Regulatory Roundup: June 28-July 5

By:
Chris Gaetano
Published Date:
Jul 5, 2017

AICPA 

EY’s Halterman Receives AICPA’s Special Recognition Award 
NEW YORK (June 29, 2017) – The American Institute of CPAs’ (AICPA) has honored Chris K. Halterman, CPA, executive director, advisory services at Ernst & Young (EY), with its Special Recognition Award for his work on the AICPA Assurance Services Executive Committee (ASEC), contributions to ASEC’s Trust Information Integrity Task Force, and leadership of ASEC’s Cybersecurity Working Group. 

AICPA Supports Senator Thune’s INVEST Act of 2017 
Bill would Simplify Key Tax Rules for Small and Medium-Sized Businesses Washington, D.C. (June 27, 2017) – The American Institute of CPAs (AICPA) has endorsed the Investment in New Ventures and Economic Success Today (INVEST) Act of 2017 (S. 1144), which was introduced by U.S. Senator John Thune (R-S.D.)

CBO

Cost Estimate
S. 139, Rapid DNA Act of 2017
July 3, 2017

Blog Post
CBO to Issue Analysis of the President’s FY 2018 Budget on July 13
June 30, 2017

Report
Answers to Questions for the Record Following a Hearing on Federal Employee Compensation Conducted by the House Committee on Oversight and Government Reform
June 30, 2017

Report
Longer-Term Effects of the Better Care Reconciliation Act of 2017 on Medicaid Spending
June 29, 2017

Report
An Update to the Budget and Economic Outlook: 2017 to 2027
June 29, 2017

Report
Federal Debt and the Statutory Limit, June 2017
June 29, 2017

GAO 

Defense-Wide Working Capital Fund:
Action Needed to Maintain Cash Balances within Required Levels
GAO-17-465:Published: Jun 30, 2017. Publicly Released: Jun 30, 2017.

Hospital Value-Based Purchasing:
CMS Should Take Steps to Ensure Lower Quality Hospitals Do Not Qualify for Bonuses
GAO-17-551:Published: Jun 30, 2017. Publicly Released: Jun 30, 2017.

Small Business Administration:
Government Contracting and Business Development Processes and Rule-Making Activities
GAO-17-573:Published: Jun 30, 2017. Publicly Released: Jun 30, 2017.

Critical Infrastructure Protection:
DHS Has Fully Implemented Its Chemical Security Expedited Approval Program, and Participation to Date Has Been Limited
GAO-17-502:Published: Jun 29, 2017. Publicly Released: Jun 29, 2017.

Defense Science and Technology:
Adopting Best Practices Can Improve Innovation Investments and Management
GAO-17-499:Published: Jun 29, 2017. Publicly Released: Jun 29, 2017.

Management Report:
Areas for Improvement in the Bureau of the Fiscal Service's Information Systems Controls
GAO-17-611R: Published: Jun 29, 2017. Publicly Released: Jun 29, 2017.

Puerto Rico:
Información sobre Tendencias y Retos de Pequeñas Empresas en el Ámbito de Contratación Federal
GAO-17-705:Published: Jun 29, 2017. Publicly Released: Jun 29, 2017.

Puerto Rico:
Information on Trends and Challenges to Small Business Federal Contracting
GAO-17-550:Published: Jun 29, 2017. Publicly Released: Jun 29, 2017.

Telecommunications:
Additional Action Needed to Address Significant Risks in FCC's Lifeline Program
GAO-17-538:Published: May 30, 2017. Publicly Released: Jun 29, 2017.

FBI Laboratory:
Chemistry and Trace Evidence Units Generally Adhere to Quality Standards, but Could Review More Examiner Testimonies
GAO-17-516:Published: Jun 28, 2017. Publicly Released: Jun 28, 2017.

Operational Support Airlift:
Fleet Sufficiency is Assessed Annually
GAO-17-582:Published: Jun 28, 2017. Publicly Released: Jun 28, 2017

GASB

GASB ESTABLISHES SINGLE APPROACH FOR REPORTING LEASES
Norwalk, CT, June 28, 2017—The Governmental Accounting Standards Board (GASB) today issued guidance that establishes a single approach to accounting for and reporting leases by state and local governments. This single approach is based on the principle that leases are financings of the right to use an underlying asset.

IASB 

03/07/17
June podcast about IASB activities now available

03/07/17
Monthly Stakeholder Update June 2017 published

29/06/17
Joint ICAEW and IFRS Foundation Virtual Conference: IFRS 16 Leases

29/06/17
IASB Chairman's speech: IFRS 17 and its contribution to financial stability

29/06/17
July 2017 ASAF meeting—agenda papers available

28/06/17
June 2017 IFRS for SMEs Update published

IRS

IRS Launches Country-by-Country Reporting Pages on IRS.gov
IR-2017-116, June 30, 2017 — The Internal Revenue Service today announced the launch of Country-by-Country Reporting pages on irs.gov.

IRS Launches 2017 Summertime Tax Tip Program
IR-2017-115, June 30, 2017 — More than 719,000 taxpayers received plain-language Tax Tips directly to their email inbox during this past tax filing season and got the information they needed to help them file their taxes. 

Electronic Tax Administration Advisory Committee Issues 2017 Annual Report
IR- 2017-114, June 28, 2017 — The Electronic Tax Administration Advisory Committee (ETAAC) today held its annual public meeting and released its annual report to the IRS and the Congress, which includes numerous recommendations on improving electronic security in the tax system and fighting tax fraud related to identity theft.

National Taxpayer Advocate Reviews Filing Season and Identifies Priority Areas and Challenges in Mid Year Report to Congress
IR-2017-113, June 28, 2017 — National Taxpayer Advocate Nina E. Olson today released her statutorily mandated mid-year report to Congress that presents a review of the 2017 Filing Season, identifies the priority issues the Taxpayer Advocate Service (TAS) will address during the upcoming fiscal year, and contains the IRS’s responses to each of the 93 administrative recommendations the Advocate made in her 2016 Annual Report to Congress.

SEC

SEC Files Fraud Charges in Bitcoin and Office Space Investment Schemes
Washington D.C., June 30, 2017—The Securities and Exchange Commission today filed fraud charges against the clandestine founder of a purported Bitcoin platform and a chain of co-working spaces located in former bars and restaurants, alleging that he bilked investors in both companies while hiding his connection given his checkered past with regulators in the U.K. 

SEC Charges Information Technology Company and Former Executives With Accounting Fraud
Washington D.C., June 30, 2017—The Securities and Exchange Commission has charged Chicago-area information technology company Quadrant 4 System Corp. (QFOR) and two former top executives in an accounting fraud scheme that misled investors and allowed the former executives to siphon millions from the firm for their personal benefit.

SEC's Division of Corporation Finance Expands Popular JOBS Act Benefit to All Companies
Washington D.C., June 29, 2017—The Securities and Exchange Commission today announced that the Division of Corporation Finance will permit all companies to submit draft registration statements relating to initial public offerings for review on a non-public basis. This process will be available for IPOs as well as most offerings made in the first year after a company has entered the public reporting system. It will take effect on July 10, 2017.

SEC Charges Oil and Gas Company and Top Finance Executives with Accounting Fraud
Washington D.C., June 28, 2017—The Securities and Exchange Commission today charged a Canadian-based oil and gas company and three of its former top finance executives for their roles in an extensive, multi-year accounting fraud.

 

 


 



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