Regulatory Roundup - April 27-May 3

By:
Chris Gaetano
Published Date:
May 3, 2021

AICPA

Press Release

New Resource from ISACA and AICPA & CIMA Helps Organizations Navigate Blockchain Risk

Free guide outlines five risk categories accounting, auditing, and IT professionals should understand.

April 30, 2021

Press Release

AICPA & CIMA CFO Conference Focuses on New Challenges for the Finance

The AICPA & CIMA CFO Conference is an all-virtual event this year that runs from May 5-7

April 29, 2021

Press Release

AICPA’s National Committee on Diversity and Inclusion to host forum

AICPA’s National Committee on Diversity and Inclusion will host a form to discuss how to bolster diversity and inclusion.

April 27, 2021

Press Release

Younger Americans Bearing the Brunt of Pandemic Financial Stress

New research finds that younger Americans are three times more likely to experience pandemic-related financial stress than older Americans.

April 27, 2021

 

CBO

Blog Post

CBO Releases Infographics About the Federal Budget in Fiscal Year 2020

April 30, 2021

View CBO’s budget infographics to see how much the federal government spent and took in during fiscal year 2020, as well as broader trends in the budget over the past few decades.

Blog Post

CBO’s Panel of Economic Advisers, 2021

April 30, 2021

CBO announces the current members of its Panel of Economic Advisers.

Graphic

Discretionary Spending in Fiscal Year 2020: An Infographic

April 30, 2021

Discretionary spending by the federal government totaled $1.6 trillion in 2020, of which $714 billion was for national defense and $914 billion was for nondefense activities.

Graphic

Mandatory Spending in Fiscal Year 2020: An Infographic

April 30, 2021

Mandatory spending by the federal government totaled $4.6 trillion in 2020, of which $1.9 trillion was for Social Security and Medicare.

Graphic

Revenues in Fiscal Year 2020: An Infographic

April 30, 2021

Revenues received by the federal government in 2020 totaled $3.4 trillion, of which $1.6 trillion was receipts from individual income taxes.

Graphic

The Federal Budget in Fiscal Year 2020: An Infographic

April 30, 2021

The federal deficit in 2020 was $3.1 trillion, equal to 14.9 percent of gross domestic product.

Presentation

CBO’s Policy Growth Model

April 29, 2021

The Policy Growth Model is one in a suite of models that CBO uses to analyze how economic growth and the federal budget interact.

Cost Estimate

H.R. 1603, Farm Workforce Modernization Act of 2021

April 29, 2021

As passed by the House of Representatives on March 18, 2021

Presentation

Information Sources for Policymakers: Congressional Budget Office 101

April 29, 2021

Presentation by Lara Robillard, an analyst in CBO’s Budget Analysis Division, at the AcademyHealth 2021 Health Policy Orientation.

Report

Testimony on CBO’s Appropriation Request for Fiscal Year 2022

April 28, 2021

CBO Director Phillip Swagel testifies on CBO’s appropriation request for fiscal year 2022 before the Senate Appropriations Committee’s Subcommittee on the Legislative Branch.

Report

Budgetary Effects of Climate Change and of Potential Legislative Responses to It

April 27, 2021

CBO outlines the main channels by which climate change and policies intended to mitigate or adapt to it affect the federal budget. Climate change increases budget deficits; investments in mitigation or adaptation could reduce those costs.

Cost Estimate

CBO’s Estimate of Effects on Revenues of Senate Amendment 1460 for S. 914, the Drinking Water and Wastewater Infrastructure Act of 2021

April 27, 2021

As posted on April 27, 2021

Cost Estimate
H.R. 1157, Department of State Authorization Act of 2021


As ordered reported by the House Committee on Foreign Affairs on February 25, 2021

FAF


Financial Accounting Foundation Board of Trustees  [05/03/21]
Meeting Notice

FASB

Financial Accounting Foundation Board of Trustees  [05/03/21]
Notice of Meeting

 

GAO

Behavioral Health

Patient Access, Provider Claims Payment, and the Effects of the COVID-19 Pandemic

GAO-21-437R

Published: Mar 31, 2021.

Publicly Released: Apr 30, 2021.

What GAO Found GAO found that there have been longstanding concerns about the availability of behavioral health treatment, particularly for low-income individuals.

Information Environment

DOD Operations Need Enhanced Leadership and Integration of Capabilities

GAO-21-525T

Published: Apr 30, 2021.

Publicly Released: Apr 30, 2021.

What GAO Found At its core, information operations (IO) are the integration of information-related capabilities during military operations to influence, disrupt, corrupt, or usurp the decision making of adversaries and potential adversaries while protecting our own. (See figure.

Released on Apr. 29, 2021

Littoral Combat Ship

Unplanned Work on Maintenance Contracts Creates Schedule Risk as Ships Begin Operations

GAO-21-172

Published: Apr 29, 2021.

Publicly Released: Apr 29, 2021.

What GAO Found The Littoral Combat Ship (LCS) is a class of small surface ships with two unique design variants. Both LCS variants carry smaller crews and rely more on contractors for maintenance than any other Navy ship.

U.S. Postal Service

Volume, Performance, and Financial Changes since the Onset of the COVID-19 Pandemic

GAO-21-261

Published: Apr 29, 2021.

Publicly Released: Apr 29, 2021.

What GAO Found In 2020, the majority of which was affected by the COVID-19 pandemic, the U.S. Postal Service (USPS) experienced a 9 percent drop in total mail volume when compared to 2019.

High-Performance Computing

NNSA Could Improve Program Management Processes for System Acquisitions

GAO-21-194

Published: Apr 29, 2021.

Publicly Released: Apr 29, 2021.

What GAO Found The National Nuclear Security Administration's (NNSA) analysis of alternatives (AOA) process for its $600 million El Capitan HPC acquisition did not fully follow agency policy that states that AOA processes should be consistent with GAO best practices, where possible, and any deviations...

Released on Apr. 28, 2021

Prescription Drugs

U.S. Prices for Selected Brand Drugs Were Higher on Average than Prices in Australia, Canada, and France

GAO-21-282

Published: Mar 29, 2021.

Publicly Released: Apr 28, 2021.

What GAO Found GAO's analysis of 2020 data found that, for 20 selected brand-name prescription drugs, estimated U.S. prices paid at the retail level by consumers and other payers (such as insurers) were more than two to four times higher than prices in three selected comparison countries. The U.S.

Missile Defense

Fiscal Year 2020 Delivery and Testing Progressed, but Annual Goals Unmet

GAO-21-314

Published: Apr 28, 2021.

Publicly Released: Apr 28, 2021.

What GAO Found In fiscal year 2020, the Missile Defense Agency (MDA) made progress toward achieving its delivery and testing goals for some of the individual systems—known as elements—that combine and integrate to create the Missile Defense System (also known as the Ballistic Missile Defense System)....

DOD Acquisition Reform

Increased Focus on Knowledge Needed to Achieve Intended Performance and Innovation Outcomes

GAO-21-511T

Published: Apr 28, 2021.

Publicly Released: Apr 28, 2021.

What GAO Found As the Department of Defense (DOD) drives to deliver innovative capabilities faster to keep pace with evolving threats and emerging adversaries, knowledge—about programs' cost, schedule, and technology—increases the likelihood that these capabilities will be achieved.

Priority Open Recommendations
Nuclear Regulatory Commission

GAO-21-453PR
Published: Apr 21, 2021.
Publicly Released: Apr 28, 2021.
What GAO Found In April 2020, GAO identified seven priority recommendations for the Nuclear Regulatory Commission (NRC). Since then, NRC implemented one of these recommendations by issuing a risk management strategy that addresses key elements foundational to effectively managing cybersecurity risks.

Prescription Drugs
U.S. Prices for Selected Brand Drugs Were Higher on Average than Prices in Australia, Canada, and France

GAO-21-282
Published: Mar 29, 2021.
Publicly Released: Apr 28, 2021.
What GAO Found GAO's analysis of 2020 data found that, for 20 selected brand-name prescription drugs, estimated U.S. prices paid at the retail level by consumers and other payers (such as insurers) were more than two to four times higher than prices in three selected comparison countries.

Fiscal Year 2022 Budget Request
U.S. Government Accountability Office

GAO-21-510T
Published: Apr 28, 2021.
Publicly Released: Apr 28, 2021.
In fiscal year (FY) 2020, GAO's work yielded $77.6 billion in financial benefits, a return of about $114 for every dollar invested in GAO.

Indian Education
Schools Need More Assistance to Provide Distance Learning

GAO-21-492T
Published: Apr 28, 2021.
Publicly Released: Apr 28, 2021.  
What GAO Found The Bureau of Indian Education (BIE), within the Department of the Interior (Interior), has not provided BIE-funded schools with comprehensive guidance on distance learning during the COVID-19 pandemic. 

Defense Management
Opportunities Exist to Improve DOD's Reform Efforts

GAO-21-532T
Published: Apr 27, 2021.
Publicly Released: Apr 27, 2021.
What GAO Found The Department of Defense (DOD) has long sought to reform its enterprise business operations—such as its processes to manage contracts, finances, and supply chain— but faces challenges in improving department-wide management.

Information Technology
Agencies Need to Develop and Implement Modernization Plans for Critical Legacy Systems

GAO-21-524T
Published: Apr 27, 2021.
Publicly Released: Apr 27, 2021.
What GAO Found In June 2019, GAO identified 10 critical federal information technology (IT) legacy systems that were most in need of modernization. These legacy systems provided vital support to agencies' missions.

Memorandum
Professional Standards Update No. 80

Published: Apr 26, 2021.
Publicly Released: Apr 27, 2021.
To alert the audit community to changes in professional standards, we periodically issue Professional Standards Updates (PSU).

Private Water Utilities
Actions Needed to Enhance Ownership Data

GAO-21-291
Published: Mar 26, 2021.
Publicly Released: Apr 26, 2021.
What GAO Found Available information on private for-profit drinking water utilities shows that 14 publicly traded companies served customers in 33 states in 2019. However, the Environmental Protection Agency's (EPA) primary source of publicly available information on U.S.

Border Security
CBP Has Taken Actions to Help Ensure Timely and Accurate Field Testing of Suspected Illicit Drugs

GAO-21-286
Published: Apr 26, 2021.
Publicly Released: Apr 26, 2021.
What GAO Found U.S. Customs and Border Protection (CBP) has policies and procedures for its officers and agents to test substances that they suspect are illicit drugs—referred to as a presumptive field test.

Defense Health Care
DOD Needs to Fully Assess Its Non-clinical Suicide Prevention Efforts and Address Any Impediments to Effectiveness

GAO-21-300
Published: Apr 26, 2021.
Publicly Released: Apr 26, 2021.
What GAO Found The Department of Defense (DOD) has a variety of suicide prevention efforts that are implemented by the military services (Army, Navy, Air Force, and Marine Corps).

GASB


Financial Accounting Foundation Board of Trustees  [05/03/21]

Notice of Meeting

IASB

April 2021 IASB Update published and work plan updated

IFRS Foundation Trustees publish institutional arrangements for proposed new sustainability standards board

Speaker line-up confirmed for the IFRS Foundation Virtual Conference 2021

IFRIC Update April 2021

Join the IFRS Foundation—IASB Technical Staff

April 2021 IFRS Interpretations Committee podcast now available

IFRS Advisory Council

 

Compilation of Agenda Decisions—Volume 4 published

 

Join the IFRS Foundation—Customer Service Team Leader

 

IFRIC Update March 2021

Accounting Standards Advisory Forum

 

IRS

IRS now accepting TCE and VITA grant applications 

IR-2021-99, April 30, 2021 — Eligible organizations can now submit applications for the Internal Revenue Service’s Tax Counseling for the Elderly and Volunteer Income Tax Assistance grant programs, allowing some organizations to apply for up to three years of annual funding.

Draft Schedules K-2 and K-3 released to enhance reporting of international tax matters by pass-through entities

IR-2021-98, April 30, 2021  — The Treasury and the IRS released today updated early drafts of new Schedules K-2 and K-3 for Forms 1065, 1120-S, and 8865 for tax year 2021 (filing season 2022).

IRS has options for gig economy workers and those with unemployment benefits  

IR-2021-97, April 29, 2021 — The Internal Revenue Service reminds workers in the gig economy and those who claimed unemployment compensation in 2020 of their options and where to find information on meeting their tax obligations. 

IRS: Some people get more time to file without asking; anyone else can request an automatic extension

IR-2021-96, April 29, 2021 — Anyone can request an automatic tax-filing extension, but some people get extra time without asking, according to the Internal Revenue Service.

Nearly 2 million more Economic Impact Payments disbursed under the American Rescue Plan; continuing payments reach approximately 163 million 

IR-2021-95, April 28, 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 seventh batch of Economic Impact Payments from the American Rescue Plan. 

Electronic options on IRS.gov are available 24/7; save time online for filing information and help

IR-2021-94, April 27, 2021 — The Internal Revenue Service today urged taxpayers and tax professionals to continue using electronic options to speed the processing of tax returns, refunds and  payments.

IRS Office of Chief Counsel's first National Virtual Settlement Month successful in resolving almost 150 Tax Court cases

IR-2021-93, April 26, 2021 — Building on the success of Settlement Days and Virtual Settlement Days, the Internal Revenue Service Office of Chief Counsel hosted its first National Virtual Settlement Month in March 2021. The results are impressive.

NYS

Superintendent of Financial Services Announces Resolution of Lawsuit Of Health Republic In Liquidation Against Federal Government
May 3, 2021

DFS Issues Report On the SolarWinds Supply Chain Attack
April 27, 2021

SEC

SEC Charges Eight Companies for Failure to Disclose Complete Information on Form NT

2021-76, April 29, 2021 —The Securities and Exchange Commission today charged eight companies for failing to disclose in SEC Form 12b-25 filings that their request for seeking a delayed quarterly or annual reporting filing was caused by an anticipated restatement or correction of prior financial reporting. The violations were uncovered by an initiative focused on Form 12b-25 filings by companies that quickly thereafter announced financial restatements or corrections. Each of the companies was a public reporting company at the time of the violations and agreed to settle the Commission's charges and pay civil penalties.

Alex Oh Resigns from SEC; Melissa Hodgman Named Acting Director of Enforcement
2021-75, April 28, 2021 —The Securities and Exchange Commission today announced that Alex Oh has resigned her position as Director of the Division of Enforcement for personal reasons. Melissa Hodgman will return to the role of Acting Director of the Division of Enforcement.

SEC Obtains Emergency Relief, Charges Florida Company and CEO with Misappropriating Investor Money and Operating a Ponzi Scheme
2021-74, April 26, 2021 — The Securities and Exchange Commission today announced that it filed an emergency action and obtained a temporary restraining order and an asset freeze to stop an alleged Ponzi scheme and misappropriation of investor proceeds perpetrated by Melbourne, Florida resident Jonathan P. Maroney through several entities he controls.

Increasing Opportunities for Underrepresented Founders and Investors on the Agenda for the SEC Small Business Capital Formation Advisory Committee Meeting on April 30
2021-73, April 26, 2021 —The Securities and Exchange Commission's Small Business Capital Formation Advisory Committee will meet on Friday, April 30, to home in on solutions to increase access to capital for underrepresented founders and investors from smaller, regional funds.

SEC Names Keo Chea as Director of Public Engagement and Aisha Johnson as Director of Media Relations
2021-72, April 26, 2021 — The Securities and Exchange Commission today announced the appointments of Keo Chea as Director of Public Engagement and Aisha Johnson as Director of Media Relations. Chea joins the SEC from the Consumer Financial Protection Bureau, effective today, and Johnson will join the SEC from the office of U.S. Senator Bob Casey, D-Pa., effective May 10.

 

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