Regulatory Roundup: June 21-26
AICPA
Cost Estimate
H.R. 1567, ACRES Act
June 23, 2023
As ordered reported by the House Committee on Natural Resources on April 28, 2023
Cost Estimate
H.R. 3941, Schools Not Shelters Act
June 23, 2023
As ordered reported by the House Committee on Education and the Workforce on June 13, 2023
Cost Estimate
S. 1560, Rural Hospital Cybersecurity Enhancement Act
June 23, 2023
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on June 14, 2023
Cost Estimate
S. 920, International Trafficking Victims Protection Reauthorization Act of 2023
June 23, 2023
As reported by the Senate Committee on Foreign Relations on June 12, 2023
Cost Estimate
S. 950, Technical Correction to the Shoshone-Paiute Tribes of the Duck Valley Reservation Water Rights Settlement Act of 2023
June 23, 2023
As ordered reported by the Senate Committee on Indian Affairs on March 29, 2023
Cost Estimate
Estimated Budgetary Effects of H.R. 3564, the Middle Class Borrower Protection Act of 2023
June 22, 2023
As posted on the website of the House Committee on Rules on June 20, 2023
https://rules.house.gov/bill/118/hr-3564
Cost Estimate
H.R. 1282, Major Richard Star Act
June 22, 2023
As ordered reported by the House Committee on Armed Services on June 21, 2023
Cost Estimate
H.R. 2367, Truck Parking Safety Improvement Act
June 22, 2023
As ordered reported by the House Committee on Transportation and Infrastructure on May 23, 2023
Cost Estimate
H.R. 663, Native American Child Protection Act
June 22, 2023
As introduced in the House of Representatives on January 31, 2023
Cost Estimate
S. 1074, Taiwan Protection and National Resilience Act of 2023
June 22, 2023
As reported by the Senate Committee on Foreign Relations on June 13, 2023
Cost Estimate
S. 706, Ruby Mountains Protection Act
June 22, 2023
As ordered reported by the Senate Committee on Energy and Natural Resources on May 17, 2023
Cost Estimate
H.R. 1245, Grizzly Bear State Management Act of 2023
June 21, 2023
As ordered reported by the House Committee on Natural Resources on April 28, 2023
Cost Estimate
H.R. 1419, Comprehensive Grizzly Bear Management Act of 2023
June 21, 2023
As ordered reported by the House Committee on Natural Resources on April 28, 2023
Cost Estimate
S. 308, Ending China’s Developing Nation Status Act
June 21, 2023
As reported by the Senate Committee on Foreign Relations on June 13, 2023
H.R. 3564, Middle Class Borrower Protection Act of 2023
June 20, 2023
As reported by the House Committee on Financial Services on June 7, 2023
GAO
Critical Access Hospitals:
Views on How Medicare Payment and Other Factors Affect Behavioral Health Services
GAO-23-105950
Published:
Publicly Released:
Small "critical access" hospitals are often the only source of health care in rural communities. While they provide emergency mental health care, only some provide other in- and outpatient psychiatric care. Medicare generally pays these hospitals at cost, but most inpatient psychiatric services aren't eligible for cost-based payment. Hospital officials had mixed views on whether this swayed decisions to offer inpatient psychiatric care. Medicare payments...
Data Science:
NIH Needs to Implement Key Workforce Planning Activities
GAO-23-105594
Published:
Publicly Released:
The National Institutes of Health—a leader in the support of biomedical research—faces a shortage of employees with data science expertise. NIH needs this expertise to handle the growing amount of increasingly complex data from advances in research. NIH plans to enhance its data science workforce, but it hasn't examined the skills of existing staff to determine what it needs to reach its goals. Until NIH...
Defense Health Care:
Improved Monitoring Could Help Ensure Completion of Mandated Reforms
GAO-23-105710
Published:
Publicly Released:
Over the past 10 years, the Department of Defense has addressed 115 of 158 legally-required military health system reforms. For example, DOD created the TRICARE Select health plan—allowing beneficiaries to seek specialty care without referrals. But DOD hasn't created a process to monitor its actions. Such a process would help DOD better oversee completion of the remaining requirements. This includes, for example, consolidating all military...
DOD Bulk Fuel:
Improved Management over Transactions Could Lead to More Reliable Financial Reporting
GAO-23-105531
Published:
Publicly Released:
The Department of Defense is the government's largest purchaser and consumer of bulk fuel, which totaled $10.3 billion in FY 2022. DOD purchases fuel in bulk and sells it to a variety of DOD agencies, as well as foreign governments and other federal agencies. This process is complex and includes many different stakeholders and transactions. Consequently, it is important for DOD to document every step...
Overseas Real Property:
State Has Not Aligned Natural Hazard Resilience Plans to Staffing Levels
GAO-23-105887
Published:
Publicly Released:
According to the State Department, natural hazards—including those intensified by climate change such as flooding or extreme wind—threaten more than 290 of its overseas posts, including embassies and consulates. State is analyzing risks and working to make its facilities more resilient to natural hazards. For example, it has improved buildings and updated design standards to include new hazard information. But officials said they don't have...
Nursing Homes:
CMS Offers Useful Information on Website and Is Considering Additional Steps to Assess Underlying Data
GAO-23-105312
Published:
Publicly Released:
The Centers for Medicare & Medicaid Services provides information on the quality of nursing homes as part of its Care Compare tool. Medicare & Medicaid Services has worked to ensure that nursing home information on Care Compare is useful to consumers and lets them compare data among nursing homes, such as how many nurses a facility has on staff. However, we found that Care Compare...
Department of Education:
Federal Student Aid System Modernization Project Should Better Estimate Cost and Schedule GAO-23-106376
Published:
Publicly Released:
The Department of Education is modernizing its student aid application system. The system, which processes millions of federal student aid applications annually, is over 30 years old. Education has made progress in planning the modernization project. But when the agency estimated costs and developed the project's schedule, it didn't account for the cost of government labor or the availability of needed materials and resources. These...
DOD Civilian Workforce:
Actions Needed to Analyze and Eliminate Barriers to Diversity
GAO-23-105284
Published:
Publicly Released:
The Department of Defense civilian workforce doesn't reflect the diversity of nation or that of the entire federal government. DOD has lower percentages of women and members of historically disadvantaged racial or ethnic groups—such as African Americans. DOD has been working to identify potential barriers to diversity, but little has changed over the last 10 years. This may be because it is unclear which DOD...
Coast Guard:
Actions Needed to Improve Mission Execution and Resource Management
GAO-23-106852
Published:
Publicly Released:
The Coast Guard has 11 mandated missions. To operate effectively, it must use its resources wisely while planning for and investing in future operations. We testified that the Coast Guard could do more in some areas. For instance, the Coast Guard is required to collect and report data on marine accidents and casualties to inform safety guidelines and regulations. However, it doesn't collect potentially useful...
Coast Guard Acquisitions:
Offshore Patrol Cutter Program Needs to Mature Technology and Design
GAO-23-105805
Published:
Publicly Released:
The U.S. Coast Guard plans to spend over $12 billion to acquire 25 Offshore Patrol Cutters—ships that conduct search and rescue operations, among other missions. But the Coast Guard continues taking a risky approach of constructing these ships before the design and technology are ready. For example, the Coast Guard doesn't have a plan to ensure that the ship's critical technology—a crane that suspends, lowers...
Combating Illegal Fishing:
Better Information Sharing Could Enhance U.S. Efforts to Target Seafood Imports for Investigation
GAO-23-105643
Published:
Publicly Released:
The National Marine Fisheries Service and U.S. Customs and Border Protection collaborate to combat imports of seafood caught via illegal, unreported, and unregulated fishing. The agencies share information in several ways, including through Border Protection's interagency coordination center. But, NMFS officials reported concerns about getting timely information from Border Protection. For example, an NMFS official told us it may take as long as a week...
Cybercrime:
Reporting Mechanisms Vary, and Agencies Face Challenges in Developing Metrics
GAO-23-106080
Published:
Publicly Released:
Cybercrime, such as hacking and ransomware attacks, is increasing in the United States—leading to billions of dollars in losses and threatening public safety. Several federal agencies work to detect, investigate, and prosecute cybercrimes. Agencies vary in how they collect data on these crimes, and there is no official definition of cybercrime. As a result, this data may not be consistent or complete. In 2022, Congress...
Meat and Poultry Worker Safety:
OSHA Should Determine How to Address Persistent Hazards Exacerbated by COVID-19
GAO-23-105104
Published:
Publicly Released:
During the COVID-19 pandemic, there was a sharp increase in reports of illness among meat and poultry workers. These jobs require working in crowded plants, putting workers at greater risk of disease. In response to these concerns, the Occupational Safety and Health Administration increased plant inspections. But OSHA's safety standards didn't include COVID-19 related hazards—like requiring workers to be in close proximity. As a result...
National Nuclear Security Administration:
Additional Actions Could Improve Efficiency of Common Financial Reporting
GAO-23-106069
Published:
Publicly Released:
The National Nuclear Security Administration relies on contractors to manage and operate its labs and nuclear weapons facilities. But the agency has long had issues comparing costs across its programs because its contractors use different methods for tracking those costs. In 2017, Congress required NNSA to implement a common financial reporting system to address this issue, and the agency has made significant progress doing so...
IFRS
IASB Chair Andreas Barckow: Communicating with investors in uncertain times
Speech
26 June 2023
ISSB issues inaugural global sustainability disclosure standards
IFRS Standard
26 June 2023
July 2023 IFRS Taxonomy Consultative Group agenda and meeting papers now available
Meeting
23 June 2023
June 2023 IFRS for SMEs Accounting Standard Update now available
Update
22 June 2023
ISSB consultation documents now available in several languages
Translated Content
22 June 2023
IRS
National Taxpayer Advocate issues midyear report to Congress; highlights filing season challenges and focuses on strategic priorities
IR-2023-119, June 21, 2023 — National Taxpayer Advocate Erin M. Collins today released her statutorily mandated midyear report to Congress. The report says the tax-return filing season generally ran smoothly this year, urges the Internal Revenue Service to prioritize a broad array of
PCAOB
PCAOB Sanctions Total Asia Associates PLT for Violations of Quality Control Standards
Jun. 23, 2023
PCAOB Sanctions Friedman LLP Partners for Violations of PCAOB Rules and Standards in Audits of a China-Based Issuer
Jun. 22, 2023
PCAOB Announces Agenda for June 29 Meeting of Its Standards and Emerging Issues Advisory Group
Jun. 22, 2023
At June 26 Open Meeting, PCAOB to Consider Proposal on Technology-Assisted Analysis
Jun. 21, 2023
SEC
SEC Charges Convicted Fraudster in Real Estate Ponzi Scheme
2023-117
Washington D.C., June 23, 2023 — The Securities and Exchange Commission today charged Wilson Baston with defrauding numerous investors in a Ponzi scheme, in which he raised millions of dollars through dozens of transactions purportedly to fund real estate investments, but frequently used the money to instead pay off earlier investors and for personal expenses.
2023-116
Washington D.C., June 22, 2023 — The Securities and Exchange Commission today charged William K. Ichioka, of New York, New York, with fraudulently raising $25 million from individual investors primarily in California and Oregon by making false claims about his investing success and promising large anticipated returns but instead using investor funds for gambling and to enrich himself. Ichioka has agreed to resolve the charges against him.
SEC Investor Advisory Committee to Discuss Private Funds and Outbound Investments to Countries of Concern, Digital Engagement Practices, and Audit Committee Workloads at June 22nd Meeting
2023-115
Washington D.C., June 21, 2023 — The Securities and Exchange Commission’s Investor Advisory Committee will hold a virtual public meeting on June 22 at 10:00 a.m. ET. The meeting will be webcast on the SEC website.
SEC Charges Audit Firm Marcum LLP for Widespread Quality Control Deficiencies
2023-114
Washington D.C., June 21, 2023 — The Securities and Exchange Commission today charged audit firm Marcum LLP with systemic quality control failures and violations of audit standards in connection with audit work for hundreds of special purpose acquisition company (SPAC) clients beginning at the latest in 2020. The SEC’s order also found that Marcum’s deficiencies were not limited to SPAC clients, but they reflected systemic quality control failures throughout the firm. Marcum agreed to pay a $10 million penalty to settle the charges.
SEC Reopens Comment Period for Position Reporting of Large Security-Based Swap Positions
2023-113
Washington D.C., June 20, 2023 — The Securities and Exchange Commission today reopened the comment period for its proposed rule for position reporting of large security-based swap positions that exceed certain thresholds, and the staff of the Commission’s Division of Economic and Risk Analysis released a memorandum that provides supplemental data and analysis regarding the proposed reporting thresholds in the equity security-based swap market.
SEC Charges Private Equity Fund Adviser for Overcharging Fees and Failing To Disclose Fee Calculation Conflict
2023-112
Washington D.C., June 20, 2023 — The Securities and Exchange Commission today charged New York-based investment adviser Insight Venture Management LLC with charging excess management fees and failing to disclose a conflict of interest to investors relating to its fee calculations. To settle the SEC’s charges, Insight agreed to pay a $1.5 million penalty and $864,958 in disgorgement and prejudgment interest, which has already been paid back to the impacted funds.
SEC Charges Stanley Black & Decker and Former Executive for Failures in Executive Perks Disclosure
2023-111
Washington D.C., June 20, 2023 — The Securities and Exchange Commission today announced settled charges against Stanley Black & Decker Inc., a publicly traded tools company, for failing to disclose perquisites it provided to certain executives. In addition, Jeffery D. Ansell, a former Stanley Black & Decker executive, agreed to settle charges that he caused Stanley Black & Decker to violate proxy solicitation and books and records provisions of the federal securities laws.