- President Donald Trump signed an executive order requiring any executive agency seeking to issue a new rule to target two existing rules for elimination. The order’s effect on the SEC remains unclear.
- The SEC approved the fees the FASB uses from public companies to support its operations. The Sarbanes-Oxley Act of 2002 established the accounting support fee for the PCAOB and FASB to keep the standard-setters independent of the firms and companies that follow their rules and standards.
- The House of Representatives voted to nullify an SEC rule requiring publicly listed oil, gas, and mining companies to disclose payments made to the U.S. and foreign governments. The action, which takes advantage of the Congressional Review Act, is part of a broader push by a GOP-controlled Congress and White House to roll back Obama-era regulation.
- Baker Tilly's Mike Cullen warns about potential cyber threats related to smart devices and offers remedies to counteract the vulnerabilities created through the Internet of Things (IoT).
- The AICPA’s Auditing Standards Board (ASB) unanimously voted to issue a final going concern standard at its January meeting. The board also discussed other projects, including the auditor’s responsibilities for employee benefit plans, proposed guidance for unregistered securities offerings, and a new service that CPAs may perform without expressing an opinion.