Regulatory Roundup - April 20 to 26
AICPA
Press Release
AICPA, NASBA and AAA to Announce New Model Accounting Curriculum at Free Online Event
AICPA and NASBA will unveil the new CPA Evolution Model Curriculum at an even jointly hosted with the American Accounting Association.
April 26, 2021
Press Release
AICPA & CIMA ENGAGE will run from July 26-29 this year as a hybrid online and onsite event, with a lineup of keynotes that includes Virgin Group founder Richard Branson and NASA official Adam Seltzner
April 22, 2021
CBO
Cost Estimate
H.R. 1870, Strengthening Local Transportation Security Capabilities Act of 2021
April 23, 2021
As ordered reported by the House Committee on Homeland Security on March 18, 2021
Cost Estimate
H.R. 1871, Transportation Security Transparency Improvement Act
April 23, 2021
As ordered reported by the House Committee on Homeland Security on March 18, 2021
Cost Estimate
H.R. 1877, Security Screening During COVID-19 Act
April 23, 2021
As ordered reported by the House Committee on Homeland Security on March 18, 2021
Cost Estimate
H.R. 1893, Transportation Security Preparedness Act of 2021
April 23, 2021
As ordered reported by the House Committee on Homeland Security on March 18, 2021
Cost Estimate
H.R. 1895, Transportation Security Public Health Threat Preparedness Act of 2021
April 23, 2021
As ordered reported by the House Committee on Homeland Security on March 18, 2021
Cost Estimate
H.R. 2118, Securing America From Epidemics Act
April 23, 2021
As ordered reported by the House Committee on Foreign Affairs on March 25, 2021
Cost Estimate
April 23, 2021
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on March 17, 2021
Report
An Analysis of the Navy’s December 2020 Shipbuilding Plan
April 22, 2021
CBO estimates that the total shipbuilding budget would average $34 billion per year, 10 percent more than the Navy estimates. The Navy’s average shipbuilding budget would be almost 50 percent larger, on average, than those of recent years.
Cost Estimate
April 22, 2021
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on March 17, 2021
Cost Estimate
April 21, 2021
As ordered reported by the House Committee on Transportation and Infrastructure on March 24, 2021
Cost Estimate
April 21, 2021
As ordered reported by the House Committee on Foreign Affairs on March 25, 2021
Cost Estimate
H.R. 1765, Washington Channel Public Access Act
April 21, 2021
As ordered reported by the House Committee on Transportation and Infrastructure on March 24, 2021
Presentation
The Cost of the Federal Student Loan Programs and Repayment Plans
Presentation by Justin Humphrey, an analyst in CBO's Budget Analysis Division, to the Postsecondary National Policy Institute.
Presentation
An Overview of the 2021 Long-Term Budget Outlook
Presentation by Mark Doms, Chief Economist, to the Forecasters Club of New York.
Working Paper
Fair-Value Cost Estimation and Government Cash Flows: Working Paper 2021-05
Fair-value budget estimates reflect cash flows that are weighted by the value market participants would place on different scenarios instead of the average of their possible amounts.
Cost Estimate
H.R. 1333, National Origin-Based Antidiscrimination for Nonimmigrants Act
As ordered reported by the House Committee on the Judiciary on
April 14, 2021
Cost Estimate
H.R. 1921, To amend the Federal Water Pollution Control Act to reauthorize the Lake Pontchartrain Basin Restoration Program, and for other purposes
As ordered reported by the House Committee on Transportation and Infrastructure on March 24, 2021
Cost Estimate
H.R. 965, Young African Leaders Initiative Act of 2021
As ordered reported by the House Committee on Foreign Affairs on February 25, 2021
FASB
FASB to Host Virtual Credit Losses Roundtable on May 20, 2021 [04/20/21]
Media Advisory
FASB Names Three New Members to Its Small Business Advisory Committee [04/20/21]
Media Advisory
GAO
GAO-21-473R
Published: Apr 23, 2021.
Publicly Released: Apr 23, 2021.
What GAO Found Individuals who receive assistance from the federal Supplemental Security Income (SSI) program may also become eligible for Medicaid. SSI provides cash assistance to eligible individuals who are over age 65, blind, or disabled; and who have limited resources (i.e., assets) and income.
Public Service Loan Forgiveness
DOD and Its Personnel Could Benefit from Additional Program Information
GAO-21-65
Published: Apr 22, 2021.
Publicly Released: Apr 22, 2021.
What GAO Found Personnel in the Department of Defense (DOD)—including service members and civilian employees—may be eligible for federal student loan forgiveness through the Public Service Loan Forgiveness (PSLF) program if they remain in public service employment for 10 years while making 120 qualifying...
Enhanced Attention to and Oversight of F-35 Affordability Are Needed
GAO-21-505T
Published: Apr 22, 2021.
Publicly Released: Apr 22, 2021.
What GAO Found F-35 mission capable rates—a measure of the readiness of an aircraft fleet—have recently improved, but still fall short of warfighter requirements, as discussed in our draft report. Specifically, from fiscal year 2019 to fiscal year 2020, the U.S.
Homeport Changes Are Primarily Determined by Maintenance Requirements
GAO-21-345
Published: Apr 22, 2021.
Publicly Released: Apr 22, 2021.
What GAO Found The Navy has a process for proposing and implementing homeport changes that considers a range of factors.
NIH Should Take Further Action to Address Foreign Influence
GAO-21-523T
Published: Apr 22, 2021.
Publicly Released: Apr 22, 2021.
What GAO Found U.S. research may be subject to undue foreign influence in cases where a researcher has a foreign conflict of interest.
DHS Office of Inspector General
Preliminary Observations on Long-Standing Management and Operational Challenges
GAO-21-452T
Published: Apr 21, 2021.
Publicly Released: Apr 21, 2021.
What GAO Found GAO's preliminary work has identified a number of management and operational challenges, including frequent leadership turnover, since fiscal year 2015 that have impeded the overall effectiveness of the Department of Homeland Security (DHS) Office of Inspector General (OIG).
Emergency Financial Aid for College Students under the CARES Act
GAO-21-312R
Published: Apr 20, 2021.
Publicly Released: Apr 20, 2021.
What GAO Found As of November 2020, the Department of Education (Education) had distributed $6.
SBA Has Begun to Take Steps to Improve Oversight and Fraud Risk Management
GAO-21-498T
Published: Apr 20, 2021.
Publicly Released: Apr 20, 2021.
What GAO Found In April 2020, the Small Business Administration (SBA) quickly implemented the Paycheck Protection Program (PPP) and expedited the processing of Economic Injury Disaster Loans (EIDL) and a new EIDL advance program
Veterans Affairs
Ongoing Financial Management System Modernization Program Would Benefit from Improved Cost and Schedule Estimating
GAO-21-227
Published: Mar 24, 2021.
Publicly Released: Apr 20, 2021.
What GAO Found The Department of Veterans Affairs (VA) Financial Management Business Transformation (FMBT) program has begun implementing the Integrated Financial and Acquisition Management System (iFAMS), with the first deployment of certain capabilities at the National Cemetery Administration (NCA)...
Higher Education
IRS And Education Could Better Address Risks Associated with For-Profit College Conversions
GAO-21-500T
Published: Apr 20, 2021.
Publicly Released: Apr 20, 2021.
What GAO Found In its December 2020 report, GAO identified 59 for-profit college conversions that occurred from January 2011 through August 2020. A for-profit college may convert to nonprofit status for different reasons.
COVID-19
HHS Should Clarify Agency Roles for Emergency Return of U.S. Citizens during a Pandemic
GAO-21-334
Published: Apr 19, 2021.
Publicly Released: Apr 19, 2021.
What GAO Found At the beginning of the COVID-19 pandemic, the U.S. returned, or repatriated, about 1,100 U.S. citizens from abroad and quarantined them domestically to prevent the spread of COVID-19.
Sexual Harassment
NNSA Could Improve Prevention and Response Efforts in Its Nuclear Security Forces
Published: Apr 19, 2021.
Publicly Released: Apr 19, 2021.
What GAO Found The National Nuclear Security Administration (NNSA)—within the Department of Energy (DOE)—and its contractors may have limited information on the prevalence of sexual harassment within the nuclear security forces.
IASB
Webcast in Chinese on Discussion Paper Business Combinations under Common Control now available
Issue 23 of the Investor Update published
IASB proposes amendments setting out accounting for when no foreign exchange rate exists
Consultation
IRS
IR-2021-92, April 22, 2021 — Today, the Internal Revenue Service, the U.S. Department of the Treasury, and the Bureau of the Fiscal Service announced they are disbursing nearly 2 million payments in the sixth batch of Economic Impact Payments from the American Rescue Plan.
IR-2021-91, April 22, 2021 — The Treasury Department and the Internal Revenue Service today issued Revenue Procedure 2021-20 for certain businesses that received first-round Paycheck Protection Program (PPP) loans but did not deduct any of the original eligible expenses because they relied on guidance issued before the enactment of tax relief legislation in December of 2020.
IR-2021-90, April 21, 2021 — The Internal Revenue Service and the Treasury Department announced today further details of tax credits available under the American Rescue Plan to help small businesses, including providing paid leave for employees receiving COVID-19 vaccinations.
Steer clear of typical tax return errors; May 17 deadline nears
IR-2021-89, April 20, 2021 — The IRS today reminded taxpayers to check their tax returns for common errors that could delay refunds or otherwise affect normal processing.
20-year Exam veteran selected as new Office of Promoter Investigations acting director
PCAOB
Board Member Duane M. DesParte elected IFIAR Chair.
PCAOB enters into cooperative agreement with Belgian audit regulator.
SEC
SEC Charges Fund Manager and Former Race Car Team Owner with Multimillion Dollar Fraud
2021-71., April 23, 2021 —The Securities and Exchange Commission today charged Andrew T. Franzone, former owner of a race car team, and investment adviser FF Fund Management, LLC (FFM) with fraudulently raising and misappropriating tens of millions of dollars from the sale of limited partnership interests in a private fund, FF Fund I LP
SEC Awards More Than $3 Million to Whistleblowers in Two Enforcement Actions
2021-70, April 23, 2021 — The Securities and Exchange Commission today announced awards totaling more than $3 million to two whistleblowers in separate enforcement proceedings
Alex Oh Named SEC Director of Enforcement
2021-69, April 22, 2021 —The Securities and Exchange Commission today announced that Alex Oh has been appointed Director of the Division of Enforcement. Oh was most recently a partner at Paul, Weiss, Rifkind, Wharton & Garrison LLP and co-chair of the law firm’s Anti-Corruption & FCPA Practice Group. She was previously an Assistant U.S. Attorney in the Criminal Division of the U.S. Attorney's Office for the Southern District of New York, where she was a member of the Securities & Commodities Fraud Task Force and the Major Crimes Un
2021-68, April 19, 2021 —The Securities and Exchange Commission today announced the appointments of Prashant Yerramalli, Heather Slavkin Corzo, Kevin Burris, and Scott Schneider to Gary Gensler’s senior staff, responsible for advising him on matters before the Commission.
SEC's New York and San Francisco Regional Offices to Co-Host a Webcast Exploring the Experiences of Tech Entrepreneurs of Color When Capital Raising
2021-67, April 19, 2021 —The Securities and Exchange Commission today announced that its New York and San Francisco regional offices will co-host a virtual event discussing the experiences of tech entrepreneurs of color when raising capital for businesses. The event will be on April 27, 2021, from 4 to 5:30 p.m. ET and is free to the public via live webcast.
TIGTA
April 22, 2021
Assessment of the Effects of the Coronavirus Pandemic on Customer Service Operations