AICPA

NASBA and AICPA Approve Revisions to Continuing Professional Education Standards
Dec 20, 2023

AICPA Announces 2023 Leadership Academy Graduates
Dec 14, 2023

CBO

Cost Estimate
H.R. 3196, Architect of the Capitol Appointment Act of 2023
December 22, 2023
As ordered reported by the House Committee on House Administration on September 28, 2023

Cost Estimate
S. 1258, Billion Dollar Boondoggle Act of 2023
December 22, 2023
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on October 25, 2023

Report
Additional Information About Drug Price Negotiation and CBO’s Simulation Model of Drug Development
December 21, 2023
In response to a request from Budget Committee Chairman Jodey Arrington and Congressman Michael C. Burgess, CBO provides information about its analysis of federal policies that affect the development of new drugs in the United States.

Cost Estimate
H.R. 5375, Strengthening the Quad Act
As ordered reported by the House Committee on Foreign Affairs on November 29, 2023

Cost Estimate
H.R. 5914, Veterans Education Transparency and Training Act
December 21, 2023
As ordered reported by the House Committee on Veterans’ Affairs on December 5, 2023

Cost Estimate
H.R. 6586, A bill to require a strategy to oppose financial or material support by foreign countries to the Taliban, and for other purposes
December 21, 2023
As ordered reported by the House Committee on Foreign Affairs on December 13, 2023

Cost Estimate
S. 162, Smith River National Recreation Area Expansion Act
December 21, 2023
As reported by the Senate Committee on Energy and Natural Resources on July 11, 2023

Cost Estimate
S. 776, M.H. Dutch Salmon Greater Gila Wild and Scenic River Act
December 21, 2023
As reported by the Senate Committee on Energy and Natural Resources on July 19, 2023

Blog Post
A Call for New Research in the Area of New Drug Development
December 20, 2023
To enhance its work for the Congress, CBO is looking for new research that examines how changes in pharmaceutical companies’ expected future profits affect the development of new drugs and health outcomes.

Cost Estimate
H.R. 2766, Uyghur Policy Act of 2023
December 20, 2023
As ordered reported by the House Committee on Foreign Affairs on November 29, 2023

Cost Estimate
H.R. 3722, Daniel J. Harvey, Jr. and Adam Lambert Improving Servicemember Transition to Reduce Veteran Suicide Act
December 20, 2023
As ordered reported by the House Committee on Veterans’ Affairs on December 5, 2023

Cost Estimate
H.R. 522, Deliver for Veterans Act
December 20, 2023
As ordered reported by the House Committee on Veterans’ Affairs on December 5, 2023

Cost Estimate
H.R. 5785, Edith Nourse Rogers STEM Scholarship Opportunity Act
December 20, 2023
As ordered reported by the House Committee on Veterans’ Affairs on December 5, 2023

Presentation
CBO’s Use of GitHub
December 19, 2023
Presentation to the Congressional Data Task Force by Kevin Perese, a senior adviser for data science and transparency.

Cost Estimate
H.R. 5687, HSA Modernization Act of 2023
December 19, 2023
As ordered reported by the House Committee on Ways and Means on September 28, 2023

Cost Estimate
S. 265, SIREN Reauthorization Act
December 19, 2023
As reported by the Senate Committee on Health, Education, Labor, and Pensions on July 26, 2023

Cost Estimate
H.R. 5945, Freezing HAMAS Act
December 18, 2023
As ordered reported by the House Committee on Financial Services on November 14, 2023

Cost Estimate
H.R. 6000, Revoke Iranian Funding Act of 2023
December 18, 2023
As ordered reported by the House Committee on Foreign Affairs on November 14, 2023

Cost Estimate
The Budgetary and Economic Effects of S. 2488, the Raise the Wage Act of 2023
December 18, 2023
As introduced on July 25, 2023

FASB

Financial Accounting Standards Advisory Council Meeting Recap—December 12, 2023
December 21, 2023

FASB Seeks Input on Proposed New Chapter of Its Conceptual Framework: Measurement
December 21, 2023

Private Company Council Meeting Recap—December 14-15, 2023
December 20, 2023

FASB Seeks Public Comment on Proposed Improvements to Accounting Guidance on Induced Conversions of Convertible Debt Instruments
December 19, 2023

2024 GAAP Financial Reporting Taxonomy, SEC Reporting Taxonomy, and DQC Rules Taxonomy Now Available
December 18, 2023

GAO

Federal Reserve Lending Programs:
Status of Monitoring and Main Street Lending Program 
GAO-24-106482
Published: Dec 22, 2023
Publicly Released: Dec 22, 2023
In response to COVID-19, the Federal Reserve System Board of Governors authorized 13 emergency lending programs to help provide credit to certain parts of the economy, including businesses and employers. The Main Street Lending Program targeted small and mid-sized businesses and nonprofits. Since the program ended in January 2021, borrowers have generally made scheduled payments on-time. As of August 2023, about 64% of program...

VA Health Care:
The Medically Underserved Facilities Initiative
GAO-24-106306
Published: Dec 21, 2023
Publicly Released: Dec 21, 2023
The Department of Veteran Affairs provides health care services to more than six million veterans, but many live in areas with limited access to care. In FY 2019, VA began designating facilities as "underserved" if the facility couldn't meet demands for care. These facilities identified ways to improve access, such as increasing telehealth. Officials at these facilities shared mixed responses about VA's efforts. Some said...

Small Business Administration:
Procedures for Reporting on Veteran-Owned Businesses Need Improvement
GAO-24-106071
Published: Dec 21, 2023
Publicly Released: Dec 21, 2023
Many veterans face challenges with raising capital to start small businesses—such as establishing credit and developing business relationships if they move to a new area after military service. The Small Business Administration must give special consideration to veterans for its lending programs. But the agency hasn't developed policies and procedures to do so. For example, SBA committed to processing applications for veteran-owned businesses promptly. However...

Medical Device Cybersecurity:
Agencies Need to Update Agreement to Ensure Effective Coordination
GAO-24-106683
Published: Dec 21, 2023
Publicly Released: Dec 21, 2023
Cybersecurity vulnerabilities that threaten medical devices aren't commonly exploited but still pose risks to hospital networks—and patients, according to a federal study. The Food and Drug Administration has primary responsibility for medical device cybersecurity. FDA formally collaborates with the Cybersecurity and Infrastructure Security Agency on security guidance for device manufacturers, public alerts about current vulnerabilities, and more. However, the agencies' formal agreement is 5 years...

Defense Health Care:
DOD Assessment Needed to Ensure TRICARE Behavioral Health Coverage Goals Are Being Met
GAO-24-106597
Published: Dec 20, 2023
Publicly Released: Dec 20, 2023
DOD's Defense Health Agency manages TRICARE—a healthcare program for active duty service members, their eligible family members, and military retirees. In 2016, DHA set goals to improve TRICARE's behavioral health coverage for mental health and substance use disorders. DHA added coverage for new services and eliminated certain coverage limits, such as the maximum number of treatment sessions. Over the last 7 years, however, DHA hasn't...

Pandemic Risk:
Federal Insurance Approaches Would Entail Costs to Taxpayers and Businesses Might Not Participate
GAO-24-106075
Published: Dec 19, 2023
Publicly Released: Dec 19, 2023
During the COVID-19 pandemic, some businesses used "business interruption coverage" to recoup losses, but insurers generally didn't pay pandemic-related claims. Many insurers have since added virus exclusions or removed previously available virus coverage. We looked at whether the government could make pandemic insurance available to businesses. But the government would assume most or all risk. And it would be difficult to provide easily available and...

Legislative Branch:
Options for Enhancing Congressional Oversight of Rulemaking and Establishing an Office of Legal Counsel GAO-24-105870
Published: Dec 19, 2023
Publicly Released: Dec 19, 2023
Oversight of the executive branch is one of Congress's main responsibilities. In recent years, Congress has explored ways to modernize its operations in this area, including regulatory oversight and congressional legal representation for working with the executive branch. To help, we researched Congress's options. It can create new regulatory or legal offices, oversight processes, or regulatory requirements—or change existing ones. Each of these options comes...

IASB

December 2023 monthly news summary  
News summary
21 December 2023

New job opportunities available
Careers
21 December 2023

November 2023 Consultative Group for Rate Regulation meeting summary now available
Meeting
21 December 2023

December 2023 IFRS for SMEs Accounting Standard Update now available
Update
20 December 2023

ISSB publishes targeted amendments to enhance the international applicability of the SASB Standards
Amendment
20 December 2023

December 2023 IASB podcast now available
Podcast
19 December 2023

Registration open for the IFRS Sustainability Symposium 2024
Conference
19 December 2023

IFRS Foundation Trustees reappoints IFRS Interpretations Committee members and launches search for new candidates
Appointment
19 Dec 2023

IASB partners with RAST for 2026 joint conference
Research
18 December 2023

December 2023 IASB Update now available and work plan updated
Update
18 December 2023

Join the staff—AV Technician
Careers
18 December 2023

IRS

Treasury, IRS request public comments on product identification number requirement to claim the Energy Efficient Home Improvement Credit
IR-2023-253, Dec. 29, 2023 — The Department of the Treasury and the Internal Revenue Service issued Notice 2024-13 announcing that the IRS intends to propose regulations to implement the product identification number (PIN) requirement with respect to the energy efficient home improvement credit.

Treasury, IRS provide guidance for certain clean energy producers related to domestic content; request additional comments for upcoming regulations
IR-2023-252, Dec. 28, 2023 — The Department of the Treasury and the Internal Revenue Service today issued Notice 2024-9 that provides procedures for applicable entities to claim the statutory exception to the application of the phaseouts for elective payment projects that begin construction during calendar year 2024 that fail to satisfy the domestic content requirement.

IRS updates frequently asked questions for the New, Previously-Owned and Qualified Commercial Clean Vehicle Credit IR-2023-251, Dec. 26, 2023 — The Internal Revenue Service today updated frequently asked questions in Fact Sheet 2023-29 to provide guidance related to the critical mineral and battery component requirements.

IRS: Tennessee taxpayers impacted by storms and tornadoes qualify for tax relief; various deadlines postponed to June 17
IR-2023-250, Dec. 22, 2023 — The Internal Revenue Service today provided tax relief for individuals and businesses in parts of Tennessee affected by severe storms and tornadoes that began on Dec. 9.

IRS opens free IRA and CHIPS Pre-filing Registration Tool for organizations to register to monetize clean energy credits IR-2023-249, Dec. 22, 2023 — The Internal Revenue Service announced today that qualifying businesses, tax-exempt organizations or entities such as state, local and Indian tribal governments can register using the new IRA/CHIPS Pre-filing Registration Tool, available free from the IRS so they can take advantage of the elective payment or transfer of credits.

Treasury, IRS issue guidance on the tax credit for the production of clean hydrogen
IR-2023-248, Dec. 22, 2023 — The Treasury Department and Internal Revenue Service today issued proposed regulations for the tax credit for the production of clean hydrogen.

IRS: New Voluntary Disclosure Program lets employers who received questionable Employee Retention Credits pay them back at discounted rate; interested taxpayers must apply by March 22
IR-2023-247, Dec. 21, 2023 — As part of an ongoing initiative aimed at combating dubious Employee Retention Credit (ERC) claims, the Internal Revenue Service today launched a new Voluntary Disclosure Program to help businesses who want to pay back the money they received after filing ERC claims in error.

IRS reminds those aged 73 and older to make required withdrawals from IRAs and retirement plans by Dec. 31; notes changes in the law for 2023
IR-2023-246, Dec. 20, 2023 — The Internal Revenue Service today reminded people born before 1951 of the year-end deadlines to take required minimum distributions (RMDs) from funds held in individual retirement arrangements (IRAs) and other retirement plans, and noted new requirements under the law beginning in 2023.

IRS issues guidance on the incremental cost for the Commercial Clean Vehicle Credit
IR-2023-245, Dec. 20, 2023 — The Treasury Department and Internal Revenue Service today issued Notice 2024-05 regarding the commercial clean vehicle credit for commercial vehicles placed in service in 2024.

IRS helps taxpayers by providing penalty relief on nearly 5 million 2020 and 2021 tax returns; restart of collection notices in 2024 marks end of pandemic-related pause
IR-2023-244, Dec. 19, 2023 — In a major step to help people who owe back taxes, the Internal Revenue Service today announced new penalty relief for approximately 4.7 million individuals, businesses and tax-exempt organizations that were not sent automated collection reminder notices during the pandemic.

NYC

Department of Finance Highlights Key Accomplishments in 2023
December 21, 2023

NYS

Governor Hochul Announces Guidance To Manage Climate Risk For New York State-Regulated Banking And Mortgage Institutions
December 21, 2023

Governor Hochul Announces $100 Million Commitment to Address Critical Shortage of Child Care Supply for New York State’s Families
December 20, 2023

PCAOB

PCAOB Staff Outline 2024 Inspection Priorities with Focus on Driving Improvements in Audit Quality
Dec. 20, 2023

Pamela C. Dyson Named PCAOB Chief Information Officer
Dec. 20, 2023

SEC

Dean C. Metry Named Chief Administrative Law Judge at SEC
2023-259
Washington D.C., Dec. 22, 2023 — The Securities and Exchange today announced that Dean C. Metry has been named the agency’s Chief Administrative Law Judge.

BarnBridge DAO Agrees to Stop Unregistered Offer and Sale of Structured Finance Crypto Product
2023-258
Washington D.C., Dec. 22, 2023 — The Securities and Exchange Commission today announced that BarnBridge DAO, a purportedly decentralized autonomous organization, and its two founders, Tyler Ward and Troy Murray, will pay more than $1.7 million to settle charges that they failed to register BarnBridge’s offer and sale of structured crypto asset securities known as SMART Yield bonds. The Commission also charged the respondents with violations stemming from operating BarnBridge’s SMART Yield pools as unregistered investment companies. To settle the SEC’s charges, BarnBridge agreed to disgorge nearly $1.5 million of proceeds from the sales, and Ward and Murray each agreed to pay a $125,000 civil penalties.

SEC Awards More Than $28 Million to Seven Whistleblowers
2023-257
Washington D.C., Dec. 22, 2023 — The Securities and Exchange Commission today announced awards of more than $28 million combined to seven individuals whose information and assistance led to a successful SEC enforcement action.

SEC Charges UAE-Based Brooge Energy and Former Executives with Fraud
2023-256
Washington D.C., Dec. 22, 2023 — The Securities and Exchange Commission today announced fraud charges against Brooge Energy Limited, a publicly-traded energy company located in the United Arab Emirates, the company’s former CEO, Nicolaas Lammert Paardenkooper, and its former Chief Strategy Officer and Interim CEO, Lina Saheb.

SEC Charges Former CEO of Medical Device Startup Stimwave with $41 Million Fraud
2023-255
Washington D.C., Dec. 19, 2023 — The Securities and Exchange Commission today charged Laura Tyler Perryman, the former CEO and co-founder of Florida-based medical device startup Stimwave Technologies Inc., with defrauding investors out of approximately $41 million by making false and misleading statements about one of the company’s key medical device products. According to the SEC’s complaint, the medical device comprised several components, one of which was a fake, non-functional component that was implanted into patients’ bodies.

SEC Charges Tingo Mobile Founder, Three Companies with Massive Fraud and Obtains Emergency Relief
2023-254
Washington D.C., Dec. 19, 2023 — The Securities and Exchange Commission today announced that it obtained a temporary asset freeze, restraining order, and other emergency relief against Mmobuosi Odogwu Banye a/k/a Dozy Mmobuosi and three affiliated U.S. based entities of which he is the CEO in connection with an alleged multi-year scheme to inflate the financial performance metrics of his companies and key operating subsidiaries to defraud investors worldwide.

TIGTA

Post-Pandemic Actions Have Contributed to Declines in Automated Collection System Level of Service and Collection
December 20, 2023

Progress Update on Tax Return Scanning Initiatives
December 20, 2023

Trends in Compliance Activities Through Fiscal Year 2022  
December 20, 2023

Administration of the Individual Taxpayer Identification Number Program
December 19, 2023

The Internal Revenue Service Is Not Fully Complying With the No TikTok on Government Devices Implementation Guidance
December 18, 2023

The Internal Revenue Service Is Developing a Digital Asset Monitoring and Compliance Strategy
December 18, 2023

Improvements Are Needed to Ensure the Health and Safety of Employees at the C-site
December 18, 2023