Order Regarding Review of FASB Accounting Support Fee for 2019 Under Section 109 of the Sarbanes-Oxley Act of 2002, 12011 [2019-06040]

Download as PDF Federal Register / Vol. 84, No. 61 / Friday, March 29, 2019 / Notices are available at www.prc.gov, Docket Nos. MC2019–105, CP2019–114. POSTAL SERVICE Product Change—Priority Mail Negotiated Service Agreement AGENCY: ACTION: Elizabeth Reed, Attorney, Corporate and Postal Business Law. Postal ServiceTM. [FR Doc. 2019–06036 Filed 3–28–19; 8:45 am] BILLING CODE 7710–12–P Notice. The Postal Service gives notice of filing a request with the Postal Regulatory Commission to add a domestic shipping services contract to the list of Negotiated Service Agreements in the Mail Classification Schedule’s Competitive Products List. SUMMARY: FOR FURTHER INFORMATION CONTACT: Elizabeth Reed, 202–268–3179. The United States Postal hereby gives notice that, pursuant to 39 U.S.C. 3642 and 3632(b)(3), on March 25, 2019, it filed with the Postal Regulatory Commission a USPS Request to Add Priority Mail Contract 514 to Competitive Product List. Documents are available at www.prc.gov, Docket Nos. MC2019–106, CP2019–115. SUPPLEMENTARY INFORMATION: Service® Elizabeth Reed, Attorney, Corporate and Postal Business Law. [FR Doc. 2019–06037 Filed 3–28–19; 8:45 am] BILLING CODE 7710–12–P POSTAL SERVICE Product Change—Priority Mail Express, Priority Mail, & First-Class Package Service Negotiated Service Agreement ACTION: Postal ServiceTM. Notice. The Postal Service gives notice of filing a request with the Postal Regulatory Commission to add a domestic shipping services contract to the list of Negotiated Service Agreements in the Mail Classification Schedule’s Competitive Products List. SUMMARY: Date of required notice: March 29, 2019. DATES: FOR FURTHER INFORMATION CONTACT: Elizabeth Reed, 202–268–3179. The United States Postal Service® hereby gives notice that, pursuant to 39 U.S.C. 3642 and 3632(b)(3), on March 25, 2019, it filed with the Postal Regulatory Commission a USPS Request to Add Priority Mail Express, Priority Mail, & First-Class Package Service Contract 56 to Competitive Product List. Documents jbell on DSK30RV082PROD with NOTICES SUPPLEMENTARY INFORMATION: VerDate Sep<11>2014 17:48 Mar 28, 2019 Jkt 247001 [Securities Act of 1933 Release No. 10621/ March 25, 2019; Securities Exchange Act of 1934 Release No. 85402/March 25, 2019] Order Regarding Review of FASB Accounting Support Fee for 2019 Under Section 109 of the SarbanesOxley Act of 2002 Date of required notice: March 29, 2019. DATES: AGENCY: SECURITIES AND EXCHANGE COMMISSION The Sarbanes-Oxley Act of 2002 (the ‘‘Act’’) provides that the Securities and Exchange Commission (the ‘‘Commission’’) may recognize, as generally accepted for purposes of the securities laws, any accounting principles established by a standard setting body that meets certain criteria. Consequently, Section 109 of the Act provides that all of the budget of such a standard setting body shall be payable from an annual accounting support fee assessed and collected against each issuer, as may be necessary or appropriate to pay for the budget and provide for the expenses of the standard setting body, and to provide for an independent, stable source of funding, subject to review by the Commission. Under Section 109(f) of the Act, the amount of fees collected for a fiscal year shall not exceed the ‘‘recoverable budget expenses’’ of the standard setting body. Section 109(h) amends Section 13(b)(2) of the Securities Exchange Act of 1934 to require issuers to pay the allocable share of a reasonable annual accounting support fee or fees, determined in accordance with Section 109 of the Act. On April 25, 2003, the Commission issued a policy statement concluding that the Financial Accounting Standards Board (‘‘FASB’’) and its parent organization, the Financial Accounting Foundation (‘‘FAF’’), satisfied the criteria for an accounting standardsetting body under the Act, and recognizing the FASB’s financial accounting and reporting standards as ‘‘generally accepted’’ under Section 108 of the Act.1 As a consequence of that recognition, the Commission undertook a review of the FASB’s accounting support fee for calendar year 2019.2 In 1 Financial Reporting Release No. 70. Financial Accounting Foundation’s Board of Trustees approved the FASB’s budget on November 13, 2018. The FAF submitted the 2 The PO 00000 Frm 00086 Fmt 4703 Sfmt 4703 12011 connection with its review, the Commission also reviewed the budget for the FAF and the FASB for calendar year 2019. Section 109 of the Act also provides that the standard setting body can have additional sources of revenue for its activities, such as earnings from sales of publications, provided that each additional source of revenue shall not jeopardize, in the judgment of the Commission, the actual or perceived independence of the standard setter. In this regard, the Commission also considered the interrelation of the operating budgets of the FAF, the FASB, and the Governmental Accounting Standards Board (‘‘GASB’’), the FASB’s sister organization, which sets accounting standards used by state and local government entities. The Commission has been advised by the FAF that neither the FAF, the FASB, nor the GASB accept contributions from the accounting profession. The Commission understands that the Office of Management and Budget (‘‘OMB’’) has determined the FASB’s spending of the 2019 accounting support fee is sequestrable under the Budget Control Act of 2011.3 So long as sequestration is applicable, we anticipate that the FAF will work with the Commission and Commission staff as appropriate regarding its implementation of sequestration. After its review, the Commission determined that the 2019 annual accounting support fee for the FASB is consistent with Section 109 of the Act. Accordingly, It is ordered, pursuant to Section 109 of the Act, that the FASB may act in accordance with this determination of the Commission. By the Commission. Eduardo A. Aleman, Deputy Secretary. [FR Doc. 2019–06040 Filed 3–28–19; 8:45 am] BILLING CODE 8011–01–P SMALL BUSINESS ADMINISTRATION Data Collection Available for Public Comments 60 Day notice and request for comments. ACTION: The Small Business Administration (SBA) intends to request SUMMARY: approved budget to the Commission on November 30, 2018. 3 See ‘‘OMB Report Pursuant to the Sequestration Transparency Act of 2012’’ (Pub. L. 112–155), page 222 of 224 at: https://www.whitehouse.gov/sites/ default/files/omb/assets/legislative_reports/ stareport.pdf. E:\FR\FM\29MRN1.SGM 29MRN1

Agencies

[Federal Register Volume 84, Number 61 (Friday, March 29, 2019)]
[Notices]
[Page 12011]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-06040]


=======================================================================
-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Securities Act of 1933 Release No. 10621/March 25, 2019; Securities 
Exchange Act of 1934 Release No. 85402/March 25, 2019]


Order Regarding Review of FASB Accounting Support Fee for 2019 
Under Section 109 of the Sarbanes-Oxley Act of 2002

    The Sarbanes-Oxley Act of 2002 (the ``Act'') provides that the 
Securities and Exchange Commission (the ``Commission'') may recognize, 
as generally accepted for purposes of the securities laws, any 
accounting principles established by a standard setting body that meets 
certain criteria. Consequently, Section 109 of the Act provides that 
all of the budget of such a standard setting body shall be payable from 
an annual accounting support fee assessed and collected against each 
issuer, as may be necessary or appropriate to pay for the budget and 
provide for the expenses of the standard setting body, and to provide 
for an independent, stable source of funding, subject to review by the 
Commission. Under Section 109(f) of the Act, the amount of fees 
collected for a fiscal year shall not exceed the ``recoverable budget 
expenses'' of the standard setting body. Section 109(h) amends Section 
13(b)(2) of the Securities Exchange Act of 1934 to require issuers to 
pay the allocable share of a reasonable annual accounting support fee 
or fees, determined in accordance with Section 109 of the Act.
    On April 25, 2003, the Commission issued a policy statement 
concluding that the Financial Accounting Standards Board (``FASB'') and 
its parent organization, the Financial Accounting Foundation (``FAF''), 
satisfied the criteria for an accounting standard-setting body under 
the Act, and recognizing the FASB's financial accounting and reporting 
standards as ``generally accepted'' under Section 108 of the Act.\1\ As 
a consequence of that recognition, the Commission undertook a review of 
the FASB's accounting support fee for calendar year 2019.\2\ In 
connection with its review, the Commission also reviewed the budget for 
the FAF and the FASB for calendar year 2019.
---------------------------------------------------------------------------

    \1\ Financial Reporting Release No. 70.
    \2\ The Financial Accounting Foundation's Board of Trustees 
approved the FASB's budget on November 13, 2018. The FAF submitted 
the approved budget to the Commission on November 30, 2018.
---------------------------------------------------------------------------

    Section 109 of the Act also provides that the standard setting body 
can have additional sources of revenue for its activities, such as 
earnings from sales of publications, provided that each additional 
source of revenue shall not jeopardize, in the judgment of the 
Commission, the actual or perceived independence of the standard 
setter. In this regard, the Commission also considered the 
interrelation of the operating budgets of the FAF, the FASB, and the 
Governmental Accounting Standards Board (``GASB''), the FASB's sister 
organization, which sets accounting standards used by state and local 
government entities. The Commission has been advised by the FAF that 
neither the FAF, the FASB, nor the GASB accept contributions from the 
accounting profession.
    The Commission understands that the Office of Management and Budget 
(``OMB'') has determined the FASB's spending of the 2019 accounting 
support fee is sequestrable under the Budget Control Act of 2011.\3\ So 
long as sequestration is applicable, we anticipate that the FAF will 
work with the Commission and Commission staff as appropriate regarding 
its implementation of sequestration.
---------------------------------------------------------------------------

    \3\ See ``OMB Report Pursuant to the Sequestration Transparency 
Act of 2012'' (Pub. L. 112-155), page 222 of 224 at: https://www.whitehouse.gov/sites/default/files/omb/assets/legislative_reports/stareport.pdf.
---------------------------------------------------------------------------

    After its review, the Commission determined that the 2019 annual 
accounting support fee for the FASB is consistent with Section 109 of 
the Act. Accordingly,
    It is ordered, pursuant to Section 109 of the Act, that the FASB 
may act in accordance with this determination of the Commission.

    By the Commission.
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019-06040 Filed 3-28-19; 8:45 am]
 BILLING CODE 8011-01-P
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.