Regulatory Roundup: November 7-13
AICPA
AICPA Recognizes 11 Outstanding Contributors to Forensic and Valuation Fields at Annual Conference
November 7, 2023
A more certain tax system needed to increase UK productivity and drive investment, according to new report
November 7, 2023
Global accounting and finance leaders gather in Munich to discuss future of the profession
November 6, 2023
CBO
Cost Estimate
H.R. 5826, No Paydays for Hostage-Takers Act
November 9, 2023
As ordered reported by the House Committee on Foreign Affairs on October 19, 2023
Cost Estimate
H.R. 5862, a bill to amend the Homeland Security Act of 2002 relating to authority of U.S. Customs and Border Protection to consolidate, modify, or reorganize Customs revenue functions
November 9, 2023
As ordered reported by the House Committee on Ways and Means on November 2, 2023
Cost Estimate
S. 1080, Cooper Davis Act
November 9, 2023
As reported by the Senate Committee on the Judiciary on September 5, 2023
Cost Estimate
S. 3084, United States-Taiwan Expedited Double-Tax Relief Act
November 9, 2023
As reported by the Senate Committee on Finance on October 19, 2023
Blog Post
CBO Releases an Updated Interactive Tool for Analyzing the Size and Cost of the U.S. Military
November 8, 2023
The enhanced tool lets users change the defense budget to see the possible effects on military forces, or add or subtract major units to see the effects on the budget, or explore a mix of those approaches. It includes a how-to-use tutorial.
Interactive
CBO’s Interactive Force Structure Tool
November 8, 2023
This tool allows the user to see the effects on the Department of Defense’s total operation and support costs and on the size of the military of adding or subtracting tanks, ships, aircraft, and other units.
Cost Estimate
H.R. 1240, Winnebago Land Transfer Act of 2023
November 8, 2023
As ordered reported by the House Committee on Natural Resources on June 13, 2023
Cost Estimate
H.R. 3195, Superior National Forest Restoration Act
November 8, 2023
As ordered reported by the House Committee on Natural Resources on May 17, 2023
Cost Estimate
H.R. 3932, Intelligence Authorization Act for Fiscal Year 2024
November 8, 2023
As reported by the House Permanent Select Committee on Intelligence on August 18, 2023
Cost Estimate
H.R. 5961, No Funds for Iranian Terrorism Act
November 8, 2023
As ordered reported by the House Committee on Foreign Affairs on November 7, 2023
Report
Monthly Budget Review: Summary for Fiscal Year 2023
November 8, 2023
In fiscal year 2023, which ended on September 30, the federal budget deficit totaled nearly $1.7 trillion—an increase of $320 billion (or 23 percent) from the shortfall recorded in the previous year.
Cost Estimate
S. 2414, Working Dog Health and Welfare Act of 2023
November 8, 2023
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on October 25, 2023
Cost Estimate
S. 820, Protecting Consumers from PFAS Act
November 8, 2023
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on June 14, 2023
Report
The U.S. Military’s Force Structure: Fiscal Year 2024 Update to Personnel Numbers and Costs
November 8, 2023
This spreadsheet provides the data that underlie CBO’s interactive force structure tool.
Cost Estimate
H.R. 5557, Combatting Foreign Surveillance Spyware Sanctions Act
November 7, 2023
As ordered reported by the House Committee on Financial Services on September 20, 2023
Cost Estimate
Legislation considered under suspension of the Rules of the House of Representatives during the week of November 13, 2023
November 7, 2023
The Majority Leader of the House of Representatives announces bills that will be considered under suspension of the rules in that chamber. CBO estimates the effects of those bills on direct spending and revenues.
Cost Estimate
Estimated Budgetary Effects of the Better Mental Health Care, Lower-Cost Drugs, and Extenders Act and Certain Provisions of the Modernizing and Ensuring PBM Accountability (MEPA) Act
November 6, 2023
As posted on the website of the Senate Committee on Finance on November 6, 2023
Cost Estimate
H.R. 4510, NTIA Reauthorization Act of 2023
November 6, 2023
As ordered reported by the House Committee on Energy and Commerce on July 27, 2023
Cost Estimate
H.R. 5119, Protect Small Business and Prevent Illicit Financial Activity Act
November 6, 2023
As reported by the House Committee on Financial Services on September 20, 2023
Cost Estimate
H.R. 5472, FinCEN Oversight and Accountability Act of 2023
November 6, 2023
As reported by the House Committee on Financial Services on September 20, 2023
Cost Estimate
H.R. 5485, Financial Privacy Act of 2023
November 6, 2023
As reported by the House Committee on Financial Services on September 20, 2023
Cost Estimate
H.R. 5524, Foreign Affiliates Sharing Pilot Program Extension Act
November 6, 2023
As reported by the House Committee on Financial Services on September 20, 2023
Cost Estimate
H.R. 5721, Rape Kit Backlog Progress Act of 2023
November 6, 2023
As reported by the House Committee on the Judiciary on October 26, 2023
Cost Estimate
S. 2395, WILD Act
November 6, 2023
As reported by the Senate Committee on Environment and Public Works on July 26, 2023
FASB
Registration Opens for December 11 FASB Webcast for Private Companies and Not-for-Profit Organizations
November 9, 2023
GAO
Department of Homeland Security:
Reporting on Border Security Metrics Could Be Improved
GAO-24-106277
Published: . Publicly Released: .
Congress requires the Department of Homeland Security to report annually on 43 measures of border security effectiveness—like the amount of illegal drugs seized at ports of entry. We regularly assess the quality of these reports. DHS's 2021 report showed some progress. For example, while DHS included the same 37 measures it had previously reported, it improved the data quality and reporting of some of them...
Veterans Health Care:
VA Has Taken Steps to Improve Its Appointment Scheduling Process, but Additional Actions Are Needed
GAO-24-107112
Published:
Publicly Released: When veterans need specialty health care—e.g., mental health or cardiology—timely delivery is key. We testified on our work in this area. The Department of Veterans Affairs has standards for how quickly these appointments are scheduled after referral. In January 2023, we reported that appointments at the VA were scheduled on time more often than community care appointments. We also noted that there were no VA...
Financial Audit:
Bureau of the Fiscal Service's FY 2023 and FY 2022 Schedules of Federal Debt
GAO-24-106340
Published:
Publicly Released: Treasury's Fiscal Service issues debt to borrow money for federal operations, and reports the debt on financial statements called the Schedules of Federal Debt. As of Sept. 30, 2023, the federal debt was $33.2 trillion—up $2.2 trillion from FY 2022—and interest on the debt was $875.5 billion, an increase of $151.9 billion from FY 2022. We audit and issue opinions annually on the Schedules and...
Air Traffic Control Modernization:
Program Management Improvements Could Help FAA Address NextGen Delays and Challenges
GAO-24-105254
Published:
Publicly Released: The Federal Aviation Administration is improving the safety and efficiency of air travel by moving from a ground-based air-traffic control system that uses radar, to one based on satellite navigation and digital communications. The NextGen program had a budget of $14 billion through 2022. In recent years, FAA has had mixed success in meeting program milestones, largely due to delays from the COVID-19 pandemic. While...
Small Business Subcontracting:
Some Contracting Officers Face Challenges Assessing Compliance with the Good Faith Standard
GAO-24-106225
Published:
Publicly Released: Some federal contracts require that contractors make goals to subcontract at least part of the work to small businesses. If a contractor doesn't make a good faith effort to meet these goals, it could face penalties. Most agencies we reviewed don't report agency-level data on whether contractors are meeting their small business goals—making it hard to know the extent that contractors are complying in good...
Financial Audit:
Office of Financial Stability's (Troubled Asset Relief Program) FY 2023 and FY 2022 Financial Statements
GAO-24-106814
Published:
Publicly Released: Treasury's Troubled Asset Relief Program was originally authorized to spend $700 billion to help prevent the U.S. financial system's collapse in 2008. As of September 30, 2023, all TARP programs have closed and no troubled assets remain. The lifetime cost of TARP is $31 billion. We audit and issue an opinion annually on TARP's financial statements and on related internal controls (e.g., processes to reasonably...
Financial Audit:
IRS's FY 2023 and FY 2022 Financial Statements
GAO-24-106472
Published:
Publicly Released: The Internal Revenue Service collects taxes to fund federal programs and services. In FY23, IRS collected about $4.7 trillion in taxes and paid out more than $650 billion in tax refunds, credits, and other payments. We audit and issue opinions annually on IRS's financial statements and on related internal controls (e.g., processes to reasonably assure that transactions are properly authorized and recorded). In FY23, we...
Indian Health Service:
Many Federal Facilities Are in Fair or Poor Condition and Better Data Are Needed on Medical Equipment
GAO-24-105723
Published:
Publicly Released: The Indian Health Service's goal is to improve the health of American Indians and Alaska Natives by providing quality and accessible health care services. However, many IHS facilities are not in good condition and IHS's medical equipment is aging—which can negatively affect patient care. For example, patients' medical conditions can worsen when their care is delayed due to broken equipment. IHS collects information about its...
Army Corps of Engineers:
Data Needed to Monitor Implementation of Revised Policy for Selecting Architecture and Engineering Contractors GAO-24-106730
Published:
Publicly Released: For certain architecture and engineering services, the U.S. Army Corps of Engineers often uses multiple-award contracts. These are awarded to a group of contractors, who are deemed "prequalified" for projects within the scope of the initial award. In 2020, the Corps issued a policy outlining the process for choosing the most qualified contractor from the prequalified group for a project. But industry raised concerns about...
Puget Sound:
Further Actions Could Improve Efforts to Address Impaired Water Quality That Threatens Salmon
GAO-24-105687
Published:
Publicly Released: Poor water quality has played a key role in the decline of salmon populations in the Puget Sound region of Washington State. Salmon are culturally significant to area Tribes and are a cornerstone of the local economy. The Clean Water Act requires states to develop lists of bodies of water that don't meet quality standards. The Environmental Protection Agency approves these lists, which are used...
Public Health Preparedness:
Building and Maintaining Infrastructure beyond the COVID-19 Pandemic
GAO-24-105891
Published:
Publicly Released: The COVID-19 pandemic demonstrated the need for strong public health infrastructure—including a skilled workforce and physical infrastructure—to prepare for and respond to threats. The Centers for Disease Control and Prevention annually supports such infrastructure in states, localities, and territories through 2 programs. These jurisdictions also received billions of dollars in supplemental funding to respond to the pandemic. But state officials and others involved in preparedness...
Federal Spending Transparency:
Opportunities to Improve USAspending.gov Data
GAO-24-106214
Published:
Publicly Released: Many federal agencies must report their spending data on USAspending.gov to help the government—and the public—track federal funds. In this Q&A report, we found that 49 agencies didn't report data to USAspending.gov. And neither Treasury nor the Office of Management and Budget have clear responsibility to determine which agencies should report. Also, some agencies reported amounts of COVID-19 spending to the website that didn't match...
Tribal Issues:
Bureau of Indian Affairs Should Take Additional Steps to Improve Timely Delivery of Real Estate Services [Reissued with revisions on Nov. 6, 2023]
GAO-24-105875
Published:
Publicly Released: The Bureau of Indian Affairs reviews and approves applications for several types of real estate transactions, including mortgages, for Tribes and their citizens on certain lands. BIA has deadlines for these services in federal regulations and internal policies, but it inconsistently met these deadlines. For example, after receiving a complete application for a certain type of mortgage, BIA is required to approve or disapprove it...
Discretionary Transportation Grants:
DOT Should Better Align Its Application Evaluation Process with Federal Guidance
GAO-24-106280
Published:
Publicly Released: In FY 2022, the Department of Transportation's RAISE program awarded about $2.25 billion to transportation projects. As part of the RAISE application, DOT required capital grant applicants to analyze the costs and benefits of their projects. According to our survey, 69% of applicants found this analysis challenging. DOT provided some cost-benefit analysis resources in 2022, but it hasn't reviewed whether more resources are needed. We...
Army Corps of Engineers:
Better Data and Planning Needed to Combat Aquatic Invasive Species
GAO-24-105960
Published:
Publicly Released: Quagga and zebra mussels are invasive species in the U.S. that threaten ecosystems and infrastructure. They can spread by clinging to watercraft that have been in infested waters. This Q&A report looks at how the Army Corps of Engineers partners with certain states to help fund inspection and decontamination stations to remove invasive species. Corps and state officials told us that these stations help to...
IASB
October 2023 Trustees of the IFRS Foundation and Due Process Oversight Committee meeting summary now available
Meeting
13 November 2023
GRI establishes Sustainability Innovation Lab in coordination with the IFRS Foundation
Announcement
9 November 2023
Join the staff—Managing Director
Careers
8 November 2023
Lee White to depart IFRS Foundation early 2024; Trustees initiate international search for successor
Announcement
8 November 2023
IASB student visit dates for 2024 now available
Foundation visit
8 November 2023
November 2023 Transition Implementation Group on IFRS S1 and IFRS S2 agenda and meeting paper now available
Meeting
7 November 2023
Compilation of Agenda Decisions—Volume 9 published
Agenda Decision
7 November 2023
IRS
IRS updates frequently asked questions related to wrongful incarceration of a United States service member
IR-2023-211, Nov. 13, 2023 — The Internal Revenue Service today issued frequently asked questions (FAQs) on Fact Sheet 2023-26 updating question 9 to reflect that wrongfully incarcerated United States service members cannot exclude certain payments from gross income.
Tax season rapidly approaching: Get ready now to file 2023 federal income tax returns in early 2024
IR-2023-210, Nov.13, 2023 — With the nation’s tax season rapidly approaching, the Internal Revenue Service reminds taxpayers there are important steps they can take now to help “get ready” to file their 2023 federal tax return.
IRS publishes its fiscal year 2023 Financial Report; receives award for 2022 report
IR-2023-209, Nov. 9, 2023 — The IRS today issued its most recent Financial Report. Earlier this year AGA, formerly known as the Association of Government Accountants, presented the IRS its first Certificate of Excellence in Accountability Reporting (CEAR) award.
IRS provides tax inflation adjustments for tax year 2024
IR-2023-208, Nov. 9, 2023 — The Internal Revenue Service today announced the annual inflation adjustments for more than 60 tax provisions for tax year 2024, including the tax rate schedules and other tax changes.
IRS Advisory Council issues 2023 Annual Report
IR-2023-207, Nov. 9, 2023 — The Internal Revenue Service Advisory Council (IRSAC) today issued its annual report for 2023, including recommendations to the IRS on new and continuing issues in tax administration.
Clean vehicle sellers and dealers should register with Energy Credits Online; register by Dec. 1, 2023 to ensure Jan. 1 availability
IR-2023-206, Nov. 8, 2023 — The Internal Revenue Service reminded dealers and sellers of clean vehicles to register their organizations immediately on the Energy Credits Online tool.
PCAOB
At November 16 Open Meeting, PCAOB to Consider 2024 Budget
Nov. 9, 2023
PCAOB Welcomes Global Partners to 15th International Institute on Audit Regulation
Nov. 8, 2023
Chair Williams: Work of Protecting Investors Requires Communication and Cooperation
Nov. 7, 2023
SEC
SEC Charges Former Co-CEOs of Tech Start-Up Bitwise Industries for Falsifying Documents While Raising $70 Million From Investors
2023-233
Washington D.C., Nov. 9, 2023 — The Securities and Exchange Commission today announced charges against Jake Soberal and Irma Olguin, Jr., the former co-CEOs of Fresno, California-based private technology services startup Bitwise Industries Inc., for misleading investors about the company’s finances. Soberal and Olguin have agreed to resolve the charges against them.
TIGTA
Final Results of the 2023 Filing Season
November 9, 2023
Action Is Being Taken to Address the System Limitation That Contributed to the Destruction of Tax Year 2019 Paper‑Filed Information Returns
November 8, 2023
Actions Are Needed to Improve the Quality of Customer Service in Telephone Operations
November 6, 2023