Regulatory Roundup - May 4-10
Press Release
AICPA Submits International Tax Recommendations to Congress to Simplify and Correct Existing Provisions
AICPA submitted recommendations on international tax positions to Congressional financial committees to address legislative proposals and statutory provisions requiring modification.
May 7, 2021
Press Release
AICPA Provides Tax Reminders as Postponed May 17 Deadline Draws Near
The AICPA is helping taxpayers with steps to take before finalizing their tax returns or extension requests as the postponed May 17th deadline draws near.
May 6, 2021
Press Release
AICPA’s Releases New Certificate on Data Analytics Core Concepts
New AICPA data analytics certificate can help CPAs and financial professionals better understand how to use and implement data analytics.
May 6, 2021
Press Release
AICPA Recognizes Outstanding CPA Exam Performers with 2020 Elijah Watt Sells Award
The American Institute of CPAs today announced the winners of the 2020 Elijah Watt Sells Award. The winners were honored for their performance on the CPA Exam.
May 5, 2021
Press Release
A Quarter of American Taxpayers Don’t Have a Financial Plan
New research from the AICPA explores how many Americans use the information in the tax return to build a financial plan.
May 4, 2021
CBO
Cost Estimate
H.R. 1464, Saudi Arabia Accountability for Gross Violations of Human Rights Act
May 7, 2021
As ordered reported by the House Committee on Foreign Affairs on March 25, 2021
Cost Estimate
H.R. 1488, Global Electoral Exchange Act of 2021
May 7, 2021
As ordered reported by the House Committee on Foreign Affairs on April 21, 2021
Presentation
The Historical Decline in Real Interest Rates and Its Implications for CBO’s Projections
May 6, 2021
Presentation by Edward Gamber, an analyst in CBO's Macroeconomic Analysis Division, at the 23rd Federal Forecasters Conference.
Report
Expired and Expiring Authorizations of Appropriations: Fiscal Year 2021
May 5, 2021
CBO reports annually on programs whose authorizations of appropriations have already expired or will expire.
Cost Estimate
H.R. 1036, Bassam Barabandi Rewards for Justice Act
May 4, 2021
As ordered reported by the House Committee on Foreign Affairs on April 21, 2021
Cost Estimate
H.R. 496, Ukraine Religious Freedom Support Act
May 4, 2021
As ordered reported by the House Committee on Foreign Affairs on April 21, 2021
Cost Estimate
H.R. 2538, FENTANYL Results Act
As ordered reported by the House Committee on Foreign Affairs on April 21, 2021
Cost Estimate
H.R. 826, Divided Families Reunification Act
As ordered reported by the House Committee on Foreign Affairs on April 21, 2021
FASB
FASB Proposes to Improve and Expand Hedge Accounting [05/05/21]
Media Advisory
Exposure Document
GAO
Defense Intelligence and Security
DOD Needs to Establish Oversight Expectations and to Develop Tools That Enhance Accountability
GAO-21-295
Published: May 06, 2021.
Publicly Released: May 06, 2021.
What GAO Found The Office of the Under Secretary of Defense for Intelligence and Security (the office) gained new responsibilities from 2017 through 2020—including in the areas of artificial intelligence, law enforcement, personnel vetting, and identity intelligence—and made structural changes within...
DOD and DOE Face Challenges Mitigating Risks to U.S. Deterrence Efforts
GAO-21-210
Published: May 06, 2021.
Publicly Released: May 06, 2021.
What GAO Found The Department of Defense (DOD) plans to replace or modernize existing triad platforms including submarines, intercontinental ballistic missiles, and bomber aircraft, as well as many of the nuclear command, control, and communication systems that facilitate control of them (see below).
Actions Needed to Enhance DOD's Prevention, Response, and Oversight
GAO-21-289
Published: May 06, 2021.
Publicly Released: May 06, 2021.
What GAO Found The Department of Defense (DOD) met a statutory requirement to collect and report data for incidents that it determined met its criteria for domestic abuse.
Released on May. 5, 2021
HUD Should Take Additional Action to Assess Community Development Block Grant Fraud Risks
GAO-21-177
Published: May 05, 2021.
Publicly Released: May 05, 2021.
What GAO Found GAO identified four categories of fraud risks facing the Department of Housing and Urban Development's (HUD) Community Development Block Grant – Disaster Recovery (CDBG-DR) from 2007 to 2020, including risks from contractors, disaster recovery applicants, grantees, and others, as shown...
Use of Additional Funding for COVID-19 Relief
GAO-21-379
Published: May 05, 2021.
Publicly Released: May 05, 2021.
What GAO Found The Department of Veterans Affairs (VA) received $19.6 billion in supplemental funding—additional funding above the annual appropriation—in March 2020 to respond to the COVID-19 pandemic. GAO's analysis of VA data shows that through March 2021, VA had obligated $9.
Released on May. 4, 2021
Internal Revenue Service Needs to Improve Financial Reporting and Information System Controls
GAO-21-401R
Published: May 04, 2021.
Publicly Released: May 04, 2021.
What GAO Found During its audit of the Internal Revenue Service’s (IRS) fiscal years 2020 and 2019 financial statements, GAO identified new information system control deficiencies related to access controls and security management that contributed to IRS’s continuing significant deficiency in its...
Farm Programs
USDA Should Take Additional Steps to Ensure Compliance with Wetland Conservation Provisions
GAO-21-241
Published: Apr 02, 2021.
Publicly Released: May 04, 2021.
What GAO Found The U.S. Department of Agriculture's (USDA) Natural Resources Conservation Service (NRCS) has taken steps to increase the consistency of their determinations about where wetlands exist on farmers' lands
Comment Letter
May 3, 2021, letter commenting on the International Ethics Standards Board for Accountants' January 2021 Exposure Draft, "Proposed Revisions to the Definitions of Listed Entity and Public Interest Entity in the Code"
Published: May 03, 2021.
Publicly Released: May 04, 2021.
This letter provides GAO's response to the exposure draft, Proposed Revisions to the Definitions of Listed Entity and Public Interest Entity in the Code. GAO promulgates generally accepted government auditing standards (GAGAS) in the United States.
IASB
Call for fieldwork participants: Exposure Draft Disclosure Requirements in IFRS Standards—A Pilot Approach
7 May 2021
IASB clarifies the accounting for deferred tax on leases and decommissioning obligations
Webcast: Explicando el Documento de Discusión Combinaciones de Negocios bajo Control Común
IRS
IR-2021-104, May 7, 2021 — The Internal Revenue Service today reminds tax-exempt organizations that operate on a calendar-year (CY) basis that certain annual information and tax returns they file with the IRS are due on May 17, 2021.
IR-2021-103, May 5, 2021 — Today, the Internal Revenue Service, the U.S. Department of the Treasury, and the Bureau of the Fiscal Service announced they are disbursing more than 1.1 million payments in the eighth batch of Economic Impact Payments from the American Rescue Plan.
IR-2021-102, May 5, 2021 — The Internal Revenue Service’s Office of the Chief Procurement Officer today announced the successful development of a web app called Projected Contract Award Date.
As hurricane season nears, IRS reminds people to prepare for natural disasters
IR-2021-101, May 4, 2021 — The Internal Revenue Service reminds everyone that May includes National Hurricane Preparedness Week and is also National Wildfire Awareness Month.
Low Income Taxpayer Clinic 2022 grant application period now open
PCAOB
PCAOB provides update on data and technology research project.
May 6, 2021
PCAOB to consider proposed rule to provide framework for HFCAA determinations.
May 7, 2021
2021-80, May 7, 2021 — The Securities and Exchange Commission today announced that it has approved the registration of its first security-based swap data repository (SDR). With today’s registration of DTCC Data Repository (U.S.), LLC (DDR), the security-based swap market now has the first SDR that can accept transaction reports. DDR intends to operate as a registered SDR for security-based swap transactions in the equity, credit, and interest rate derivatives asset classes
Register for the SEC's 40th Annual Small Business Forum, Featuring Inclusive Conversations on Capital Formation from Startup to Small Cap
2021-79, May 5, 2021 — The Office of the Advocate for Small Business Capital Formation will host the Securities and Exchange Commission's 40th Annual Government-Business Forum on Small Business Capital Formation virtually from May 24-27, 2021. Each of the four sessions will feature panelists with in-depth knowledge of the issues facing small businesses across the country, spotlighting the following topics:
Monday, May 24: Finding Your First Dollars
Tuesday, May 25: Being a Savvy Investor
Wednesday, May 26: Small and Emerging Funds
Thursday, May 27: Small Cap Insights
SEC Charges Under Armour Inc. With Disclosure Failures
2021-78, May 3, 2021 — The Securities and Exchange Commission today charged sports apparel manufacturer Under Armour Inc. with misleading investors as to the bases of its revenue growth and failing to disclose known uncertainties concerning its future revenue prospects. Under Armour has agreed to pay $9 million to settle the action.
Jessica Wachter Named SEC Chief Economist and Director of the Division of Economic and Risk Analysis
2021-77, May 3, 2021 —The Securities and Exchange Commission today announced that Jessica Wachter has been appointed Chief Economist and Director of the Division of Economic and Risk Analysis (DERA). Dr. Wachter joins the SEC from the Wharton School, University of Pennsylvania, where she has been a professor since 2003.
TIGTA
Interim Results of the 2021 Filing Season
May 6, 2021
Interim Report – Status of Coronavirus Response Funding
May 5, 2021
Internal Controls and Oversight in Criminal Investigation’s Fleet Management Program Can Be Improved
May 5, 2021