AICPA
New AICPA Chair Looks to Foster Innovation and the Next Generation
May 24, 2023
AICPA Recognizes Top 2022 CPA Exam Performers with Elijah Watt Sells Award
May 18, 2023
CBO
Cost Estimate
H.R. 1579, Accredited Investor Definition Review Act
May 30, 2023
As ordered reported by the House Committee on Financial Services on April 26, 2023
Cost Estimate
Legislation considered under suspension of the Rules of the House of Representatives during the week of May 29, 2023
May 30, 2023
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.
Report
CBO Explains How It Estimates Savings From Rescissions
May 26, 2023
Rescissions are provisions of law that cancel budget authority previously provided to federal agencies before it would otherwise expire. This document provides answers to key questions about how CBO estimates savings from rescissions.
Blog Post
CBO Releases Three More Budget Primers
May 26, 2023
CBO is engaged in many efforts to foster transparency, such as providing information to help people understand the federal budget process and the agency’s role in it. This week, CBO released three more primers as part of those efforts.
Cost Estimate
H.R. 1089, VA Medical Center Facility Transparency Act
May 26, 2023
As ordered reported by the House Committee on Veterans’ Affairs on April 28, 2023
Cost Estimate
H.R. 1606, Veteran Entrepreneurship Training Act of 2023
May 26, 2023
As ordered reported by the House Committee on Small Business on May 23, 2023
Cost Estimate
H.R. 1651, Small Business 7(a) Loan Agent Transparency Act
May 26, 2023
As ordered reported by the House Committee on Small Business on May 23, 2023
Cost Estimate
H.R. 2593, Senior Security Act of 2023
May 26, 2023
As ordered reported by the House Committee on Financial Services on April 26, 2023
Cost Estimate
H.R. 2608, a bill to amend the Federal securities laws to specify the periods for which financial statements are required to be provided by an emerging growth company, and for other purposes
May 26, 2023
As ordered reported by the House Committee on Financial Services on April 26, 2023
Cost Estimate
H.R. 2792, Small Entity Update Act
May 26, 2023
As ordered reported by the House Committee on Financial Services on April 26, 2023
Cost Estimate
H.R. 2793, Encouraging Public Offerings Act of 2023
May 26, 2023
As ordered reported by the House Committee on Financial Services on April 26, 2023
Report
CBO Explains Its Principles for Identifying Mandates in Legislation
May 25, 2023
As defined by the Unfunded Mandates Reform Act of 1995, mandates generally require a nonfederal entity to take an action or comply with a prohibition. This primer describes the principles that CBO follows to identify mandates in legislation.
Report
CBO Explains the Statutory Foundations of Its Budget Baseline
May 25, 2023
CBO is required to regularly prepare a baseline consisting of projections of federal revenues, spending, deficits or surpluses, and debt under current law. This document describes the laws that govern how CBO prepares those projections.
Cost Estimate
H.R. 1541, Small Business Workforce Pipeline Act of 2023
May 25, 2023
As ordered reported by the House Committee on Small Business on May 23, 2023
Cost Estimate
H.R. 1807, Improving Disclosure for Investors Act of 2023
May 25, 2023
As ordered reported by the House Committee on Financial Services on April 26, 2023
Blog Post
CBO Publishes New Health Insurance Coverage Projections for 2023 to 2033
May 24, 2023
CBO released updated projections of health insurance coverage for people under age 65 in the journal Health Affairs.
Cost Estimate
H.J. Res. 49, a joint resolution providing for Congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the United States Fish and Wildlife Service relating to "Endangered and Threatened Wildlife and Plants
May 24, 2023
As ordered reported by the House Committee on Natural Resources on April 28, 20
Cost Estimate
H.R. 2610, a bill to amend the Securities Exchange Act of 1934 to specify certain registration statement contents for emerging growth companies, to permit issuers to file draft registration statements with the Securities and Exchange Commission for confid
May 24, 2023
As ordered reported by the House Committee on Financial Services on April 26, 2023
Cost Estimate
H.R. 2796, Promoting Opportunities for Non-Traditional Capital Formation Act
May 24, 2023
As ordered reported by the House Committee on Financial Services on April 26, 2023
Cost Estimate
H.R. 2812, Middle Market IPO Underwriting Cost Act
May 24, 2023
As ordered reported by the House Committee on Financial Services on April 26, 2023
Cost Estimate
H.R. 3099, Special Envoy for the Abraham Accords Act
May 24, 2023
As ordered reported by the House Committee on Foreign Affairs on May 16, 2023
Presentation
Health Insurance for People Younger Than Age 65: Expiration of Temporary Policies Projected to Reshuffle Coverage, 2023 to 2033
May 24, 2023
Presentation by Caroline Hanson, an analyst in CBO’s Health Analysis Division, on the agency's updated projections of health insurance coverage at a press briefing organized by Health Affairs.
Cost Estimate
S. 1443, Protecting the Border from Unmanned Aircraft Systems Act
May 24, 2023
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on May 17, 2023
Cost Estimate
S. 1549, Congressional Budget Office Data Access Act
May 24, 2023
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on May 17, 2023
Cost Estimate
H.R. 1548, Improving Access to Small Business Information Act
May 23, 2023
As ordered reported by the House Committee on Financial Services on April 26, 2023
Cost Estimate
S. 211, SMART Leasing Act
May 23, 2023
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on March 29, 2023
Cost Estimate
S. 666, Identifying and Eliminating Wasteful Programs Act
May 23, 2023
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on March 29, 2023
Cost Estimate
H.R. 3286, Securing Open Source Software Act of 2023
May 22, 2023
As ordered reported by the House Committee on Homeland Security on May 17, 2023
GAO
Priority Open Recommendations:
Department of Veterans Affairs
GAO-23-106465
Published:
Publicly Released:
Each year, we make more than 1,000 recommendations to help the federal government save money, address issues on our High Risk List, and significantly improve government operations. This letter to the Department of Veterans Affairs outlines 29 open recommendations that it should prioritize. For example, we recommended that VA revise its guidance so that it uses funds for health care services more efficiently. VA implemented...
Priority Open Recommendations:
Office of Management and Budget
GAO-23-106298
Published:
Publicly Released:
Each year, we make more than 1,000 recommendations to help the federal government save money, address issues on our High Risk List, and significantly improve government operations. This letter to the Office of Management and Budget (OMB) outlines 40 open recommendations that it should prioritize. For example, we made 11 recommendations to help OMB create a federal program inventory that would help the public better...
F-35 Joint Strike Fighter:
More Actions Needed to Explain Cost Growth and Support Engine Modernization Decision
GAO-23-106047
Published:
Publicly Released:
The Department of Defense's most expensive weapon system—the F-35 aircraft—is now more than a decade behind schedule and $183 billion over original cost estimates. This program is weighing options to upgrade its engine and cooling system. But it hasn't taken some important steps, such as fully assessing the costs and technical risks of the different options. DOD also doesn't plan to manage the upgrades as...
Management Report:
Improvements Needed in IRS's Financial Reporting and Information System Controls
GAO-23-106401
Published:
Publicly Released:
Each year, we audit the financial statements of the IRS and issue opinions regarding these statements and related internal controls (i.e., processes in place to ensure the proper authorization and recording of transactions). Our FY 2022 audit identified new issues related to IT systems, tax refunds, and safeguarding assets. For example, IRS did not adequately correct certain tax return errors according to its own procedures...
Science & Tech Spotlight:
Directed Energy Weapons
GAO-23-106717
Published:
Publicly Released:
Directed energy weapons—such as lasers—use energy fired at the speed of light. These weapons can produce force that ranges from deterrent, to damaging, to destructive. Many countries, including the U.S., are researching their use. Because they use energy instead of bullets or missiles, directed energy weapons could be less expensive per shot and have virtually unlimited firing power. However, the long-term health effects of these...
DNA Collections:
CBP is Collecting Samples from Individuals in Custody, but Needs Better Data for Program Oversight
GAO-23-106252
Published:
Publicly Released:
Federal law enforcement agencies must collect DNA samples from certain detained noncitizens and people who are arrested, facing criminal charges, or convicted of crimes. The FBI sends DNA test kits to such agencies upon request. In fiscal year 2022, Customs and Border Protection collected samples from about 37% of the 1.7 million people it encountered. But the agency doesn't know whether this covers all the...
Government Performance Management:
Leading Practices to Enhance Interagency Collaboration and Address Crosscutting Challenges
GAO-23-105520
Published:
Publicly Released:
Many issues facing the nation—such as infectious diseases and climate change—require several federal agencies to collaborate and coordinate their efforts. We have identified 8 leading practices that could help agencies collaborate more effectively, such as bridging organizational cultures—e.g., putting compatible policies in place or agreeing on common terminology. For example, we've recommended defining "research and development" for the Department of Energy's 16 nuclear waste cleanup...
Travel and Tourism:
DOT Should Improve Strategic Planning and Data Collection
GAO-23-105967
Published:
Publicly Released:
The Department of Transportation provides grants to state, local, and tribal governments to support travel and tourism—which is vital to the U.S. economy. In 2019, travel and tourism in the U.S. generated $2 trillion and supported 9.9 million jobs. Travel and tourism is a relatively new responsibility for Transportation, but it hasn't created a strategic plan with clearly defined goals and strategies to achieve them...
Bank Regulation:
Preliminary Review of Agency Actions Related to March 2023 Bank Failures
GAO-23-106857
Published:
Publicly Released:
This testimony before the U.S. House of Representatives discusses our review of the March 2023 bank failures of Silicon Valley Bank and Signature Bank. Risky business strategies, weak risk management practices, and weak liquidity drove the failures. Both banks grew rapidly from 2019-2021—which can signal risk. Further, the growth was fueled heavily by deposits that weren't federally insured. Federal regulators raised concerns about these risks...
Hanford Cleanup:
DOE Should Validate Its Analysis of High-Level Waste Treatment Alternatives
GAO-23-106093
Published:
Publicly Released:
For more than 20 years, the Department of Energy has been building facilities to treat and dispose of radioactive and hazardous waste at its Hanford Site in Washington State. Waste treatment could cost about $341 billion and likely won't be complete until 2084. DOE has been analyzing treatment alternatives for the most highly radioactive waste. However, the agency hasn't sought an independent review of its...
Highway Infrastructure:
Better Alignment with Leading Practices Would Improve DOT's Reconnecting Communities Pilot Program
GAO-23-105575
Published:
Publicly Released:
When the Department of Transportation funded construction of the U.S. highway network decades ago, some highways cut through neighborhoods—disconnecting communities. Now some cities are either removing highways or building structures called "caps" over certain sections of highway to reuse the land for community and economic development. In Feb. 2023, Transportation awarded funds to 45 projects through a new pilot program to reconnect communities. But the...
Nuclear Security:
DOE Should Take Actions to Fully Implement Insider Threat Program
GAO-23-105576
Published:
Publicly Released:
The Department of Energy has several programs to ensure proper access to and handling of the nation's nuclear weapons and related information. DOE started a program in 2014 to further protect against insider threats from employees, contractors, and trusted visitors. But as of 2023, DOE hasn't fully implemented the program. For example, DOE doesn't ensure that employees are trained to identify and report potential insider...
Priority Open Recommendations:
Department of Defense
GAO-23-106305
Published:
Publicly Released:
Each year, we make more than 1,000 recommendations to help the federal government save money, address issues on our High Risk List, and significantly improve government operations. This letter to the Department of Defense outlines 89 open recommendations that it should prioritize. For example, 8 recommendations dealt with accident prevention and the safety of servicemembers, including a recommendation that military services' safety centers standardize what...
Priority Open Recommendations:
Office of Personnel Management
GAO-23-106370
Published:
Publicly Released:
Each year, we make more than 1,000 recommendations to help the federal government save money, address issues on our High Risk List, and significantly improve government operations. This letter to the Office of Personnel Management (OPM) outlines 15 open recommendations that it should prioritize. For example, we recommended that OPM ensure that federal agencies have the guidance and technical assistance they need to effectively address...
F-35 Program:
DOD Needs Better Accountability for Global Spare Parts and Reporting of Losses Worth Millions
GAO-23-106098
Published:
Publicly Released:
The Department of Defense anticipates spending $1.7 trillion over the life of its F-35 aircraft program. DOD owns certain F-35 spare parts that contractors manage. But DOD doesn't account for or oversee the parts. This is in part because various DOD offices and contractors haven't agreed on whether the spare parts should be categorized as government-furnished property. This lack of agreement affects how DOD processes...
Veterans Affairs:
Observations on IT Contracting Trends and Management Oversight
GAO-23-106845
Published:
Publicly Released:
VA spends billions annually on IT systems to manage benefits and health care for millions of veterans and their families. This testimony discusses our work on how VA spends that money. For example, VA is spending more money on fewer IT contracts. Department-wide efforts to consolidate IT requirements are one of the possible reasons for this. VA also didn't get required approvals from its Chief...
Priority Open Recommendations:
Department of Agriculture
GAO-23-106456
Published:
Publicly Released:
Each year, we make more than 1,000 recommendations to help the federal government save money, address issues on our High Risk List, and significantly improve government operations. This letter to the U.S. Department of Agriculture outlines 12 open recommendations that it should prioritize. For example, one recommendation was for USDA to analyze different options to help farmers and ranchers prepare for the impacts of climate...
Priority Open Recommendations:
Department of Commerce
GAO-23-106384
Published:
Publicly Released:
Each year, we make more than 1,000 recommendations to help the federal government save money, address issues on our High Risk List, and significantly improve government operations. This letter to the Department of Commerce outlines 17 open recommendations that it should prioritize. Implementing these recommendations could yield improvements in the areas of cybersecurity, water quality, international trade, the decennial census and more. The Department of...
Priority Open Recommendations:
Small Business Administration
GAO-23-106377
Published:
Publicly Released:
Each year, we make more than 1,000 recommendations to help the federal government save money, address issues on our High Risk List, and significantly improve government operations. This letter to the Small Business Administration outlines 13 open recommendations that it should prioritize. For example, SBA provided billions of dollars to businesses during the pandemic, but didn't fully assess the potential for fraud. Doing so could...
Missile Defense:
Annual Goals Unmet for Deliveries and Testing
GAO-23-106011
Published:
Publicly Released:
The Department of Defense's Missile Defense Agency develops systems to detect attacks and track, intercept, and destroy missiles in flight. Every year, MDA sets goals for the systems it plans to deliver to the military and the tests it plans to conduct. We found that MDA did not meet these goals in FY 2022. The agency didn't deliver all of its planned interceptors and radar...
Social Security Series Part 1:
The Dilemma
GAO-23-106667
Published:
Publicly Released:
Social Security is a major source of income for millions of retirees and other Americans. As program costs continue to exceed revenues, the fund that supports payments for retirees and their families is projected to be unable to pay full benefits in 10 years. This brief updates our 2015 report on Social Security and examines financial issues the program faces. The sooner policymakers address the...
Priority Open Recommendations:
Department of the Interior
GAO-23-106461
Published:
Publicly Released:
Each year, we make more than 1,000 recommendations to help the federal government save money, address issues on our High Risk List, and significantly improve government operations. This letter to the Department of the Interior outlines 12 open recommendations that it should prioritize. For example, Interior should improve its oversight of offshore oil and gas activities, and address the safety and environmental risks associated with...
Missile Defense:
Annual Goals Unmet for Deliveries and Testing
GAO-23-106011
Published:
Publicly Released:
The Department of Defense's Missile Defense Agency develops systems to detect attacks and track, intercept, and destroy missiles in flight. Every year, MDA sets goals for the systems it plans to deliver to the military and the tests it plans to conduct. We found that MDA did not meet these goals in FY 2022. The agency didn't deliver all of its planned interceptors and radar...
Management Report:
Continued Improvements Needed in FDIC's Internal Control over Contract Documentation and Payment-Review Processes
GAO-23-106656
Published:
Publicly Released:
The Federal Deposit Insurance Corporation helps maintain stability and public confidence in the nation's financial system. During our 2021-2022 financial statement audit of the two funds that the FDIC administers (the Deposit Insurance Fund and the Federal Savings and Loan Insurance Corporation Resolution Fund), we continued to identify issues—what auditors call a "significant deficiency." These issues related to how the FDIC ensures that its payments...
COVID Relief:
Fraud Schemes and Indicators in SBA Pandemic Programs
GAO-23-105331
Published:
Publicly Released:
The Small Business Administration provided $1 trillion to help small businesses during the pandemic. But in some instances funds went to fraudsters—the Department of Justice charged hundreds of individuals and is investigating many more. We flagged 3.7 million recipients of SBA funds as having warning signs consistent with potential fraud. Such "indicators" aren’t proof of fraud, which is why we referred them for further review...
Advanced Pilot Trainer:
Program Success Hinges on Better Managing Its Schedule and Providing Oversight
GAO-23-106205
Published:
Publicly Released:
The Air Force has been using the same aircraft to train pilots for over 60 years, even as military plane designs have evolved. A new system of modern training jets and simulators is in the works, but is nearly a decade behind initial plans. Also, the Air Force's delivery schedule for the new training system isn't realistic. The schedule doesn't account for the risk of...
Priority Open Recommendations:
Office of the Director of National Intelligence
GAO-23-106579
Published:
Publicly Released:
Each year, we make more than 1,000 recommendations to help the federal government save money, address issues on our High Risk List, and significantly improve government operations. This letter to the Office of the Director of National Intelligence outlines 19 open recommendations that it should prioritize. These recommendations are intended to address management issues related to business functions and systems, facilities, workforce, and personnel vetting...
Information and Communications Technology:
DOD Needs to Fully Implement Foundational Practices to Manage Supply Chain Risks
GAO-23-105612
Published:
Publicly Released:
IT and communications technologies use parts and services from around the globe. Emerging threats in the supply chain for these technologies can put federal agencies—including DOD—at risk. For example, communications hardware with compromised components could lead to the loss of sensitive data. Of our practices for managing agency-wide supply chain risks, DOD addressed 4 and partially addressed the other 3. Specifically, DOD still needs to...
Electronic Health Records:
VA Needs to Address Management Challenges with New System
GAO-23-106731
Published:
Publicly Released:
Veterans Affairs is in the process of replacing its IT system used to maintain veterans' health records—and has deployed its new system to a few locations. But the new system has presented issues for some users. For example, many users said that they weren't adequately trained to use it. They also said that having to use the new system had decreased morale and job satisfaction...
GASB
GASB Adds Project On Infrastructure Assets To Current Technical Agenda
May 25, 2023
IASB
May 2023 IASB Update and podcast now available
Update
30 May 2023
IASB to propose urgent amendments to the IFRS for SMEs Standard for OECD tax reform
Forthcoming publication
30 May 2023
IASB begins planned review of financial-crisis-era reform to loan-loss accounting
Consultation
30 May 2023
June 2023 IFRS Interpretations Committee agenda and meeting papers now available
Meeting
26 May 2023
Erkki Liikanen delivers speech at the European Accounting Association Conference
Speech
26 May 2023
May 2023 Islamic Finance Consultative Group agenda and meeting papers now available
Meeting
25 May 2023
IASB increases transparency of companies’ supplier finance
Amendment
25 May 2023
Join the staff—Systems and Data Analyst
Careers
24 May 2023
Join the staff—Sales Operations and Outreach Manager
Careers
23 May 2023
IASB amends tax accounting requirements to help companies respond to international tax reform
Amendment
23 May 2023
IRS
IRS reminds U.S. taxpayers living and working abroad to file their 2022 tax return by June 15
IR-2023-106, May 30, 2023 — The IRS today reminded American taxpayers living and working outside the U.S. to file their 2022 federal income tax return by Thursday, June 15. This deadline applies to both U.S. citizens and resident aliens abroad, including those with dual citizenship.
IRS alerts businesses, tax-exempt groups of warning signs for misleading Employee Retention scams; simple steps can avoid improperly filing claims
IR-2023-105, May 25, 2023 — As aggressive marketing continues; the IRS today renewed an alert for businesses to watch out for tell-tale signs of misleading claims involving the Employee Retention Credit.
Interest rates remain the same for the third quarter of 2023
IR-2023-104, May 22, 2023 — The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning July 1, 2023.
NYC
Commissioner Preston Niblack Testifies at the City Council Committee on Finance Hearing on the FY2024 Executive Budget
May 23, 2023
NYS
DFS Superintendent Harris Announces $4.25 Million Cybersecurity Settlement With OneMain Financial Group LLC
May 25, 2023
SEC
SEC Shuts Down WeedGenics $60 Million Cannabis Offering Fraud
2023-97
Washington D.C., May 23, 2023 — The Securities and Exchange Commission obtained an emergency order to halt an alleged ongoing offering fraud and Ponzi-like scheme by Integrated National Resources Inc. (INR), which does business as WeedGenics, and its owners, Rolf Max Hirschmann and Patrick Earl Williams, who have raised more than $60 million from investors to expand their cannabis operations, but have instead used the majority of funds to make $16.2 million in Ponzi-like payments and to enrich themselves.
TIGTA
The IRS Large Business and International Division Should Consider Shifting Individual Examination Resources to More Productive Examinations
Report Number 2023-30-019
May 25, 2023
Opportunities Exist to Improve the Accuracy of Information in the Centralized Authorization File and Increase the Use of the Tax Pro Account System
Report Number 2023-40-033
May 24, 2023
Recurring Identification Is Needed to Ensure That Employers Full Pay the Deferred Social Security Tax
Report Number 2023-46-030
May 22, 2023
Plans Were Made to Implement the Taxpayer Experience Strategy, but Progress Is Not Monitored
Report Number 2023-15-028
May 19, 2023