Regulatory Roundup - June 23-28

By:
Chris Gaetano
Published Date:
Jun 28, 2021

AICPA

Report

New Study Reveals Lack of Standardization in Sustainability Assurance

IFAC, AICPA & CIMA Global Benchmarking Study Highlights Significant Differences Across Jurisdictions

June 23, 2021

 

CBO

Blog Post

CBO to Release Its Updated Budget and Economic Projections on July 1

June 25, 2021

CBO will release An Update to the Budget and Economic Outlook: 2021 to 2031 at 2 p.m. on Thursday, July 1. The report will briefly describe CBO's latest 10-year budget and economic projections. Additional information about those projections will be released on July 21.

Cost Estimate

H.R. 438, a bill to amend the Alyce Spotted Bear and Walter Soboleff Commission on Native Children Act to extend the deadline for a report by the Alyce Spotted Bear and Walter Soboleff Commission on Native Children, and for other purposes

June 24, 2021

As ordered reported by the House Committee on Natural Resources on May 26, 2021

Presentation

Cost Estimates for Legislation That Would Affect Housing Assistance Programs

June 23, 2021

Presentation by Elizabeth Cove Delisle, an analyst in CBO's Budget Analysis Division, to the Council of Large Public Housing Authorities.

Cost Estimate

H.R. 302, PPSA Act of 2021

June 23, 2021

As ordered reported by the House Committee on Oversight and Reform on May 25, 2021

Report

The Congressional Budget Office’s Access to Data From Federal Agencies

June 23, 2021

The House Committee on Appropriations requested information about CBO's access to data from federal agencies, including data sources and data sets. This report provides that information.

Presentation

The Effect of Employer Matching and Defaults on Workers' TSP Savings Behavior

June 23, 2021

Presentation by Justin Falk and Nadia Karamcheva, analysts in CBO's Labor, Income Security, and Long-Term Analysis Division, to the Savings and Retirement Foundation.

Cost Estimate
H.R. 2694, Criminal Judicial Administration Act of 2021
As reported by the House Committee on the Judiciary on June 11, 2021

Cost Estimate
H.R. 704, ARTS Act
As ordered reported by the House Committee on the Judiciary on
April 20, 2021

Report
Providing Formal Cost Estimates Before Full Committee Markup
CBO assesses the potential costs of providing cost estimates for bills before markup by Congressional committees. Under any of the scenarios that CBO examined, the agency would require a substantial increase in resources and staffing.

Cost Estimate
S. 1662, Supporting the Foundation for the National Institutes of Health and the Reagan-Udall Foundation for the Food and Drug Administration Act
As ordered reported by the Senate Committee on Health, Education, Labor and Pensions on May 25, 2021

Cost Estimate
S. 169, ARTS Act
As ordered reported by the Senate Committee on the Judiciary on
April 29, 2021

FASB

FASB Stakeholders Invited to Share Their Views on Future Agenda Priorities  [06/24/21]
News Release
Invitation to Comment
FASB In Focus
Video

GAO

Priority Open Recommendations

National Aeronautics and Space Administration

GAO-21-574PR

Published: Jun 21, 2021.

Publicly Released: Jun 28, 2021.

What GAO Found In April 2020, GAO identified 12 priority recommendations for the National Aeronautics and Space Administration (NASA).

Released on Jun. 24, 2021

Retirement Savings

Federal Workers' Portfolios Should Be Evaluated For Possible Financial Risks Related to Climate Change

GAO-21-327

Published: May 25, 2021.

Publicly Released: Jun 24, 2021.

What GAO Found Retirement plans' investments, including those of the Thrift Savings Plan (TSP) for federal employees, could be exposed to financial risks from climate change, according to GAO's literature review and interviews with stakeholders knowledgeable about climate change and financial markets....

Released on Jun. 23, 2021

Software Development

DOD Faces Risks and Challenges in Implementing Modern Approaches and Addressing Cybersecurity Practices

GAO-21-351

Published: Jun 23, 2021.

Publicly Released: Jun 23, 2021.

What GAO Found According to the Department of Defense's (DOD) fiscal year (FY) 2021 budget request, DOD spent $2.8 billion on the 29 selected major business information technology (IT) programs in FY 2019. The department also reported that it planned to invest over $9.

COVID-19

Federal Air Marshal Service Should Document Its Response to Cases and Facilitate Access to Testing

GAO-21-595

Published: Jun 23, 2021.

Publicly Released: Jun 23, 2021.

What GAO Found The U.S. Federal Air Marshal Service (FAMS), within the Department of Homeland Security (DHS), reported 345 cases of COVID-19 among employees, as of January 31, 2021.

Priority Open Recommendations
Department of the Treasury 

GAO-21-549PR
Published: Jun 16, 2021.
Publicly Released: Jun 23, 2021.
What GAO Found In April 2020, GAO identified 31 priority recommendations for the Department of the Treasury. 

Pipeline Safety
Performance Measures Needed to Assess Recent Changes to Hazardous Liquid Pipeline Safety Regulations 
GAO-21-493.

Published: Jun 22, 2021.
Publicly Released: Jun 22, 2021.
What GAO Found In 2019, the Pipeline and Hazardous Materials Safety Administration (PHMSA) issued a final rule amending its hazardous liquid pipeline safety regulations.

Firefighting Foam Chemicals
DOD Is Investigating PFAS and Responding to Contamination, but Should Report More Cost Information 
GAO-21-421 
Published: Jun 22, 2021.
Publicly Released: Jun 22, 2021."What GAO Found The Department of Defense (DOD) is early in the environmental restoration process at or near the 687 installations with a known or suspected release of certain per- and polyfluoroalkyl substances (PFAS)—heat-resistant chemicals found in certain firefighting foams that can contaminate...

IASB

Webinar to be held on Exposure Draft Management Commentary
28 June 2021
Webinar


Addendum to IFRIC Update June 2021 now available
25 June 2021

Update


June 2021 IASB Update available
25 June 2021
]
Update

Watch recording of Management Commentary research workshop
24 June 2021

Webinar

June 2021 Trustees and DPOC meeting summary available
24 June 2021

Meeting

IRS


IRS releases Data Book for fiscal 2020 describing agency’s activities during pandemic
IR-2021-134, June 24, 2021 — The Internal Revenue Service today issued the Data Book detailing the agency’s activities during fiscal year 2020 (Oct. 1, 2019 – Sept. 30, 2020).

IRS online tool helps families see if they qualify for the Child Tax Credit; one of three tools now available for the upcoming advance payments
IR-2021-133, June 24, 2021 — The Treasury Department and the IRS today urged families to take advantage of a special online tool that can help them determine whether they qualify for the Child Tax Credit and the special monthly advance payments beginning on July 15.

IRS and community partners team up to provide free tax help for families to get advance Child Tax Credit payments and Economic Impact Payments
IR-2021-132, June 23, 2021 — The Internal Revenue Service is partnering with non-profit organizations, churches, community groups and others in 12 cities to help eligible families, particularly those who normally do not file a federal tax return, file a 2020 income tax return or register for the monthly Advance Child Tax Credit (AdvCTC) payments using the new Non-filer Sign-up Tool.

ETAAC delivers 2021 Annual Report with recommendations to Congress and IRS
IR-2021-131, June 23, 2021 — The Electronic Tax Administration Advisory Committee (ETAAC) today released its annual report to Congress, featuring 10 recommendations with a focus on the prevention of identity theft and refund fraud.

IRS announces two new online tools to help families manage Child Tax Credit payments
IR-2021-130, June 22, 2021 — The Internal Revenue Service today launched two new online tools designed to help families manage and monitor the advance monthly payments of Child Tax Credits under the American Rescue Plan.

 

NYS

Don’t Miss Out on Monthly Federal Payments Up to $300 Per Child
June 25, 2021​

SEC

SEC Charges Amec Foster Wheeler Limited With FCPA Violations Related To Brazilian Bribery Scheme

2021-112, June 25, 2021 — The Securities and Exchange Commission today announced charges against Amec Foster Wheeler Limited (Foster Wheeler) for violations of the Foreign Corrupt Practices Act (FCPA) arising out of a bribery scheme that took place in Brazil. As part of coordinated resolutions with the SEC, the U.S. Department of Justice, the Brazil Controladoria-General da Uniᾶo (CGU)/Advocacia-Geral da Uniᾶo (AGU) and the Ministério Publico Federal (MPF), and the United Kingdom Serious Fraud Office (SFO), the company has agreed to pay more than $43 million related to this scheme, including more than $10.1 million to settle the SEC's charges.

Joint Readout of Principals Meeting of U.S. and UK Authorities Regarding Central Counterparty Resolution

2021-111, June 25, 2021 — Senior officials from the Securities and Exchange Commission, Federal Deposit Insurance Corporation, Commodity Futures Trading Commission, Federal Reserve Board, and the Bank of England convened a virtual meeting today to discuss certain issues relating to the concept of resolution of a central counterparty (CCP). This meeting was one of a regular series of senior-level meetings held since 2017 to share views on CCP resolution and review the progress of an ongoing program of joint work among the agencie

SEC Awards More Than $1 Million to Whistleblower

2021-110, June 24, 2021 — The Securities and Exchange Commission today announced an award of more than $1 million to a whistleblower whose information and assistance led to multiple successful SEC enforcement actions. The whistleblower provided SEC staff with valuable information and ongoing assistance, which included participating in interviews with the staff.

New SEC Public Service Campaign: Investing Regularly Really Adds Up

2021-109, June 23, 2021 — The Securities and Exchange Commission’s Office of Investor Education and Advocacy (OIEA) today unveiled a public service campaign (PSC) to educate investors on the benefits of investing and encourage them to use the free financial planning tools and information on the SEC’s online resource − Investor.gov. More than 30 million users have accessed Investor.gov since it launched in October 2009. The SEC expanded its outreach program in 2016 to include PSCs to reach and educate more investors.

SEC Charges ICO Issuer and CEO With Fraud and Unregistered Securities Offering
2021-108, June 22, 2021 —The Securities and Exchange Commission today announced settled charges against Loci Inc. and its CEO John Wise for making materially false and misleading statements in connection with an unregistered offer and sale of digital asset securities.

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