Regulatory Roundup: June 27-30
AICPA Requests Guidance on NFTs, Digital Assets & Virtual Currency
Jun 26, 2023
AICPA Voices Support for Tax Deadline Simplification Act
Jun 26, 2023
CBO
Report
CBO’s 2023 Long-Term Projections for Social Security
June 29, 2023
In CBO’s projections, spending for Social Security increases relative to GDP over the next 75 years, and the gap between outlays and revenues widens. If combined, the program’s trust funds would be exhausted in fiscal year 2033.
Cost Estimate
H.R. 1480, Beagle Brigade Act of 2023
June 29, 2023
As ordered reported by the House Committee on Agriculture on May 11, 2023
Cost Estimate
H.R. 1586, Forest Protection and Wildland Firefighter Safety Act of 2023
June 29, 2023
As ordered reported by the House Committee on Natural Resources on May 17, 2023
Cost Estimate
H.R. 3277, Energy Emergency Leadership Act
June 29, 2023
As ordered reported by the House Committee on Energy and Commerce on May 24, 2023
Cost Estimate
H.R. 4039, No Dollars to Uyghur Forced Labor Act
June 29, 2023
As ordered reported by the House Committee on Foreign Affairs on June 21, 2023
Cost Estimate
Direct Spending and Revenue Effects of H.R. 2670, the National Defense Authorization Act for Fiscal Year 2024
June 28, 2023
Letter to the Honorable Mike Rogers
Cost Estimate
H.R. 1501, UAS Act
June 28, 2023
As ordered reported by the House Committee on Homeland Security on May 17, 2023
Cost Estimate
H.R. 4132, Falun Gong Protection Act
June 28, 2023
As ordered reported by the House Committee on Foreign Affairs on June 21, 2023
Cost Estimate
S. 1284, TORNADO Act
June 28, 2023
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on May 10, 2023
Cost Estimate
S. 1416, NWR Modernization Act of 2023
June 28, 2023
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on May 10, 2023
Report
The 2023 Long-Term Budget Outlook
June 28, 2023
The U.S. faces a challenging fiscal outlook in the coming years, according to CBO's projections. Measured as a percentage of GDP, large and sustained deficits lead to high and rising federal debt that exceeds any previously recorded level.
Cost Estimate
H.R. 3033, Solidify Iran Sanctions Act of 2023
June 27, 2023
As ordered reported by the House Committee on Foreign Affairs on June 21, 2023
Cost Estimate
H.R. 3496, a bill to make technical amendments to update statutory references to certain provisions which were formerly classified to chapters 14 and 19 of title 25, United States Code, and to correct related technical errors
June 27, 2023
As ordered reported by the House Committee on the Judiciary on May 24, 2023
Cost Estimate
H.R. 3506, a bill to make technical amendments to update statutory references to certain provisions classified to title 7, title 20, and title 43, United States Code, and to correct related technical errors
June 27, 2023
As ordered reported by the House Committee on the Judiciary on May 24, 2023
Cost Estimate
H.R. 3571, a bill to make technical amendments to update statutory references to certain provisions classified to title 2, United States Code, title 50, United States Code, and title 52, United States Code, and to correct related technical errors
June 27, 2023
As ordered reported by the House Committee on the Judiciary on May 24, 2023
Cost Estimate
H.R. 3578, a bill to make technical amendments to update statutory references to provisions reclassified to title 34, United States Code, and to correct related technical errors
June 27, 2023
As ordered reported by the House Committee on the Judiciary on May 24, 2023
Cost Estimate
S. 1137, DHS Suicide Prevention and Resiliency for Law Enforcement Act
June 27, 2023
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on May 17, 2023
Cost Estimate
S. 1194, Recycling and Composting Accountability Act
June 27, 2023
As reported by the Senate Committee on Environment and Public Works on June 22, 2023
Cost Estimate
S. 736, Chiricahua National Park Act
June 27, 2023
As ordered reported by the Senate Committee on Energy and Natural Resources on May 17, 2023
Report
CBO’s Macroeconomic Analysis of Legislation, Health Care Modeling, and Support for the Legislative Process
June 26, 2023
In response to a request from Chairman Arrington, CBO provides information about the agency’s ongoing work in macroeconomic analysis of legislation, health care modeling, and support for the legislative process.
Report
CBO’s Work Related to Climate Change and Health Care Delivery Systems
June 26, 2023
In response to a request from Chairman Whitehouse, CBO provides information about its efforts to assess risks posed by climate change and to examine the effects that reforms to health care delivery systems have on costs and health outcomes.
Cost Estimate
H.R 2741, Coast Guard Authorization Act of 2023
June 26, 2023
As ordered reported by the House Committee on Transportation and Infrastructure on April 26, 2023
Cost Estimate
H.R. 1150, John Lewis Civil Rights Fellowship Act of 2023
June 26, 2023
As ordered reported by the House Committee on Foreign Affairs on June 21, 2023
Cost Estimate
H.R. 1843, the Telehealth Expansion Act of 2023
June 26, 2023
As ordered reported by the House Committee on Ways and Means on June 7, 2023
Cost Estimate
H.R. 3667, the Social Security Child Protection Act of 2023
June 26, 2023
As ordered reported by the House Committee on Ways and Means on June 7, 2023
Cost Estimate
H.R. 3784, the Improving Social Security’s Service to Victims of Identity Theft Act
June 26, 2023
As ordered reported by the House Committee on Ways and Means on June 7, 2023
Cost Estimate
H.R. 3796, a bill to provide for the extension of taxes funding the Airport and Airway Trust Fund and to require the designation of certain airports as ports of entry
June 26, 2023
As ordered reported by the House Committee on Ways and Means on June 7, 2023
Cost Estimate
H.R. 3797, the Paperwork Burden Reduction Act
June 26, 2023
As ordered reported by the House Committee on Ways and Means on June 7, 2023
Cost Estimate
H.R. 3798, the Small Business Flexibility Act
June 26, 2023
As ordered reported by the House Committee on Ways and Means on June 7, 2023
Cost Estimate
H.R. 3799, the Custom Health Option and Individual Care Expense Arrangement Act
June 26, 2023
As ordered reported by the House Committee on Ways and Means on June 7, 2023
Cost Estimate
H.R. 3800, the Chronic Disease Flexible Coverage Act
June 26, 2023
As ordered reported by the House Committee on Ways and Means on June 7, 2023
Cost Estimate
H.R. 3801, the Employer Reporting Improvement Act
June 26, 2023
As ordered reported by the House Committee on Ways and Means on June 7, 2023
Cost Estimate
S. 1865, Transparent Automated Governance Act
June 26, 2023
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs
on June 14, 2023
Cost Estimate
S. 546, Recruit and Retain Act
June 26, 2023
As reported by the Senate Committee on the Judiciary on June 8, 2023
FASB
FASB Seeks Public Comment on Proposal to Improve the Accounting for Purchased Financial Assets
June 27, 2023
GAO
Improper Payments:
Programs Reporting Reductions Had Taken Corrective Actions That Shared Common Features
GAO-23-106585
Published: . Publicly Released: .
In FY 2022, federal agencies made an estimated $247 billion in payment errors—payments that either should not have been made or that were made in the incorrect amount. But some agencies have made progress reducing the number of such errors in their programs. This report—the second in a series of quarterly reports—examines how these agencies worked to reduce payment errors. Some agencies improved the accountability...
Climate Change:
State Department Did Not Track Greenhouse Gas Emissions from U.S. Delegation Travel to Meetings 26 and 27 of the United Nations Conference of the Parties
GAO-23-105863
Published:
Publicly Released:
Each year, the UN Climate Change Conference of the Parties convenes to address climate change and agree on goals for reducing greenhouse gas emissions. President Biden, U.S. delegates, and others traveled by air to attend the 26th Conference in 2021 and the 27th Conference in 2022. An executive order requires federal agencies to track and reduce emissions from air travel and other sources with the...
Artificial Intelligence:
DOD Needs Department-Wide Guidance to Inform Acquisitions
GAO-23-105850
Published:
Publicly Released:
The Department of Defense is developing artificial intelligence capabilities—computer systems that can do tasks that normally require human intellect. The private sector has been acquiring AI for years. Thirteen private companies told us about their AI acquisition practices. For example, some companies mentioned the importance of considering intellectual property and data rights when negotiating contracts for AI projects. Although parts of DOD are already using...
U.S. Territories:
Public Debt Outlook - 2023 Update
GAO-23-106045
Published:
Publicly Released:
The 5 U.S. territories that are permanently inhabited borrow through financial markets, as needed, to fund things like infrastructure projects. We review the territories' public debt every 2 years. In this report, we found that all of these territories face challenges to economic growth, which can affect their ability to repay debt. These challenges include the high costs of importing goods and energy, population loss...
Research and Development:
DOD Benefited from Financial Flexibilities but Could Do More to Maximize Their Use
GAO-23-105822
Published:
Publicly Released:
The Department of Defense receives about $95 billion annually to fund research and development. But the process to request and allocate these funds generally takes about 2 years—which can hinder DOD's ability to support technological innovations. So Congress allowed DOD some flexibility to decide how to use certain funds. For example, one flexibility allows lab directors to support early research that wouldn't otherwise receive funding...
Military Officers:
DOD Can Enhance Promotion and Education Guidance for Addressing Indo-Pacific Region Needs
GAO-23-106070
Published:
Publicly Released:
The U.S. Indo-Pacific Command—which covers China and 35 other nations—serves an important role in national security. Deterring aggression from China in the region is a national defense priority. To help build expertise in the region, DOD has instructed the military services to consider Indo-Pacific experience when promoting officers. However, DOD doesn't know whether it has met this objective. DOD has also started to add content...
Cybersecurity:
Launching and Implementing the National Cybersecurity Strategy
GAO-23-106826
Published:
Publicly Released:
Federal agency information systems and national critical infrastructure are vulnerable to cyberattacks. This Snapshot covers the status of the National Cybersecurity Strategy. The strategy's goals and strategic objectives provide a good foundation, but the Administration needs to establish specific objectives and performance measures, resource requirements, and roles and responsibilities. It will be difficult to implement the strategy when the specific details have yet to be...
Amateur Athlete Safety:
Certification Related to the Independence of the U.S. Center for SafeSport for Fiscal Year 2022
GAO-23-106592
Published:
Publicly Released:
The U.S. Center for SafeSport is responsible for protecting amateur athletes from emotional, physical, and sexual misconduct and abuse in the U.S. Olympic and Paralympic communities. Congress requires that the Center be independent from the U.S. Olympic Committee in a number of ways. For example, former employees of the U.S. Olympic Committee must observe a 2 year "cooling-off period" before working or volunteering at the...
Navy Readiness:
Actions Needed to Address Cost and Schedule Estimates for Shipyard Improvement
GAO-23-106067
Published:
Publicly Released:
Conditions at the Navy's shipyards—which maintain its aircraft carriers and submarines—are poor and much of their equipment is outdated. The Navy is working to improve these shipyards. For instance, it has a project underway to improve the dry docks at its Portsmouth Naval Shipyard. We found that the estimated cost for this project increased from $528 million to $2.2 billion between 2019 and 2021. The...
Medicaid:
CMS Oversight and Guidance Could Improve Recovery Audit Contractor Program
GAO-23-106025
Published:
Publicly Released:
Medicaid has been on GAO's High Risk List since 2003, partly due to concerns about its fiscal oversight. Medicaid has a program to identify and recoup overpayments. But Medicaid hasn't studied whether including managed care payments in this program would be cost effective—even though managed care makes up more than half of Medicaid expenditures. Managed care plans use federal and state Medicaid funds to pay...
Hunger and Homelessness:
Funding Distribution for Key Programs
GAO-23-105458
Published:
Publicly Released:
The COVID-19 pandemic, inflation, and increased housing costs raised questions about whether more U.S. households are experiencing hunger and homelessness. We reviewed key federal programs that provide food or housing assistance to people experiencing or at risk of homelessness. Federal funding for such programs generally increased in FY 2017-2022. These programs use various criteria to determine the amount of funding to jurisdictions, but normally don't...
Optionally Manned Fighting Vehicle:
Observations on the Objectivity, Validity, and Reliability of the Army's Report
GAO-23-106549
Published:
Publicly Released:
The Army plans to replace an aging fleet of armored fighting vehicles with the Optionally Manned Fighting Vehicle, which is still in early development. We reviewed the Army's report to Congress on the desired characteristics for the new vehicle and the analyses the Army used to determine those characteristics. Perspectives from soldiers and vendors contributed to the report's objectivity. However, there weren't enough details to...
Potential Financial Benefits:
Estimating the Value of Implementing Open GAO Recommendations
GAO-23-106598
Published:
Publicly Released:
Our recommendations to federal agencies and our matters for congressional consideration produce measurable financial benefits for the government. When Congress or agencies implement our matters and recommendations, government expenditures are often reduced, funds put to better use, or federal revenues increased. Over the past 3 years, our work has resulted in annual financial benefits ranging from $55 billion to more than $76 billion. Yet, thousands...
U.S. Access Board:
Interagency Efforts to Promote Accessibility for People with Disabilities Generally Followed Leading Collaboration Practices
GAO-23-105948
Published:
Publicly Released:
The U.S. Access Board promotes accessibility for people with disabilities by developing guidelines, providing technical assistance, and enforcing accessibility requirements at federal facilities. The Access Board collaborates with other federal agencies on many of these activities. For example, it works with agencies to investigate and address public complaints about inaccessibility at agencies' facilities. We found that the Access Board generally followed our list of leading...
Counterterrorism:
Action Needed to Further Develop the Information Sharing Environment GAO-23-105310
Published:
Publicly Released:
Federal agencies have started projects to improve how they share terrorism-related information with the intelligence community and other public and private partners. However, there hasn't been a Program Manager to review or assess the impact of these projects since 2017. As a result, it's unclear if these programs are meeting the priority objectives set in the national information-sharing strategy. Conflicting changes to the law have...
IFRS
Call for academics to carry out research on IFRS 7 Financial Instruments: Disclosures
Research
30 Jun 2023
June 2023 IASB podcast now available
Podcast
29 Jun 2023
IASB seeks input for review of Accounting Standard on revenue
Consultation
29 Jun 2023
ISSB Chair Emmanuel Faber at the IFRS Foundation Conference 2023: A new common language to build more resilient economics
Speech
29 Jun 2023
July 2023 Accounting Standards Advisory Forum agenda and meeting papers now available
Meeting
28 Jun 2023
Watch two high-level webcasts on IFRS S1 and IFRS S2, hosted by ISSB Vice-Chair Sue Lloyd
28 Jun 2023
Join the Staff—Product Marketing Associate (maternity cover)
Careers
28 Jun 2023
July 2023 SME Implementation Group agenda and meeting papers now available
Meeting
28 Jun 2023
Ten things to know about the first ISSB Standards
Feature
27 Jun 2023
June 2023 IASB Update now available and work plan updated
27 Jun 2023
IRS
IRS last call for taxpayers to claim $1.5 billion in tax refunds from unfiled 2019 tax returns: July 17 deadline rapidly approaching
IR-2023-122, June 30, 2023 — The Internal Revenue Service issued a final reminder today to nearly 1.5 million taxpayers across the country to claim their refunds for tax year 2019 by filing before the July 17, 2023, deadline.
IRS sends special mailing to taxpayers in certain disaster areas
IR-2023-121, June 28, 2023 — The IRS is sending a special follow-up mailing to taxpayers in several states affected by disasters to let them know that they have additional time to pay their taxes.
Electronic Tax Administration Advisory Committee issues annual report with 26 recommendations to Congress and IRS
IR-2023-120, June 28, 2023 — The Internal Revenue Service Electronic Tax Administration Advisory Committee (ETAAC) today released its annual report for 2023 featuring recommendations to Congress and the IRS that focus on electronic tax administration and cybersecurity.
PCAOB
SEC
SEC Charges Stockbroker and Friend with Insider Trading
2023-124
Washington D.C., June 29, 2023 — The Securities and Exchange Commission today announced insider trading charges against Jordan Meadow, a registered representative for a New York-based broker-dealer, and Steven Teixeira, the Chief Compliance Officer of an international payment processing company, in connection with their trading based on material nonpublic information that Teixeira obtained from his girlfriend’s laptop while she was working at home during the COVID-19 pandemic.
SEC Charges Former Pfizer Statistician with Insider Trading Ahead of COVID-19 Announcement
2022-123
Washington D.C., June 29, 2023 — The Securities and Exchange Commission today announced insider trading charges against Amit Dagar, a former Pfizer Inc. employee, and his close friend and business partner, Atul Bhiwapurkar, for trading in advance of the company’s November 5, 2021, announcement that a randomized, double-blind study of its COVID-19 antiviral treatment, Paxlovid, was successful. Following that announcement in which Pfizer’s CEO referred to the news as a “game-changer” in the global efforts to “halt the devastation” of the pandemic, the company’s stock price increased by nearly 11 percent, the largest single-day price move in the stock since 2009.
SEC Charges Police Chief, Four Others in Connection with Insider Trading Before Pharmaceutical Merger
2023-122
Washington D.C., June 29, 2023 — The Securities and Exchange Commission today filed insider trading charges against five individuals, including a police chief in Dighton, Massachusetts, arising from trading before the announcement of a tender offer by Alexion Pharmaceuticals Inc. to acquire Portola Pharmaceuticals Inc. in May 2020. Four of the defendants traded on nonpublic information obtained, directly or indirectly, from the fifth defendant, and realized more than $2.3 million in ill-gotten gains and tipped others who realized more than $1.7 million in trading profits.
SEC Charges Former DWAC Board Member and Others for Insider Trading in DWAC Securities
2023-121
Washington D.C., June 29, 2023 — The Securities and Exchange Commission today filed insider trading charges against Bruce Garelick, a former board member of Digital World Acquisition Corporation (DWAC), a special purpose acquisition company (SPAC); Michael Shvartsman and his firm Rocket One Capital LLC; and Gerald Shvartsman for trading in advance of DWAC’s October 2021 announcement that it had reached an agreement to acquire Trump Media & Technology Group Corp. (TMTG).
SEC Charges Former MusclePharm Executives with Accounting and Disclosure Fraud
2023-120
Washington D.C., June 27, 2023 — The Securities and Exchange Commission today filed a settled complaint charging Las Vegas-based nutritional supplement company MusclePharm Corp.’s former Executive Vice President of Sales and Operations, Brian H. Casutto, former Vice President of Sales, Matthew J. Zucco, and former contract Chief Financial Officer, Kevin R. Harris, for engaging in improper revenue recognition practices to achieve revenue growth demanded by its former Chief Executive Officer, Ryan C. Drexler. The SEC also separately charged Drexler with fraud in a litigated complaint for disclosure violations and control failures.
SEC Obtains Emergency Relief to Halt Pre-IPO Stock Fraud Scheme by Unregistered Broker-Dealer
2023-119
Washington D.C., June 27, 2023 — The Securities and Exchange Commission today announced that it obtained a preliminary injunction, asset freeze, and other emergency relief against Legend Venture Partners LLC, a New York City-based unregistered broker-dealer, in connection with a fraudulent scheme involving the sale of interests in private companies that had the potential for a public offering. Last year, the SEC shut down a similar scheme by StraightPath Venture Partners LLC, for which Legend’s principals and many of its sales agents had previously worked.
SEC Charges Florida Resident for Operating $112 Million Ponzi Scheme that Targeted Haitian-American Community
2023-118
Washington D.C., June 26, 2023 — The Securities and Exchange Commission today announced charges against Broward County, Florida resident Sanjay Singh and his trucking and logistics company, Royal Bengal Logistics Inc., with fraudulently raising approximately $112 million from as many as 1,500 investors through an unregistered securities offering that primarily targeted Haitian-Americans.