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.

Regulatory Roundup - June 28 - July 5

By:
Ruth Singleton
Published Date:
Jul 5, 2022

CBO 

Report 
An Analysis of the Discretionary Spending Proposals in the President’s 2023 Budget 
July 1, 2022
CBO examines how the discretionary spending proposals in the President's 2023 budget compare with CBO’s most recent baseline budget projections, which span 2022 to 2032.

Presentation 
Availability and Use of Aircraft in the Air Force and Navy 
July 1, 2022
Presentation by Edward G. Keating, Deputy Director of CBO’s National Security Analysis Division, at the Western Economic Association’s Annual Conference.

Cost Estimate 
H.R. 6218, a bill to designate the facility of the United States Postal Service located at 317 Blattner Drive in Avon, Minnesota, as the “W.O.C. Kort Miller Plantenberg Post Office 
July 1, 2022
As ordered reported by the House Committee on Oversight and Reform on June 14, 2022

Cost Estimate 
H.R. 6220, a bill to designate the facility of the United States Postal Service located at 100 3rd Avenue Northwest in Perham, Minnesota, as the “Charles P. Nord Post Office 
July 1, 2022
As ordered reported by the House Committee on Oversight and Reform on June 14, 2022

Cost Estimate 
H.R. 6221, a bill to designate the facility of the United States Postal Service located at 155 Main Avenue West in Winstead, Minnesota, as the “James A. Rogers Jr. Post Office 
July 1, 2022
As ordered reported by the House Committee on Oversight and Reform on June 14, 2022

Cost Estimate 
H.R. 7518, a bill to designate the facility of the United States Postal Service located at 23200 John R Road in Hazel Park, Michigan, as the “Roy E. Dickens Post Office 
July 1, 2022
As ordered reported by the House Committee on Oversight and Reform on June 14, 2022

Cost Estimate 
H.R. 7519, a bill to designate the facility of the United States Postal Service located at 2050 South Boulevard in Bloomfield Township, Michigan, as the “Dr. Ezra S. Parke Post Office Building 
July 1, 2022
As ordered reported by the House Committee on Oversight and Reform on June 14, 2022

Cost Estimate 
H.R. 7899, a bill to designate the facility of the United States Postal Service located at 75 Commerce Drive in Grayslake, Illinois, as the “Army Specialist Joseph ‘Joey’ W. Dimock II Post Office Building 
July 1, 2022
As ordered reported by the House Committee on Oversight and Reform on June 14, 2022

Cost Estimate 
S. 3512, Disaster Contract Improvement Act 
July 1, 2022
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on February 2, 2022

Cost Estimate 
S. 4166, Technological Hazards Preparedness and Training Act of 2022 
July 1, 2022
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on May 25, 2022

Cost Estimate 
Direct Spending and Revenue Effects of H.R. 7900, the National Defense Authorization Act for Fiscal Year 2023 
June 30, 2022
Letter to the Honorable Adam Smith

Report 
Federal Subsidies for Health Insurance Coverage for People Under 65: 2022 to 2032 
June 30, 2022
In CBO and JCT’s projections, net federal subsidies in 2022 for insured people under age 65 are $997 billion. In 2032, that annual amount is projected to reach $1.6 trillion.

Cost Estimate 
H.R. 2606, SUSTAINS Act 
June 27, 2022
As ordered reported by the House Committee on Agriculture on May 17, 2022

Cost Estimate 
H.R. 3540, Chesapeake Bay Science, Education, and Ecosystem Enhancement Act of 2021 
June 27, 2022
As ordered reported by the House Committee on Natural Resources on February 16, 2022

Cost Estimate 
H.R. 4250, War Crimes Rewards Expansion Act 
June 27, 2022
As reported by the Senate Committee on Foreign Relations on June 14, 2022

Cost Estimate 
H.R. 6089, Stop Iranian Drones Act 
June 27, 2022
As reported by the Senate Committee on Foreign Relations on June 9, 2022

Cost Estimate 
H.R. 7276, Ukraine Invasion War Crimes Deterrence and Accountability Act 
June 27, 2022
As reported by the Senate Committee on Foreign Relations on June 14, 2022

Blog Post 
Presentations by Staff of CBO's Health Analysis Division 
June 27, 2022
This week, five analysts from CBO's Health Analysis Division are presenting their work at the 11th Annual Conference of the American Society of Health Economists ("ASHEcon") in Austin, Texas.

Cost Estimate 
S. 3296, TRANSLATE Act 
June 27, 2022
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on March 22, 2022

Cost Estimate 
S. 3895, United States Commission on International Religious Freedom Reauthorization Act of 2022 
June 27, 2022
As reported by the Senate Committee on Foreign Relations on June 14, 2022

Cost Estimate 
S. 4171, International Trafficking Victims Protection Reauthorization Act of 2022 
June 27, 2022
As reported by the Senate Committee on Foreign relations on June 14, 2022

FASB 

Financial Accounting Standards Advisory Council Meeting Recap—June 9, 2022
June 30, 2022

Proposed 2022 Q3 Supplemental GAAP Taxonomy Now Available for Public Review and Comment
June 30, 2022

FASB Issues Standard to Improve Fair Value Guidance for Equity Securities
June 30, 2022

FASB Publishes Its 2021 Agenda Consultation Report
June 29, 2022 

GAO

Military Child Care 
Coast Guard is Taking Steps to Increase Access for Families
 GAO-22-105262 
Published: Jun 30, 2022. 
Publicly Released: Jun 30, 2022. 
What GAO Found Compared to the Department of Defense (DOD), the U.S. Coast Guard (Coast Guard) operates proportionally fewer on-base child development centers, so most eligible Coast Guard personnel receive fee assistance to help them obtain child care through community-based providers. 

Aircraft Certification 
Comparison of U.S. and European Processes for Approving New Designs of Commercial Transport Airplanes 
GAO-22-104480 
Published: Jun 30, 2022. 
Publicly Released: Jun 30, 2022. 
What GAO Found GAO's comparative analysis found that activities and standards for certifying new designs of commercial transport airplanes are largely similar in the U.S. and Europe. The similarities stem from a U.S. 

Military Personnel 
Opportunities Exist to Improve Access to Services Supporting Caregivers of Dependents with Special Needs 
GAO-22-105204 
Published: Jun 29, 2022. 
Publicly Released: Jun 29, 2022. 
What GAO Found The Department of Defense (DOD) offers eligible military families several services to support caregivers of special needs dependents. 

Facial Recognition Technology 
Federal Agencies' Use and Related Privacy Protections 
GAO-22-106100 
Published: Jun 29, 2022. 
Publicly Released: Jun 29, 2022. 
What GAO Found In August 2021, GAO reported its survey results on facial recognition technology (FRT) activities, which found that 18 of 24 agencies reported using FRT for one or more purposes, with digital access and domestic law enforcement as the most common. 

Amateur Athlete Safety 
Certification Related to the Independence of the U.S. Center for SafeSport for Fiscal Year 2021 
GAO-22-105572 
Published: Jun 29, 2022. 
Publicly Released: Jun 29, 2022. 
What GAO Found The U.S. Center for SafeSport (the Center) is a nonprofit organization that plays a key role in ensuring the safety of amateur athletes. The Center has jurisdiction over the U.S. 

Stimulus Checks 
Direct Payments to Individuals during the COVID-19 Pandemic 
GAO-22-106044 
Published: Jun 29, 2022. 
Publicly Released: Jun 29, 2022. 
In 2020 and 2021, IRS and Treasury issued $931 billion in direct payments to individuals to ease financial stress due to the COVID-19 pandemic. However, some eligible Americans never received payments. 

Medicare Advantage 
Continued Monitoring and Implementing GAO Recommendations Could Improve Oversight 
GAO-22-106026 
Published: Jun 28, 2022. 
Publicly Released: Jun 28, 2022. 
What GAO Found Under Medicare Advantage (MA), the Centers for Medicare & Medicaid Services (CMS) contracts with private MA organizations to provide health care coverage to Medicare beneficiaries. 

Defense Commissaries 
Actions Needed to Clarify Priorities and Improve Program Management 
GAO-22-104728 
Published: Jun 28, 2022. 
Publicly Released: Jun 28, 2022. 
What GAO Found The Defense Commissary Agency's (DeCA) mission is to provide low cost groceries to service members, their families, and other eligible customers. 

Guantánamo Bay 
Accessing Detainee Medical Records as Part of Military Commissions' Proceedings 
GAO-22-105810 
Published: Jun 28, 2022. 
Publicly Released: Jun 28, 2022. 
What GAO Found The Military Commissions Act of 2009 provides the statutory basis for the military commissions' process and states that the defense counsel shall have a reasonable opportunity to obtain witnesses and other evidence as provided in regulations prescribed by the Secretary of Defense. 

High-Risk 
Bureau of Indian Education Has Addressed Some Management Weaknesses, but Additional Work Is Needed on Others 
GAO-22-106104 
Published: Jun 28, 2022. 
Publicly Released: Jun 28, 2022. 
What GAO Found Since GAO last reported on the high-risk status of the Bureau of Indian Education's (BIE) administration of schools for American Indian students in March 2021, the agency has fully met two of the five criteria for removal from the High-Risk List. 

Defense Commissaries 
Actions Needed to Clarify Priorities and Improve Program Management 
GAO-22-104728 
Published: Jun 28, 2022. 
Publicly Released: Jun 28, 2022. 
What GAO Found The Defense Commissary Agency's (DeCA) mission is to provide low cost groceries to service members, their families, and other eligible customers. 

Guantánamo Bay 
Accessing Detainee Medical Records as Part of Military Commissions' Proceedings 
GAO-22-105810 
Published: Jun 28, 2022. 
Publicly Released: Jun 28, 2022. 
What GAO Found The Military Commissions Act of 2009 provides the statutory basis for the military commissions' process and states that the defense counsel shall have a reasonable opportunity to obtain witnesses and other evidence as provided in regulations prescribed by the Secretary of Defense. 

High-Risk 
Bureau of Indian Education Has Addressed Some Management Weaknesses, but Additional Work Is Needed on Others 
GAO-22-106104 
Published: Jun 28, 2022. 
Publicly Released: Jun 28, 2022. 
What GAO Found Since GAO last reported on the high-risk status of the Bureau of Indian Education's (BIE) administration of schools for American Indian students in March 2021, the agency has fully met two of the five criteria for removal from the High-Risk List. 

Medicaid 
State Directed Payments in Managed Care 
GAO-22-105731 
Published: Jun 28, 2022. 
Publicly Released: Jun 28, 2022. 
What GAO Found The federal government and states share responsibility for financing Medicaid payments for care provided to Medicaid beneficiaries. One way states may provide Medicaid services is under a managed care model. Generally, managed care plans determine how they pay providers. 

Federal Personal Property 
Better Internal Guidance and More Action from GSA Are Needed to Help Agencies Maximize Use of Excess 
GAO-22-104626 
Published: Jun 28, 2022. 
Publicly Released: Jun 28, 2022. 
What GAO Found Before purchasing “personal property,” which ranges from office supplies and food to precious metals, the Federal Management Regulation (FMR) requires executive agencies to consider whether excess property, already owned by the government, can meet their needs. 

Electronic Health Information 
HHS Needs to Improve Communications for Breach Reporting 
GAO-22-105425
Published: May 27, 2022. 
Publicly Released: Jun 27, 2022. 
What GAO Found Since 2015, the Department of Health and Human Services (HHS) has seen an increase in reported breaches while the number of affected individuals has varied each year from approximately 5 to 113 million.

GASB 

GASB Requests Input on Proposal to Require Disclosures About Certain Governmental Risks
June 30, 2022

IASB 

June 2022 IASB podcast now available 
Podcast
5 Jul 2022 

Join the Staff—Administrative Assistant 
Careers
4 Jul 2022    

June 2022 IFRS for SMEs Accounting Standard Update now available 
Update 
4 Jul 2022  

June 2022 monthly news summary now available 
News summary
1 Jul 2022 

IFRS Foundation Conference 2022: a summary 
News summary
1 Jul 2022   

July 2022 ITCG agenda and meeting papers now available 
Meeting   
1 Jul 2022  

Consolidation with VRF expected to complete 1 August 2022 
 Announcement
29 Jun 2022     

IFRS Foundation launches Montreal ISSB centre supported by key actions
Announcement
28 Jun 2022    

IFRS Foundation appoints four new members to the SME Implementation Group 
Appointment  28
Jun 2022   

IRS 

Electronic Tax Administration Advisory Committee issues annual report to Congress 
IR-2022-133, June 29, 2022 — The Electronic Tax Administration Advisory Committee (ETAAC) today released its annual report to Congress, featuring recommendations focused on budget support for the Internal Revenue Service and enhancements to e-filing.

NYS 

Governor Hochul Signs Legislation Extending Tax Exemption Application Deadline for Homeowners Affected by Superstorm Sandy 
June 29, 2022

SEC 

SEC Charges Empires Consulting Corp. with Fake Trading Scheme  
 2022-119, June 30, 2022 —The Securities and Exchange Commission today announced fraud charges against Empires Consulting Corp. (EmpiresX), its founders Emerson Sousa Pires and Flavio Mendes Goncalves, and its head trader Joshua David Nicholas, for a scheme that allegedly raised at least $40 million by luring investors with false claims of one percent daily profits, but instead misappropriated large sums of investors' money for personal uses.

Mark T. Uyeda Sworn In as SEC Commissioner     
2022-118,  June 30, 2022 — The Securities and Exchange Commission today announced Mark T. Uyeda has been sworn into office as a Commissioner by Brian Johnson, Assistant Director of the Division of Investment Management's Rulemaking Office. Commissioner Uyeda was nominated by President Biden earlier this year and confirmed by the U.S. Senate on June 16.

UBS to Pay $25 Million to Settle SEC Fraud Charges Involving Complex Options Trading Strategy 
2022-117, June 29, 2022 — The Securities and Exchange Commission today announced that UBS Financial Services Inc. has agreed to pay approximately $25 million to settle fraud charges relating to a complex investment strategy referred to as YES, or Yield Enhancement Strategy.

Denver Regional Director Kurt L. Gottschall to Leave SEC 
2022-116, June 29, 2022 2 — The Securities and Exchange Commission today announced that Kurt L. Gottschall, the Director of the Denver Regional Office since 2018, is leaving the agency after more than 22 years of service. Jason J. Burt and Thomas M. Piccone will become the office’s Co-Acting Regional Directors when Mr. Gottschall departs in early July.

Tracy S. Combs Named Director of SEC’s Salt Lake Regional Office       
2022-115, June 29, 2022 —  The Securities and Exchange Commission today announced that Tracy S. Combs has been named Director of the Salt Lake Regional Office. Tanya Beard, who has served as Acting Director since January 2022, remains as Assistant Regional Director of Enforcement.

Ernst & Young to Pay $100 Million Penalty for Employees Cheating on CPA Ethics Exams and Misleading Investigation 
2022-11, June 28, 2022 — The Securities and Exchange Commission today charged Ernst & Young LLP (EY) for cheating by its audit professionals on exams required to obtain and maintain Certified Public Accountant (CPA) licenses, and for withholding evidence of this misconduct from the SEC’s Enforcement Division during the Division’s investigation of the matter. EY admits the facts underlying the SEC’s charges and agrees to pay a $100 million penalty and undertake extensive remedial measures to fix the firm’s ethical issues.

Click here to see more of the latest news from the NYSSCPA.