The first order directs the Treasury Department to look at a process known as ‘orderly liquidation review’, which was established by the Dodd-Frank Act to create a process for winding down a large, failing financial company in a way that protects taxpayers from large bailouts such as the ones paid out in the aftermath of the 2008 financial crisis.

The second order review will look at the Dodd-Frank law provision that called on federal regulators to identify which financial institutions were large enough to merit enhanced regulation, as their collapse could destabilise the economy as a whole.

Dodd-Frank is a wide-reaching act, affecting UK foreign private issuers (FPIs) fall within the broad reach of this law and as a result UK accountants need to take into account the provisions affecting their companies. The key points affecting UK companies include the Public Company Accounting Oversight Board's (PCAOB) access to foreign audit firms’ work papers, Sarbox 404(b) exemption for smaller public companies, corporate governance and compensation, whistleblower bounty and controls on conflict minerals.

President Trump also signed an executive order at the Treasury Department directing a review of any significant tax regulations issued last year, especially ones that burden American taxpayers or are too complex.

This article first appeared in CCH Financial Reporting Brief provided by Accounting Research Manager, Wolters Kluwer