges Expedited Small Business Funding Via Payroll Processors
A coalition made up of the AICPA, Paychex, Intuit and the IFA say speedy relief for small businesses is required to prevent layoffs due to the coronavirus pandemic.
March 22, 2020

Press Release
AICPA Thanks Senator Thune and Other Congressional Members for Successful Push on April 15 Tax Filing Extension
AICPA thanks Sen. Thune for his leadership on a bipartisan congressional effort to extend the tax filing deadline and other senators who voiced their support.
March 20, 2020

Press Release
AICPA Thanks Department of the Treasury and IRS For April 15 Tax Filing Extension and Expresses Gratitude for Member and State CPA Society Outreach
AICPA today thanked Treasury and IRS for extending the tax filing deadline to July 15, 2020 and encourages taxpayers to file refund returns.
March 20, 2020

Press Release
AICPA Free Webcast Examines Remote Audits in Uncertain Times

The American Institute of CPAs (AICPA) is hosting a free webcast on what private company auditing standards say about remote auditing.
March 20, 2020

Press Release
AICPA and CIMA to Postpone ENGAGE 2020 Due to Coronavirus Pandemic
ENGAGE 2020, a leading accounting and finance event in North America, will be postponed until later this year due to concerns about the coronavirus pandemic
March 19, 2020

Press Release
AICPA Supports Sen. John Thune Tax Filing Relief Legislation, Tax Relief for America Act
The AICPA expressed its support of S.3535 – the Tax Filing Relief for America Act, introduced by Sen. John Thune.
March 19, 2020

Press Release
AICPA CEO Barry Melancon Says IRS Must Provide Immediate Tax Filing Relief, Expresses Strong Concern About Treasury Department Decisions
AICPA's CEO Barry Melancon responded to the Treasury’s recent statement on tax payment relief and called for immediate action.
March 18, 2020

CBO

Report
Baseline Budget Projections as of March 6, 2020
March 19, 2020

FAF

Financial Accounting Foundation Seeks Nominations for Financial Accounting Standards Board  [03/19/20]
Media Advisory

Financial Accounting Foundation Seeks Nominations for Board of Trustees and Private Company Council [03/18/20]
Media Advisory

FASB

FASB Statement on Prudential Regulator Guidance Concerning Troubled Debt Restructurings  [03/22/20]
Media Advisory

Financial Accounting Foundation Seeks Nominations for Financial Accounting Standards Board  [03/19/20]
Media Advisory

Financial Accounting Foundation Seeks Nominations for Board of Trustees and Private Company Council  [03/18/20]
Media Advisory

GAO

Sexual Harassment in STEM Research:
Agencies Have Taken Actions, but Need Complaint Procedures, Overall Plans, and Better Collaboration
GAO-20-187: Published: Mar 19, 2020. Publicly Released: Mar 19, 2020.

Global Health Assistance:
Awardees' Declinations of U.S. Planned Funding Due to Abortion-Related Restrictions
GAO-20-347: Published: Mar 18, 2020. Publicly Released: Mar 18, 2020.

National Transportation Safety Board:
More Detail Could Increase the Understanding of Selections for the Most Wanted List of Transportation Safety Improvements
GAO-20-395: Published: Mar 18, 2020. Publicly Released: Mar 18, 2020.

Southwest Border:
Actions Needed to Address Fragmentation in DHS's Processes for Apprehended Family Members GAO-20-274: Published: Feb 19, 2020. Publicly Released: Mar 18, 2020.

Southwest Border:
Actions Needed to Improve DHS Processing of Families and Coordination between DHS and HHS
GAO-20-245: Published: Feb 19, 2020. Publicly Released: Mar 18, 2020.

Working Capital Fund:
HUD Could Improve Management to Better Achieve Efficiencies and Help Ensure Customer Satisfaction
GAO-20-263: Published: Mar 17, 2020. Publicly Released: Mar 17, 2020.

Freedom of Information Act:
Federal Agencies' Recent Implementation Efforts
GAO-20-406R: Published: Mar. 11, 2020 Publicly Released: Mar. 16, 2020

Science & Tech Spotlight:
5G Wireless
GAO-20-421SP: Published: Mar. 16, 2020 Publicly Released: Mar. 16, 2020

Weapon System Sustainment:
DOD Needs a Strategy for Re-Designing the F-35's Central Logistics System
GAO-20-316: Published: Mar. 6, 2020 Publicly Released: Mar. 16, 2020

IASB

23 March 2020
Join the IFRS Foundation—IASB Technical Staff

20 March 2020
Coronavirus—IFRS Foundation meetings updates

20 March 2020
March 2020 IASB Update available and work plan updated

19 March 2020
Accounting Standards Advisory Forum April 2020 meeting papers available

19 March 2020
IFRS Foundation Conference in Madrid postponed

19 March 2020
IASB consults on ways to help investors hold companies to account for acquisitions and on goodwill
accounting

18 March 2020
Q&A 35.1 on transition to the IFRS for SMEs Standard published

17 March 2020
IASB decides on new effective date for IFRS 17 of 1 January 2023

17 March 2020
Capital Markets Advisory Committee—March meeting agenda papers available

17 March 2020
IFRS Foundation publishes IFRS Taxonomy 2020 and IFRS Taxonomy formula linkbase 2020

IRS

Tax Day now July 15: Treasury, IRS extend filing deadline and federal tax payments regardless of amount owed.
IR-2020-58, March 21, 2020 – The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020.

Treasury, IRS and Labor announce plan to implement Coronavirus-related paid leave for workers and tax credits for small and midsize businesses to swiftly recover the cost of providing Coronavirus-related leave
IR-2020-57, March 20, 2020 – Today the U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor (Labor) announced that small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees

NYC

Covid-19 RPTT Filing Information
March 20, 2​020

Covid-19 Business Tax Information
March 19, 2020​

NYS

Tax Department Response to Novel Coronavirus
March 16, 2020​

PCAOB

Former Acting Director of the Division of Enforcement and Investigations Mark A. Adler to Leave the PCAOB (March 23)

PCAOB Announces Two Upcoming Webinars (March 20)

PCAOB Update on Operations In Light of COVID-19 (March 18)

SEC

SEC Provides Conditional Regulatory Relief for Registered Transfer Agents and Certain Other Persons Affected by the Coronavirus Disease 2019 (COVID-19)

SEC continues to closely monitor the impact of the coronavirus on investors and capital markets
2020-68, March 22, 2020 — The Securities and Exchange Commission today announced that it is providing conditional regulatory relief for registered transfer agents and certain other persons with regulatory obligations under the federal securities laws.  

SEC Enables Immediate Effectiveness of Proposed Rule Change to Facilitate NYSE Electronic Auctions in Light of Temporary Closure of Physical Trading Floor
2020-67, March 21, 2020 —The U.S. Securities and Exchange Commission noticed for immediate effectiveness a proposed rule filing submitted by New York Stock Exchange LLC (NYSE) to facilitate electronic auctions in light of its decision to temporarily close its New York trading floor.  NYSE announced that it will temporarily close its trading floor effective Monday, March 23, as a precautionary measure in response to COVID-19.  The NYSE rule filing modifies certain rules to set wider price parameters, and to remove volume limits, within which NYSE designated market makers (DMMs) can facilitate auctions in an electronic trading environment.

SEC Emergency Action Stops Digital Asset Scam
Defendants Claimed Expected Returns of Up to 224,923%
2020-66, March 20, 2020 — The Securities and Exchange Commission today announced that it has obtained an asset freeze and other emergency relief to halt an ongoing securities fraud perpetrated by a former state senator and two others who bilked investors in and outside the U.S.

 

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