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New GAO Reports – Nuclear Nonproliferation, Virtual Economies and Currencies

  • Nuclear Nonproliferation – IAEA Has Made Progress in Implementing Critical Programs but Continues to Face Challenges, GAO-13-139, May 16, 2013: “IAEA is making progress in establishing an international nuclear fuel bank by 2014 that is intended to provide eligible countries with a guaranteed supply of low enriched uranium (LEU) for civilian nuclear power programs in the event of a supply disruption. IAEA’s fuel bank is not intended to provide a routine supply of LEU. However, several experts and foreign officials told GAO that the fuel bank’s value is uncertain, causing some foreign officials to call it “a solution looking for a problem.”
  • Virtual Economies and Currencies – Additional IRS Guidance Could Reduce Tax Compliance Risks, GAO-13-516, May 15, 2013: “Recent years have seen the development of virtual economies, such as those within online role-playing games, through which individual participants can own and exchange virtual goods and services. Within some virtual economies, virtual currencies have been created as a medium of exchange for goods and services. Virtual property and currency can be exchanged for real goods, services, and currency, and virtual currencies have been developed outside of virtual economies as alternatives to government-issued currencies, such as dollars. These innovations raise questions about related tax requirements and potential challenges for IRS compliance efforts.”

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