Regulatory Roundup - May 19-26

By:
Chris Gaetano
Published Date:
May 26, 2020

AICPA

Press Release

New AICPA Chair: Accountants’ Experience Needed Now More Than Ever
Tracey Golden, an audit partner with Deloitte, is the new chair of the American Institute of CPAs.
May 20, 2020

CBO

Report
Answers to Questions for the Record Following a Hearing on CBO’s Appropriation Request for Fiscal Year 2021 Conducted by the Subcommittee on the Legislative Branch, Senate Committee on Appropriations
May 22, 2020
The Senate Appropriations Committee convened a hearing at which Director Phillip Swagel testified about CBO’s appropriation request for fiscal year 2021. This document provides CBO’s answers to questions submitted for the record.

Report
Reauthorizing Federal Highway Programs: Issues and Options
May 21, 2020
CBO discusses choices about revenues and spending that lawmakers face in addressing the shortfall in the Highway Trust Fund as well as options for subsidizing state and local governments’ financing of highway projects.

Cost Estimate
H.R. 6133, STEP Improvement Act of 2020
May 19, 2020
As ordered reported by the House Committee on Small Business on March 11, 202

Report
Interim Economic Projections for 2020 and 2021
May 19, 2020
CBO estimates that real gross domestic product will contract by 11 percent in the second quarter of this year, which is equivalent to a decline of 38 percent at an annual rate, and that the number of people employed will be almost 26 million lower than the number in the fourth quarter of 2019.

FASB

Registration Opens for June 15 FASB Webcast for Private Companies & Not-for-Profit Organizations  [05/21/20]
Media Advisory
Registration

GAO

GAO Audits Involving DOD:
Status of DOD's Efforts to Schedule and Hold Timely Entrance Conferences
GAO-20-547R:Published: May 22, 2020. Publicly Released: May 22, 2020.

Congressional Award Foundation:
Review of the Audit of the Financial Statements for Fiscal Year 2019
GAO-20-539R:Published: May 21, 2020. Publicly Released: May 21, 2020.

Medicare:
CMS Should Provide Beneficiaries More Information about Substance Use Disorder Coverage
GAO-20-408:Published: May 21, 2020. Publicly Released: May 21, 2020.

Higher Education:
Approaches and Strategies Used in College Campus Surveys on Sexual Violence
GAO-20-351:Published: Apr 21, 2020. Publicly Released: May 21, 2020.

Infection Control Deficiencies Were Widespread and Persistent in Nursing Homes Prior to COVID-19 Pandemic
GAO-20-576R:Published: May 20, 2020. Publicly Released: May 20, 2020.

Science & Tech Spotlight:
COVID-19 Testing

GAO-20-584SP:Published: May 20, 2020. Publicly Released: May 20, 2020.

2020 Annual Report:
Additional Opportunities to Reduce Fragmentation, Overlap, and Duplication and Achieve Billions in Financial Benefits

GAO-20-440SP:Published: May 19, 2020. Publicly Released: May 19, 2020.

Cost-Type Contracts:
Procedures Needed for Sharing Information on Contract Choice among Military Departments
GAO-20-352:Published: May 19, 2020. Publicly Released: May 19, 2020.

Female Active-Duty Personnel:
Guidance and Plans Needed for Recruitment and Retention Efforts
GAO-20-61:Published: May 19, 2020. Publicly Released: May 19, 2020.

Federal Rulemaking:
Information on Selected Agencies' Management of Public Comments
GAO-20-383R: Published: Apr. 16, 2020 Publicly Released: May. 18, 2020

IASB

26 May 2020
IFRS 17 podcast on May 2020 IASB meeting now available

22 May 2020
May 2020 IASB Update available and work plan updated


22 May 2020
Forthcoming live webinars about ongoing consultations

19 May 2020
IFRS Advisory Council meeting May 2020 agenda papers available

IRS

Treasury, IRS release latest state-by-state Economic Impact Payment figures for May 22, 2020
IR-2020-101, May 22, 2020 — The Treasury Department and the IRS today released updated state-by-state figures for Economic Impact Payments reflecting the opening weeks of the program.

IRS Nationwide Tax Forums go virtual in 2020
IR-2020-100, May 21, 2020 — The IRS today announced the 2020 IRS Nationwide Tax Forums will be held virtually in 2020 with a series of live-streamed webinars beginning this July.

IRS.gov helps taxpayers get tax information they need; find tools for filing, paying, checking accounts and answering questions

IR-2020-99, May 21, 2020 — The IRS reminds taxpayers today about several online tools available to help them get the tax information they need as the IRS has limited operations due to the coronavirus.

Andy Keyso named Chief of IRS Independent Office of Appeals

IR-2020-98, May 20, 2020 — The Internal Revenue Service announced today that Andy Keyso has been selected to serve as the Chief of the IRS Independent Office of Appeals.

​IRS adds phone operators to answer Economic Impact Payment questions
IR-2020-97, May 18, 2020 — Today, the Internal Revenue Service is starting to add 3,500 telephone representatives to answer some of the most common questions about Economic Impact Payments.

NYS

Prevent Identity Theft and Fraud During this Extended Tax Filing Season
May 21, 2020​

SEC

SEC Charges Owner of Film Distribution Company with Defrauding Publicly Traded Fund
2020-122, May 22, 2020 — The Securities and Exchange Commission today announced charges against William Sadleir, the owner of a film distribution company, for defrauding a publicly traded fund of at least $13.8 million.

SEC Announces Virtual Conference on Municipal Securities Disclosure
2020-121, May 22, 2020 — The Securities and Exchange Commission today announced that it has rescheduled its conference entitled “Spotlight on Transparency: A Discussion of Secondary Market Municipal Securities Disclosure Practices” for June 16, 2020. The conference is open to the public via live webcast from 1 p.m. to 4 p.m. ET at www.sec.gov, and will be archived on the Office of Municipal Securities (OMS) webpage for later viewing. 

SEC Shuts Down Fraudulent Investment Adviser Targeting Senior Citizens
2020-120, May 22, 2020 — The Securities and Exchange Commission today announced that it has filed an emergency action and obtained a temporary restraining order and asset freeze against a California-registered investment adviser and his entities to halt an ongoing Ponzi scheme targeting senior citizens in Southern California.

SEC Issues Agenda for May 27 Meeting of the Asset Management Advisory Committee
2020-119, May 21, 2020 — The Securities and Exchange Commission today released the agenda for the May 27 meeting of the Asset Management Advisory Committee (AMAC).  AMAC was formed to provide the Commission with diverse perspectives on asset management and related advice and recommendations.

SEC Adopts Amendments to Improve Financial Disclosures about Acquisitions and Dispositions of Businesses
2020-118, May 21, 2020 — The Securities and Exchange Commission today announced that it has voted to adopt amendments to its rules and forms to improve for investors the financial information about acquired or disposed businesses, facilitate more timely access to capital, and reduce the complexity and costs to prepare the disclosure. The amendments will update our rules which have not been comprehensively addressed since their adoption, some over 30 years ago.

SEC Announces 2020 Small Business Forum, to Be Held Virtually
2020-117, May 20, 2020 — The Securities and Exchange Commission will virtually host its 39th annual Government-Business Forum on Small Business Capital Formation on the afternoon of June 18, 2020.  The Forum is a unique event where members of the public and private sectors gather to craft suggestions for policy impacting emerging businesses and their investors, from startups to smaller public companies. 

SEC Staff to Host July 9 Roundtable on Emerging Markets
2020-116, May 19, 2020 — The Securities and Exchange Commission today announced July 9 as the date for its staff roundtable to hear the views of investors, other market participants, regulators, and industry experts on the risks of investing in emerging markets, including China.

SEC Charges Three Former KPMG Audit Partners for Exam Sharing Misconduct

2020-115, May 18, 2020 — The Securities and Exchange Commission today announced settled charges against three former KPMG LLP audit partners for improperly sharing answers to internal training exams and for subsequent wrongdoing during an investigation of exam sharing misconduct at the firm. The SEC previously charged KPMG with violations concerning the exam sharing misconduct, as well as for altering past audit work after receiving stolen information about inspections that would be conducted by the PCAOB.

TIGTA

May 22, 2020
Additional Actions Could Improve Compliance With Early Retirement Distribution Tax Requirements [PDF]
Highlights

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