Regulatory Roundup: Nov. 29-Dec. 5

Chris Gaetano
Published Date:
Dec 5, 2017


Audit Data Analytics (ADAs) Can Transform Audits; New AICPA Guide Will Help Auditors Apply ADA Techniques
Press Release: New AICPA guide illustrates how data analysis techniques can be applied to financial statement
Published on December 5, 2017

AICPA Reports on Actions Promoting Enhanced Audit Quality
Press Release: A new report by the AICPA highlights the past year’s progress in the continuing effort to enhance audit quality.
Published on December 5, 2017 and CaseWare International Inc. Announce Preparation, Compilation and Review Solution for CPA Firms
Press Release: and CaseWare, a global provider of audit and analytic software, have teamed up to create a new solution to make preparation, compilation and review engagements more dynamic and efficient.
Published on December 4, 2017

AICPA Employee Benefit Plans Accounting, Auditing and Regulatory Update Conference, Dec. 4-5
Press Release: Join the Senior Auditor in the Accounting Services Division of the U.S. Department of Labor’s Employee Benefits Security Administration for insights about the latest standards and regulations governing audits of employee benefit plans
Published on November 30, 2017

New Survey Finds Relationship Tension and Anxiety are Hidden Costs of Debt
Press Release: New AICPA survey found nearly three-quarters of Americans are living with debt and more than half of Americans with debt say it has negatively impacted their life.
Published on November 30, 2017

AICPA Announces Winners of ’Bank On It’ Tournaments
Press Release: AICPA announces the three high school students who won the Bank On It tournaments. Bank On It is an interactive online game which challenges students’ knowledge of accounting fundamentals.
Published on November 29, 2017


Analysis of the Long-Term Costs of the Administration’s Goals for the Military
December 4, 2017

Cost Estimate
Summary of the Deficit Effects of a Bill to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018
December 1, 2017

Cost Estimate
H.R. 2504, a bill to ensure fair treatment in licensing requirements for the export of certain echinoderms
December 1, 2017

Cost Estimate
H.R. 4239, SECURE American Energy Act
December 1, 2017

Cost Estimate
H.R. 1638, Iranian Leadership Asset Transparency Act
December 1, 2017

Cost Estimate
H.R. 2396, Privacy Notification Technical Clarification Act
November 30, 2017

Cost Estimate
H.R. 477, Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2017
November 30, 2017

Cost Estimate
H.R. 3971, Community Institution Mortgage Relief Act of 2017
November 30, 2017

Federal Debt and the Statutory Limit, November 2017
November 30, 2017

Cost Estimate
H.R. 1164, Taylor Force Act
November 29, 2017

Cost Estimate
H.R. 4203, Combat Online Predators Act
November 29, 2017

The Bipartisan Health Care Stabilization Act of 2017 and the Individual Mandate
November 29, 2017


FAF Trustees Name New Members to the FASAC
Norwalk, CT—December 4, 2017The Board of Trustees of the Financial Accounting Foundation (FAF) today announced the appointment of nine new members to the Financial Accounting Standards Advisory Council (FASAC). 


Remarks of Russell G. Golden Chairman, Financial Accounting Standards Board AICPA Conference on Current SEC & PCAOB Developments Washington, DC—December 5, 2017

FASB Makes Decisions on Leasing Standard Simplification
Norwalk, CT, November 29, 2017—The Financial Accounting Standards Board (FASB) today made decisions to reduce costs and ease the implementation burden of the Leases standard for preparers.

FASB Investor Podcast: Credit Losses—Focuses on the new credit losses standard, including which types of financial assets are likely to be impacted and important new vintage disclosures.  [11/29/17]

FASB Investor Podcast: Hedging—Discusses the types of hedging arrangements likely to be impacted by the new hedging standard and how the reporting of hedging results will change.  [11/29/17]


Medicare and Medicaid:
CMS Needs to Fully Align Its Antifraud Efforts with the Fraud Risk Framework
GAO-18-88:Published: Dec 5, 2017. Publicly Released: Dec 5, 2017.

Auto Recalls:
NHTSA Should Take Steps to Further Improve the Usability of Its Website
GAO-18-127:Published: Dec 4, 2017. Publicly Released: Dec 4, 2017.

Aviation Security:
TSA Strengthened Foreign Airport Assessments and Air Carrier Inspections, but Could Improve Analysis to Better Address Deficiencies
GAO-18-178:Published: Dec 4, 2017. Publicly Released: Dec 4, 2017.

Housing Choice Voucher Program:
Limited Indications of Potential Fraud against Participants Identified
GAO-18-53:Published: Dec 4, 2017. Publicly Released: Dec 4, 2017.

Federal Student Aid:
Better Program Management and Oversight of Postsecondary Schools Needed to Protect Student Information
GAO-18-121:Published: Nov 27, 2017. Publicly Released: Dec 4, 2017.

Veterans Affairs Contracting:
Improvements in Buying Medical and Surgical Supplies Could Yield Cost Savings and Efficiency
GAO-18-34:Published: Nov 9, 2017. Publicly Released: Dec 4, 2017.

Voters with Disabilities:
Observations on Polling Place Accessibility and Related Federal Guidance [Reissued on December 4, 2017]
GAO-18-4:Published: Oct 3, 2017. Publicly Released: Nov 2, 2017.

Navy and Marine Corps Training:
Further Planning Needed for Amphibious Operations Training
GAO-18-212T:Published: Dec 1, 2017. Publicly Released: Dec 1, 2017.

Automated Vehicles:
Comprehensive Plan Could Help DOT Address Challenges
GAO-18-132:Published: Nov 30, 2017. Publicly Released: Nov 30, 2017.

Defense Civil Support:
DOD Needs to Address Cyber Incident Training Requirements
GAO-18-47:Published: Nov 30, 2017. Publicly Released: Nov 30, 2017.

Defense Contracting:
DOD's Use of Lowest Price Technically Acceptable Source Selection Procedures to Acquire Selected Services
GAO-18-139:Published: Nov 30, 2017. Publicly Released: Nov 30, 2017.

Southwest Border Security:
Border Patrol Is Deploying Surveillance Technologies but Needs to Improve Data Quality and Assess Effectiveness
GAO-18-119:Published: Nov 30, 2017. Publicly Released: Nov 30, 2017.

USDA's Review of Vegetables Available under the Program Followed Leading Research Practices
GAO-18-125R:Published: Nov 30, 2017. Publicly Released: Nov 30, 2017.

Diversity in the Technology Sector:
Federal Agencies Could Improve Oversight of Equal Employment Opportunity Requirements
GAO-18-69:Published: Nov 16, 2017. Publicly Released: Nov 30, 2017.

Private School Choice:
Federal Actions Needed to Ensure Parents Are Notified About Changes in Rights for Students with Disabilities
GAO-18-94:Published: Nov 16, 2017. Publicly Released: Nov 30, 2017.

Tax Gap:
IRS Needs Specific Goals and Strategies for Improving Compliance
GAO-18-39:Published: Oct 31, 2017. Publicly Released: Nov 30, 2017.

VA Health Care:
Improved Oversight Needed for Reviewing and Reporting Providers for Quality and Safety Concerns
GAO-18-260T:Published: Nov 29, 2017. Publicly Released: Nov 29, 2017.

Identity Theft:
Improved Collaboration Could Increase Success of IRS Initiatives to Prevent Refund Fraud
GAO-18-20:Published: Nov 28, 2017. Publicly Released: Nov 28, 2017.


GASB Issues Exposure Draft, Implementation Guide No. 201Y-X, Implementation Guidance Update—201Y  [12/01/17]
Exposure Draft


05 December 2017
Vice-Chair Sue Lloyd speaks at the annual AICPA conference

01 December 2017
Keep up to date with the International Accounting Standards Board

01 December 2017
IFRS Foundation November news summary published

30 November 2017
Summary of October 2017 GPF meeting available

30 November 2017
IFRS Foundation publishes Proposed Taxonomy Update for annual improvements to the IFRS Taxonomy 2017

29 November 2017
November 2017 IFRIC Update published


Get Ready for Taxes: Taxpayers with Expiring ITINs Should Submit Renewal Applications by Dec. 31
IR-2017-199, Dec. 5, 2017 - The Internal Revenue Service reminds taxpayers with expiring Individual Taxpayer Identification Numbers (ITINs) to submit their renewal applications as soon as possible. Failing to renew them by the end of the year will cause refund and processing delays in 2018.

National Tax Security Awareness Week No. 5: Small Businesses: Be Alert to Identity Theft
IR-2017-198, Dec. 1, 2017 — The IRS, state tax agencies and the nation’s tax industry joined together to warn small businesses to be on-guard against a growing wave of identity theft against employers.

National Tax Security Awareness Week No. 4: Employers, Payroll Officials, Avoid the W-2 Email Scam
IR-2017-197, Nov. 30, 2017 — The IRS, state tax agencies and private-sector tax groups warned the nation’s business, payroll and human resource communities about a growing W-2 email scam that threatens sensitive tax information held by employers.

National Tax Security Awareness Week No. 3: Victims of Data Breaches Should Consider These Steps
IR-2017-196, Nov. 29, 2017 ― The number of data breaches was already on a record pace for 2017 before the reported theft of nearly 145 million Americans’ names, addresses and Social Security numbers brought the issue to the forefront.

Get Ready for Taxes: Offers Free Tax Help
IR-2017-195, Nov. 28, 2017 ― As tax filing season approaches, the IRS encourages taxpayers to visit first for tax tools and resources before calling.

National Tax Security Awareness Week No. 2: Don’t Take the Bait; Avoid Phishing Emails by Data Thieves
IR-2017-194, Nov. 28, 2017 ― With the approach of the holidays and the 2018 filing season, the IRS, state tax agencies and the nation’s tax industry urge people to be on the lookout for new, sophisticated email phishing scams that could endanger their personal information and next year’s tax refund.


PCAOB Publishes Staff Guidance on Implementing Changes to Auditor's Report
Washington, Dec. 4, 2017
The Public Company Accounting Oversight Board today published staff guidancePDF that describes changes to the auditor's report that become effective for audits for fiscal years ending on or after December 15, 2017.


Former Company Insider Earns More Than $4.1 Million for Whistleblower Tip
Washington D.C., Dec. 5, 2017 —The Securities and Exchange Commission today announced an award of more than $4.1 million to a former company insider who alerted the agency to a widespread, multi-year securities law violation and continued to provide important information and assistance throughout the SEC’s investigation.  The whistleblower is the third awarded by the SEC in the past week.  

Digital Display Advertising Firm, Executives Charged With Bilking Investors
Washington D.C., Dec. 4, 2017 —The Securities and Exchange Commission today charged a Seattle-area outdoor digital signage advertising company and two of its senior executives with stealing more than $2 million from retail investors. 

Audit Firm Charged With Fraud Relating to Auditing of Penny Stock Companies
Washington D.C., Dec. 4, 2017 —A California-based audit firm is being charged with conducting flawed audits and reviews of financial statements, which are critical sources of information for investors. 

SEC Emergency Action Halts ICO Scam
Washington D.C., Dec. 4, 2017 —The Securities and Exchange Commission today announced it obtained an emergency asset freeze to halt a fast-moving Initial Coin Offering (ICO) fraud that raised up to $15 million from thousands of investors since August by falsely promising a 13-fold profit in less than a month.

SEC Charges Florida Penny Stock Operators With Defrauding Elderly Investors in Push to Crack Down on Repeat Offenders
Miami Office’s Recidivist Initiative Nets 23 Enforcement Actions to Date
Washington D.C., Nov. 30, 2017 —The Securities and Exchange Commission today charged two individuals with defrauding elderly investors in a penny stock scheme involving Florida entertainment companies and their “Spongebuddy” product.  The charges are part of the Miami Regional Office’s Recidivist Initiative which has thus far resulted in enforcement actions against 23 individuals, nine of whom also have been charged by criminal authorities.

Division of Corporation Finance Chief Accountant Mark Kronforst to Leave SEC
Washington D.C., Nov. 30, 2017 —The Securities and Exchange Commission today announced that Mark Kronforst, Chief Accountant of the SEC’s Division of Corporation Finance, plans to leave the SEC in early January after 13 years of public service with the investor protection agency.

More Than $16 Million Awarded to Two Whistleblowers
Washington D.C., Nov. 30, 2017 —The Securities and Exchange Commission today announced awards of more than $8 million each to two whistleblowers whose critical information and continuing assistance helped the agency bring the successful underlying enforcement action.

SEC Ratifies Appointment of Administrative Law Judges
Washington D.C., Nov. 30, 2017 —The Securities and Exchange Commission today announced that it has ratified its prior appointment of Chief Administrative Law Judge Brenda Murray and Administrative Law Judges Carol Fox Foelak, Cameron Elliot, James E. Grimes, and Jason S. Patil.

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