Attention FAE Customers:
Please be aware that NASBA credits are awarded based on whether the events are webcast or in-person, as well as on the number of CPE credits.
Please check the event registration page to see if NASBA credits are being awarded for the programs you select.

Want to save this page for later?

News

Regulatory Roundup: November 5-11

By:
Karen Sibayan
Published Date:
Nov 11, 2024

AICPA

Nov 07, 2024

CBO

Cost Estimate
November 8, 2024
As reported by the House Committee on Natural Resources on
October 22, 2024

Cost Estimate
November 8, 2024
As ordered reported by the House Committee on Agriculture on
May 23, 2024

Report
November 8, 2024
In response to a request from Senator Grassley, CBO provides information about how enacting H.R. 82, the Social Security Fairness Act of 2023, would affect Social Security’s finances over the next 75 years.

Report
November 8, 2024
In fiscal year 2024, which ended on September 30, the federal budget deficit totaled $1.8 trillion—an increase of $138 billion (or 8 percent) from the shortfall recorded in the previous year.

Report
November 7, 2024
CBO provides estimates of the budgetary effects of automatic stabilizers—as well as the size of federal budget deficits without them—back to 1974 and forward to 2034.

Cost Estimate
November 6, 2024
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
November 4, 2024

As ordered reported by the House Committee on the Judiciary on September 25, 2024

FASB

November 4, 2024

GAO

GAO-25-107138
Published: Nov 7, 2024 . Publicly Released: Nov 7, 2024 .
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 September 30, 2024, the federal debt was $35.5 trillion—up $2.3 trillion from FY 2023. Interest on the debt in FY 2024 was $1,126.5 billion, an increase of $251.0 billion from FY 2023. We audit and issue opinions annually on...

GAO-25-107503
Published: Nov 7, 2024 . Publicly Released: Nov 7, 2024 .
When the Census Bureau isn't doing a decennial census, it estimates population and numbers of housing units, using various sources, annually. State, local, and tribal governments use the estimates to allocate federal funds, among other purposes. Governments can challenge these annual population estimates if they disagree with them. In 2024, government entities submitted 12 challenges. The Bureau revised population estimates in response to seven of...
 
GAO-25-107202
Published: Nov 7, 2024 . Publicly Released: Nov 7, 2024 .

The Internal Revenue Service collects taxes to fund federal programs and services. In FY24, IRS collected about $5.1 trillion in taxes and paid out more than $553 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 FY24, we...

GAO-25-106741
Published: Nov 7, 2024 . Publicly Released: Nov 7, 2024 .
The Departments of the Interior and the Treasury awarded $32.7 billion to tribal entities for COVID-19 relief. Nonfederal entities that spend at least $750,000 in federal funds in a year are required to get a "single audit"—an independent review of their financial statements and federal awards. Some tribal entities met this condition for the first time. Interior and Treasury should ensure tribal entities get the...

IASB

11 Nov 2024

8 Nov 2024

6 Nov 2024

6 Nov 2024

4 Nov 2024

IRS

IR-2024-287, Nov. 7, 2024 — The Internal Revenue Service reminds taxpayers that during open enrollment season for flexible spending arrangements (FSAs) they may be eligible to use tax-free dollars to pay medical expenses not covered by other health plans.

IR-2024-286, Nov. 7, 2024 — The Internal Revenue Service today released financial information and highlighted selected accomplishments and challenges in its fiscal year 2024 Financial Report.

PCAOB

Nov. 8, 2024

Nov. 8, 2024

Nov. 7, 2024

Nov. 4, 2024

SEC

2024-179
Washington D.C., Nov. 8, 2024 — The Securities and Exchange Commission today charged Invesco Advisers, Inc. for making misleading statements about the percentage of company-wide assets under management that integrated environmental, social, and governance (ESG) factors in investment decisions. The Atlanta-based registered investment adviser agreed to pay a $17.5 million civil penalty to settle the SEC’s charges.