Regulatory Roundup - June 15-22
AICPA
Press Release
2 in 5 Americans Say Online Shopping Has Busted their Budget: AICPA
Online shopping is a powerful tool that can either bolster or bust your budget. The AICPA Financial Literacy Commission has tip to help.
June 16, 2021
Press Release
AICPA and NASBA Release CPA Evolution Model Curriculum
AICPA and NASBA today released the CPA Evolution Model Curriculum. The new Curriculum is the next step in the CPA Evolution initiative, an initiative that is transforming the CPA licensure model.
June 15, 2021
Comment Letters
Climate Change Disclosures Request for Input
June 15, 2021
Press Release
Financial professionals are invited to learn the latest planning strategies at AICPA & CIMA ENGAGE 2021.
June 15, 2021
Press Release
AICPA Supports Accounting STEM Pursuit Act, Which Creates Important Link Between Accounting and STEM
The Act establishes the accounting profession as a STEM career pathway and supports long-standing efforts to create more diversity in the future accounting workforce.
June 15, 2021
Press Release
AICPA Recognizes Five Individuals with 2021 Outstanding Young CPA Award
The AICPA has honored 5 outstanding young CPAs with the Outstanding Young CPA Award in honor of Maximo Mukelabai.
June 14, 2021
Comment Letters
AICPA Comments on SEC Request for Public Input on Climate Change Disclosures
AICPA Comments on SEC Request for Public Input on Climate Change Disclosures
June 14, 2021
CBO
Presentation
An Overview of the Budget Treatment and Current Status of Major Transportation Trust Funds
June 21, 2021
The programs funded through the Highway Trust Fund are currently authorized through 2021. Activities funded through the Airport and Airway Trust Fund are currently authorized through 2023.
Cost Estimate
CBO’s Estimate of the Statutory Pay-As-You-Go Effects of H.R. 961, the Justice for Juveniles Act
June 21, 2021
As posted on the website of the Clerk of the House on June 21, 2021
https://docs.house.gov/billsthisweek/20210621/BILLS-117hr961-SUS.pdf
Cost Estimate
H.R. 1155, Uyghur Forced Labor Prevention Act
June 21, 2021
As ordered reported by the House Committee on Foreign Affairs on
April 21, 2021
Cost Estimate
H.R. 2922, Elder Abuse Protection Act of 2021
June 21, 2021
As reported by the House Committee on the Judiciary on June 11, 2021
Cost Estimate
June 21, 2021
As ordered reported by the House Committee on the Judiciary on
May 18, 2021
Cost Estimate
June 21, 2021
As ordered reported by the Senate Committee on Veterans’ Affairs on May 26, 2021
Working Paper
Governmental Risk Taking Under Market Imperfections: Working Paper 2021-07
June 16, 2021
This paper explores the benefits and costs of governmental risk taking in formal models of market imperfections, in which the government serves as an intermediary between different stakeholders in its finances.
Cost Estimate
H.R. 2062, Protecting Older Workers Against Discrimination Act of 2021
June 16, 2021
As ordered reported by the House Committee on Education and Labor on May 26, 2021
Cost Estimate
H.R. 2662, IG Independence and Empowerment Act
June 16, 2021
As ordered reported by the House Committee on Oversight and Reform on May 25, 2021
Cost Estimate
H.R. 3264, Domains Critical to Homeland Security Act
June 15, 2021
As reported by the House Committee on Homeland Security on
June 1, 2021
Cost Estimate
H.R. 2485, Access to Congressionally Mandated Reports Act
As ordered reported by the House Committee on Oversight and Reform on May 13, 2021
Cost Estimate
H.R. 3239, To make improvements in the enactment of title 41, United States Code, into a positive law title and to improve the Code
As ordered reported by the House Committee on the Judiciary on
May 18, 2021
Cost Estimate
H.R. 539, Preventing Disaster Revictimization Act
As ordered reported by the House Committee on Transportation and Infrastructure on March 24, 2021
Cost Estimate
H.R. 978, Chai Suthammanont Remembrance Act of 2021
As ordered reported by the House Committee on Oversight and Reform on May 13, 2021
Cost Estimate
S. 1259, Safe Cribs Act
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on April 28, 2021
Cost Estimate
S. 198, Data Mapping to Save Moms’ Lives Act
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on April 28, 2021
FASB
FASB Proposes Improvements to Discount Rate Guidance for Lessees That Are Not Public Business Entities [06/16/21]
Media Advisory
Exposure Document
GAO
GAO-21-572PR
Published: Jun 15, 2021.
Publicly Released: Jun 22, 2021.
What GAO Found In April 2020, GAO identified 20 priority recommendations for the Department of Commerce.
Released on Jun. 21, 2021
Caps on Medicare-Funded Graduate Medical Education at Teaching Hospitals
GAO-21-391
Published: May 21, 2021.
Publicly Released: Jun 21, 2021.
What GAO Found Medicare sets caps on both of its types of physician graduate medical education (GME) payments (direct and indirect) to teaching hospitals. Caps on these payments determine the number of physician trainees—known as residents—that each payment type supports.
Online Platforms and Federal Prosecutions
GAO-21-385
Published: Jun 21, 2021.
Publicly Released: Jun 21, 2021.
What GAO Found Two events in April 2018 disrupted the landscape of the online commercial sex market. First, federal authorities seized the largest online platform for buying and selling commercial sex, backpage.com.
Defense Logistics Agency Needs to Address Risk Management Deficiencies in Inventory Systems
GAO-21-278
Published: Jun 21, 2021.
Publicly Released: Jun 21, 2021.
What GAO Found For six selected inventory management systems that support processes for procuring, cataloging, distributing, and disposing of materiel, the Defense Logistics Agency (DLA) fully addressed two of the Department of Defense's (DOD) six cybersecurity risk management steps and partially addressed...
Estimated Costs and COVID-19 Protective Measures for 2020 Fourth of July Events
GAO-21-458
Published: Jun 21, 2021.
Publicly Released: Jun 21, 2021.
What GAO Found Federal agencies and state and local jurisdictions combined spent millions of dollars for the estimated costs of 2020 Fourth of July events in Washington, D.C., and at Mount Rushmore.
Published: Jun 17, 2021.
Publicly Released: Jun 21, 2021.
This letter provides GAO's response to the American Institute of Certified Public Accountants' (AICPA) Auditing Standards Board's (ASB) exposure draft, Proposed Statement on Auditing Standards – Inquiries of the Predecessor Auditor Regarding Fraud and Noncompliance With Laws and Regulations.
Released on Jun. 17, 2021
GAO-21-372
Published: Jun 17, 2021.
Publicly Released: Jun 17, 2021.
Why This Matters Following a 2019 Presidential Declaration of National Emergency, billions of dollars were made available for the U.S. Army Corps of Engineers' use on border barrier construction.
Medicare Spending on Drugs with Direct-to-Consumer Advertising
GAO-21-380
Published: May 18, 2021.
Publicly Released: Jun 17, 2021.
What GAO Found Drug manufacturers spent $17.8 billion on direct-to-consumer advertising (DTCA) for 553 drugs from 2016 through 2018, and spending was relatively stable at about $6 billion each year.
Process Needed to Review Productivity Expectations for Administrative Law Judges
GAO-21-341
Published: Jun 17, 2021.
Publicly Released: Jun 17, 2021.
What GAO Found The Social Security Administration's (SSA) administrative law judges review, process, and adjudicate requests for hearings on disability benefits.
Actions Needed to Evaluate and Improve Surface Warfare Officer Career Path
GAO-21-168
Published: Jun 17, 2021.
Publicly Released: Jun 17, 2021.
What GAO Found U.S. Navy Surface Warfare Officers (SWOs) separate from the SWO community earlier and at higher rates compared with officers in similar U.S. Navy communities, and female SWOs separate at higher rates than male SWOs. Retention Rates for U.S.
Actions Needed to Define and Sustain Wartime Medical Skills for Enlisted Personnel
GAO-21-337
Published: Jun 17, 2021.
Publicly Released: Jun 17, 2021.
What GAO Found The military departments have not fully defined, tracked, and assessed wartime medical skills for enlisted medical personnel. The departments have defined these skills for 73 of 77 occupations.
GAO-21-372
Published: Jun 17, 2021.
Publicly Released: Jun 17, 2021.
Why This Matters Following a 2019 Presidential Declaration of National Emergency, billions of dollars were made available for the U.S. Army Corps of Engineers' use on border barrier construction.
Released on Jun. 16, 2021
GAO-21-496R
Published: Jun 16, 2021.
Publicly Released: Jun 16, 2021.
What GAO Found In 2019, the Department of Energy's (DOE)'s National Nuclear Security Administration (NNSA) provided a report to Congress on its findings from its survey of the seven contractors that manage and operate its nuclear security enterprise sites to identify requirements the contractors viewed...
Commercial Space Transportation
FAA Continues to Update Regulations and Faces Challenges to Overseeing an Evolving Industry
GAO-21-105268
Published: Jun 16, 2021.
Publicly Released: Jun 16, 2021.
What GAO Found The Federal Aviation Administration (FAA) recently updated and streamlined its launch and reentry licensing regulations but has made less progress on other key commercial space transportation regulations.
Opportunities Exist to Improve Reports to Congress
GAO-21-217
Published: Jun 16, 2021.
Publicly Released: Jun 16, 2021.
What GAO Found The budget for the Internal Revenue Service's (IRS) Taxpayer Advocate Service (TAS) declined by about 14 percent from fiscal years 2011 to 2020, when adjusted for inflation. For fiscal year 2020, TAS used most of its resources to assist individual taxpayers, known as case advocacy.
Released on Jun. 15, 2021
Pandemic Underscores Urgent Need to Modernize Supply Chain
GAO-21-280
Published: Jun 15, 2021.
Publicly Released: Jun 15, 2021.
What GAO Found Like most medical institutions nationwide, the Department of Veterans Affairs (VA) faced difficulties obtaining medical supplies, including personal protective equipment for its medical workforce, particularly in the early stages of the COVID-19 pandemic.
Factors Affecting Careers for Women with STEM Degrees
GAO-21-490
Published: Jun 15, 2021.
Publicly Released: Jun 15, 2021.
What GAO Found Several factors affect women's participation in Science, Technology, Engineering, and Math (STEM) degree programs and subsequent careers in the financial services industry, according to research and stakeholders GAO interviewed.
U.S. Postal Service
GAO-21-465
Published: May 25, 2021.
Publicly Released: Jun 14, 2021.
What GAO Found The United States Postal Service (USPS) delivers mail to about 147-million residential addresses. To help it serve customers, USPS has a 5-step process for addressing and resolving residential customers' complaints.
2020 Census
Innovations Helped with Implementation, but Bureau Can Do More to Realize Future Benefits
GAO-21-478
Published: Jun 14, 2021.
Publicly Released: Jun 14, 2021.
What GAO Found With the decennial census coming to a close, the Bureau expects the 2020 Census to cost roughly $14.2 billion (in nominal year dollars), which is above initial estimates but below the Bureau's most recent estimate of $15.6 billion. This figure includes $1.
COVID-19
TSA Could Better Monitor Its Efforts to Reduce Infectious Disease Spread at Checkpoints
Published: Jun 14, 2021.
Publicly Released: Jun 14, 2021. What GAO Found To reduce the spread of COVID-19 at passenger checkpoints, Transportation Security Administration (TSA) officials issued amended safety measures to require that Transportation Security Officers (TSOs) use surgical masks and face shields, change gloves after pat-downs, and physically distance...
Capitol Police
GAO-21-105288
Published: Jun 15, 2021.
Publicly Released: Jun 14, 2021.
What GAO Found The U.S. Capitol Police (Capitol Police) may benefit from applying practices to help implement recommendations from auditing entities, such as those from GAO and the Capitol Police Office of the Inspector General (OIG).
Border Security
CBP's Response to COVID-19
GAO-21-431
Published: Jun 14, 2021
Publicly Released: Jun 14, 2021.
What GAO Found According to data from the Department of Homeland Security's U.S. Customs and Border Protection (CBP), through February 2021, over 7,000 Office of Field Operations (OFO) and U.S.
Border Security
CBP's Response to COVID-19
GAO-21-364
Published: Jun 14, 2021.
Publicly Released: Jun 14, 2021. What GAO Found To reduce the spread of COVID-19 at passenger checkpoints, Transportation Security Administration (TSA) officials issued amended safety measures to require that Transportation Security Officers (TSOs) use surgical masks and face shields, change gloves after pat-downs, and physically distance...
IASB
June 2021 IFRIC Update available
Update
Second webinar on Discussion Paper Business Combinations under Common Control
Webinar
ウェブキャスト：ディスカッション・ペーパー「共通支配下の企業結合」の解説
Webcast
June 2021 IFRS Taxonomy Consultative Group meeting papers available
Meeting
IRS
IRS unveils online tool to help low-income families register for monthly Child Tax Credit payments
IR-2021-129, June 14, 2021 — The Treasury Department and the Internal Revenue Service today unveiled an online Non-filer Sign-up tool designed to help eligible families who don’t normally file tax returns register for the monthly Advance Child Tax Credit payments, scheduled to begin July 15.
SEC
SEC Obtains Asset Freeze Against Offshore Fund and Its Operators
2021-107, June 21, 2021 — The Securities and Exchange Commission today announced that it has filed an emergency action charging an offshore fund and two individuals with engaging in a fraudulent scheme, and obtained an asset freeze to safeguard remaining investor funds at risk of immediate dissipation.
SEC Issues Whistleblower Awards Totaling Nearly $5.3 Million
2021-106, June 21, 2021 — The Securities and Exchange Commission today announced awards of nearly $5.3 million to whistleblowers who provided information and assistance in separate enforcement proceedings
SEC Charges Investment Advisers With Cherry-Picking, Obtains Asset Freeze
2021-105, June 17, 2021 — The Securities and Exchange Commission today announced that it has obtained an asset freeze and other emergency relief, and filed fraud charges, against a Miami-based investment professional and two investment firms for engaging in an alleged “cherry-picking” scheme in which they channeled millions of dollars in trading profits to preferred accounts
SEC, NASAA, and FINRA Offer Free Resource to Securities Firms to Assist in Detection, Prevention and Reporting of Financial Exploitation of Seniors
2021-104, June 15, 2021 — In recognition of World Elder Abuse Awareness Day, the U.S. Securities and Exchange Commission (SEC), the North American Securities Administrators Association (NASAA), and the Financial Industry Regulatory Authority (FINRA) today announced a new resource intended to assist securities firms in implementing the training requirements of the Senior Safe Act.
Six Charged in Silicon Valley Insider Trading Ring
2021-103, June 15, 2021 — The Securities and Exchange Commission today announced insider trading charges against a Silicon Valley trading ring whose members generated nearly $1.7 million in illegal profits and losses avoided by trading on the confidential earnings information of two local technology companies.
SEC Charges Issuer With Cybersecurity Disclosure Controls Failures
2021-102, June 15, 2021 —The Securities and Exchange Commission today announced settled charges against real estate settlement services company First American Financial Corporation for disclosure controls and procedures violations related to a cybersecurity vulnerability that exposed sensitive customer information.
Renee Jones to Join SEC as Director of Corporation Finance; John Coates Named SEC General Counsel
2021-101, June 14, 2021 —The Securities and Exchange Commission today announced that Renee Jones has been appointed Director of the Division of Corporation Finance. John Coates, the Division’s current Acting Director, has been named SEC General Counsel. Both appointments are effective June 21, 2021
SEC Awards Approximately $3 Million to Two Whistleblowers
2021-100, June 14, 2021 — The Securities and Exchange Commission today announced an aggregate award of approximately $3 million to two whistleblowers whose information and assistance led to a successful SEC enforcement action. The whistleblowers separately and independently provided SEC staff with valuable information and ongoing assistance, which included participating in multiple interviews with the staff and providing helpful documents.