The Trusted Professional | Trusted Professional

Regulatory Roundup: July 15 - 21

AICPA

AICPA and CIMA Recognised as a Great Place to Work in Sri Lanka for the first time
Jul 17, 2025
 
AICPA and CIMA Recognized Again as a Great Place to Work in 2025

Jul 14, 2025

CBO

Cost Estimate
July 18, 2025
As ordered reported by the House Committee on Homeland Security on April 9, 2025

Cost Estimate
July 18, 2025
As reported by the House Committee on Small Business on May 21, 2025

Cost Estimate
July 18, 2025
As ordered reported by the House Committee on Homeland Security on April 9, 2025

Cost Estimate
July 18, 2025
As ordered reported by the House Committee on Homeland Security on April 9, 2025

Report
July 18, 2025
CBO was asked to assess the effects of a permanent 10 percent reduction in NIH funding and a nine-month increase in FDA review times of new drug applications.

Cost Estimate
July 18, 2025
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
July 18, 2025
As reported by the Senate Committee on the Judiciary on May 20, 2025

Cost Estimate
July 18, 2025
As reported by the Senate Committee on the Judiciary on May 20, 2025

Cost Estimate
July 17, 2025
As ordered reported by the House Committee on Transportation and Infrastructure on June 11, 2025

Cost Estimate
July 17, 2025
As reported by the Senate Committee on the Judiciary on May 20, 2025 

Cost Estimate
H.R. 1469, Senior Security Act of 2025
July 16, 2025
As reported by the House Committee on Financial Services on June 3, 2025

Cost Estimate
H.R. 2409, Guidance Clarity Act of 2025
July 16, 2025
As ordered reported by the House Committee on Oversight and Government Reform on May 21, 2025

Cost Estimate
H.R. 3339, Equal Opportunity for All Investors Act of 2025
July 16, 2025
As reported by the House Committee on Financial Services on June 3, 2025

Cost Estimate
H.R. 3351, Improving Access to Small Business Information Act
July 16, 2025
As reported by the House Committee on Financial Services on June 3, 2025

Cost Estimate
H.R. 3357, Enhancing Multi-Class Share Disclosures Act
July 16, 2025
As reported by the House Committee on House Financial Services on June 3, 2025

Cost Estimate
H.R. 3382, Small Entity Update Act
July 16, 2025
As reported by the House Committee on Financial Services on June 3, 2025

Cost Estimate
H.R. 3395, Middle Market IPO Cost Act
July 16, 2025
As reported by the House Committee on Financial Services on June 3, 2025

Presentation
CBO's Economic Forecast: Understanding Productivity Growth
July 15, 2025
Presentation by Aaron Betz, an analyst in CBO's Macroeconomic Analysis Division, at the NABE Foundation's 22nd Annual Economic Measurement Seminar.

Cost Estimate
S. 1478, Countering Wrongful Detention Act of 2025
July 15, 2025
As reported by the Senate Committee on Foreign Relations on June 18, 2025

Report
CBO's Economic Forecasting Record: 2025 Update
July 14, 2025

CBO assesses its two-year and five-year economic forecasts from as early as 1976 and compares them with those of the Administration, the Survey of Professional Forecasters, and the Blue Chip consensus.

Cost Estimate
S. 318, ANCHOR Act
July 14, 2025

As ordered reported by the Senate Committee on Commerce, Science, and Transportation on May 21, 2025

FASB

Representatives of the Financial Accounting Standards Board and the Accounting Standards Board of Japan Hold a Bilateral Meeting

July 18, 2025

Private Company Council Meeting Recap—June 26-27, 2025

July 14, 2025

GAO

Sarbanes-Oxley Act:
Compliance Costs Are Higher for Larger Companies but More Burdensome for Smaller Ones
GAO-25-107500
Published: Jun 18, 2025 . Publicly Released: Jul 18, 2025 .

The Sarbanes-Oxley Act was enacted in 2002 to improve the reliability of public company financial reporting and auditing. But complying with the law can be expensive. Later amendments sought to reduce such costs for smaller companies, including by exempting them from certain requirements. Information on compliance costs can be hard to isolate from broader costs. But generally, compliance costs were higher for larger companies and...

Watershed Dams:
Better Program Management Would Improve SafetyGAO-25-107404
Published: Jul 17, 2025 . Publicly Released: Jul 17, 2025 .
The U.S. Department of Agriculture helped build almost 12,000 watershed dams throughout the U.S. These dams control flooding and prevent damage to communities. However, age-related deterioration and other factors have raised concerns about their safety. USDA monitors how project sponsors (typically local governments) operate and maintain the dams. It also funds dam rehabilitation. We found USDA’s approach has been inconsistent and key information on dams—such...

Federal Employees Health Benefits Program:
OPM Should Take Timely Action to Mitigate Persistent Fraud Risks
GAO-25-106885
Published: Jul 17, 2025 . Publicly Released: Jul 17, 2025 .
The Federal Employees Health Benefit program is the largest employer-sponsored health insurance program in the country. It provides benefits to more than 8 million federal employees and others at a total cost of about $70 billion in 2024. The Office of Personnel Management administers the FEHB program and is responsible for fraud risk management. OPM has taken steps to combat fraud, such as conducting fraud...

Taxpayer Experience:
IRS Should Fully Establish Its Approach for Using Evidence to Assess Service Improvement Results
GAO-25-107408
Published: Jul 17, 2025 . Publicly Released: Jul 17, 2025 .
IRS has struggled to improve how taxpayers experience IRS services. The Inflation Reduction Act provided funding to improve IRS operations, including these services. We found that IRS was implementing a strategy to improve taxpayer services that included more than 150 projects. Such projects were intended to improve live assistance, online services, and more. But IRS hadn’t decided how to assess whether these projects improved the...

Information Technology:
Agencies Need to Plan for Modernizing Critical Decades-Old Legacy Systems
GAO-25-107795
Published: Jul 17, 2025 . Publicly Released: Jul 17, 2025 .
The government spends over $100 billion on IT each year. Most of that is used to operate and maintain existing systems, including aging "legacy" systems that are costly to maintain and vulnerable to hackers. We identified 11 of the most critical federal legacy systems at agencies like Health and Human Services and Treasury. Three agencies had documented modernization plans for their systems that included all...
 
Homeland Security:
Office of Intelligence and Analysis Should Improve Strategic Oversight of Intelligence Enterprise
GAO-25-107540
Published: Jul 16, 2025 . Publicly Released: Jul 16, 2025 .
The Department of Homeland Security’s Office of Intelligence and Analysis leads the department’s “Intelligence Enterprise”—which includes relevant offices within DHS components such as Immigration and Customs Enforcement and the Federal Protective Service. The office performs strategic oversight and helps ensure DHS components coordinate their intelligence and related activities. But we found that the office hasn’t consistently completed some of its oversight tasks. For example, it...

Military Compensation:
Clearer Guidance Needed for Timely Reimbursement of Moving Expenses
GAO-25-107062
Published: Jul 16, 2025 . Publicly Released: Jul 16, 2025 .
Periodic moves are a regular part of life for active-duty military members. DOD reimburses them for move costs but sometimes the payments are late. Delayed payments, especially move reimbursements, have been cited as a financial stressor associated with suicide risk. Our review of 3 years of Army and Marine Corps data found: The Army was late (taking more than its 30-day standard) with 7% of...

Puerto Rico:
Fiscal Conditions Have Improved but Risks Remain
GAO-25-108629
Published: Jul 16, 2025 . Publicly Released: Jul 16, 2025 .
We testified on Puerto Rico’s fiscal and economic conditions before the House Committee on Natural Resources, Subcommittee on Indian and Insular Affairs. Our testimony is based primarily on the following report: U.S. Territories: Public Debt and Economic Outlook – 2025 Update. A photo of the U.S. Capitol with the worlds "GAO Testimony to Congress" superimposed over it.
 
STEM Education:
Selected Federal Initiatives, Challenges, and Approaches to Supporting Rural Populations
GAO-25-107371
Published: Jul 15, 2025 . Publicly Released: Jul 15, 2025 .

Some rural school districts struggle to provide science, technology, engineering, and mathematics (STEM) education. Many face challenges attracting certified teachers, accessing materials, and busing students to field trips far away. Yet some rural districts have found innovative ways to share resources, connect STEM lessons to local environments, and help students explore related careers. For example, some have teamed up with university research centers or nonprofits...

Comparative Effectiveness Research:
HHS Should Evaluate Its Performance of Related Activities

GAO-25-107462Published: Jul 14, 2025 . Publicly Released: Jul 14, 2025 .Comparative clinical effectiveness research compares the success and outcomes of available treatment options for various diseases and conditions. Findings from this research can provide important information on more effective treatments. The Department of Health and Human Services shares these research findings with the public and helps to apply the findings in health care settings. But we found that HHS hasn’t done a thorough evaluation of...

IASB

July 2025 Due Process Oversight Committee agenda and meeting papers now available
18 Jul 2025

New external jurisdictional sustainability consultation
17 Jul 2025

IFRS Foundation publishes IFRS for SMEs Accounting Standard educational modules 2 and 7

15  Jul 2025

IRS

IR-2025-75, July 15, 2025 — The Internal Revenue Service and Security Summit partners warn tax professionals to be wary of evolving phishing emails and other schemes to steal sensitive taxpayer data and offer steps tax pros can take to protect sensitive taxpayer information.

 

PCAOB

Chair Williams to Depart PCAOB July 22 Following Record Accomplishments
Jul. 15, 2025