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Regulatory Roundup December 6-12

S.J. Steinhardt
Published Date:
Dec 12, 2022


Over $1 Million in AICPA Scholarships Available for Students and CPAs in 2023
Dec. 5. 2022


Cost Estimate
Legislation considered under suspension of the Rules of the House of Representatives during the week of December 12, 2022
December 12, 2022
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.

Cost Estimate
H.R. 3686, Ski Hill Resources for Economic Development Act
December 9, 2022
As ordered reported by the House Committee on Natural Resources on July 13, 2022

Monthly Budget Review: November 2022
December 8, 2022
The federal budget deficit was $335 billion in October and November 2022, CBO estimates. But for the shift of some payments into September, the deficit would have been $399 billion, $42 billion more than the corresponding shortfall last year.

Blog Post
Director's Statement on CBO's Latest Volumes of Budget Options
December 7, 2022
CBO’s Director describes the two volumes of budget options that the agency released today. They describe a variety of policies that would reduce federal budget deficits by increasing revenues or decreasing spending over the next 10 years.

Cost Estimate
H.R. 6273, VA Zero Suicide Demonstration Project Act of 2021
December 7, 2022
As ordered reported by the House Committee on Veterans’ Affairs on September 21, 2022

Options for Reducing the Deficit, 2023 to 2032--Volume I: Larger Reductions
December 7, 2022
CBO issues a volume describing 17 policy options that would each reduce the federal budget deficit by more than $300 billion over the next 10 years or, in the case of Social Security options, have a comparably large effect in later decades.

Options for Reducing the Deficit, 2023 to 2032--Volume II: Smaller Reductions
December 7, 2022
CBO issues a volume that contains short descriptions of 59 policy options that would each reduce the federal budget deficit by less than $300 billion over the next 10 years.

Statement for the Record Regarding How CBO Would Estimate the Effects of Future Authorizing Legislation on Spending From the Toxic Exposures Fund
December 7, 2022
CBO’s Director, Phillip Swagel, provides a written statement to the House Committee on Veterans’ Affairs about how the agency would estimate the effects of future authorizing legislation on spending from the toxic exposures fund.

The U.S. Tax Gap and Revenue Estimates From Increased Funding for the Internal Revenue Service
December 7, 2022
Presentation by Kathleen Burke and Shannon Mok, analysts in CBO’s Tax Analysis Division, and Joseph Rosenberg, Deputy Director of CBO’s Tax Analysis Division, to the Brazilian Tax and Customs Administration.


Financial Accounting Foundation Appoints New Member to the Private Company Council
December 6, 2022

Financial Accounting Foundation Appoints Nine New Members to the Financial Accounting Standards Advisory Council
December 5, 2022


FASB Chair Statement Remembering Janet L. Pegg
December 5, 2022

Emerging Issues Task Force Meeting Recap—December 1, 2022
December 5, 2022

Financial Accounting Foundation Appoints Nine New Members to the Financial Accounting Standards Advisory Council
December 5, 2022


Servicemembers Transitioning to Civilian Life:
DOD Can Better Leverage Performance Information to Improve Participation in Counseling Pathways
Published:  . Publicly Released:  .
The Transition Assistance Program helps servicemembers choose a career, pursue higher education or entrepreneurship, or find a job after military service. The program tailors support to individuals' needs based on how prepared they are to enter civilian life. But nearly 25% of servicemembers who needed maximum support didn't attend a mandatory 2-day class. And most servicemembers didn't start the program at least 1 year before...

Military Readiness:
Actions Needed to Further Implement Predictive Maintenance on Weapon Systems

Publicly Released:
DOD spends $90 billion a year to keep ground systems, ships, and aircraft combat-ready using scheduled maintenance or waiting until things break to fix them. Using predictive maintenance based on data analysis could allow personnel to avoid doing work too soon—and prevent accidents. DOD told the military services to begin using predictive maintenance 20 years ago, but they made limited progress until recently. Also, DOD...

National Security Space:
Overview of Contracts for Commercial Satellite Imagery

Publicly Released:
Commercial satellite imagery and data can play a key role in national security. For example, the war in Ukraine has drawn attention to how governments are using commercial satellites to track troop movement and the impact of attacks. The commercial space industry is expected to grow significantly in the coming years, and therefore may be able to address more of the federal government's imagery needs...

Science & Tech Spotlight:
Advanced Batteries

Publicly Released:
Scientists are developing advances in battery technologies to meet increasing energy storage needs for the electric power grid and electric vehicle use. Efforts are underway to replace components of widely used lithium-ion batteries with more cost-effective, sustainable, and safe materials. Advances in longer duration storage technologies, such as flow batteries, also have the potential to help integrate renewable energy sources for electricity generation and reduce...

Sudan Claims Resolution Act:
State Verified Eligibility, Determined Compensation, and Distributed Payments

Publicly Released:
In 1998, terrorist attacks on U.S. embassies in Kenya and Tanzania killed hundreds and injured thousands of people. In December 2020, Congress enacted the Sudan Claims Resolution Act, requiring the State Department to compensate certain victims and their families. State verified that 78 people were eligible for compensation under the terms of the act, such as being U.S. citizens and involvement in certain lawsuits related...

Arctic Maritime Infrastructure:
Government-wide and Coast Guard Strategies Lack a Means to Measure Progress
Publicly Released:
Climate change has led to record low levels of ice in the U.S. Arctic region—prolonging the maritime shipping season and opening up shipping routes. But Arctic conditions are harsh and volatile, and a lack of maritime infrastructure poses safety risks. We testified that the White House and Coast Guard have strategies to address the infrastructure gaps but the strategies don't include ways to measure the...

Bureau of Prisons:
Opportunities Exist to Better Assist Incarcerated People with Obtaining ID Documents Prior to Release
Publicly Released:
The Federal Bureau of Prisons is required to help incarcerated people obtain ID documents, such as driver's licenses, before their release. ID documents may help them to secure housing or work when they reenter society. The Bureau is collecting data on the number of people leaving prison with ID documents. But that data has often been incomplete or inconsistent, making it difficult for the Bureau...

Financial Services Industry:
Overview of Representation of Minorities and Women and Practices to Promote Diversity
Publicly Released:
We have issued several reports since 2017 reviewing the share of women and different racial/ethnic groups in the financial services industry, challenges associated with recruiting and retaining diverse staff, and practices to expand opportunities. We testified about these reports and how the financial services industry is addressing challenges and expanding opportunities. For instance firms are: assessing data on the diversity of their employees conducting targeted...

Financial Aid Offers:
Action Needed to Improve Information on College Costs and Student Aid

Publicly Released:
The ways colleges present cost and aid information in their financial aid offers vary—making it difficult for students to compare offers and assess college affordability. According to best practices, colleges should estimate the net price—how much a student will pay to attend that college—by deducting only grants and scholarships from all key costs like tuition, books, housing, and meals. But about 91% of colleges understate...


Presentation on the Exposure Draft Third edition of the IFRS for SMEs Accounting Standard at the WSS Conference 2022
12 Dec 2022

21 years of collaboration, debate and discussion with EFRAG
7 Dec 2022

November 2022 IFRIC Update now available
7 Dec 2022


IRS reminds those over age 72 to start withdrawals from IRAs and retirement plans to avoid penalties
IR-2022-217, December 12, 2022 — The Internal Revenue Service today reminded those who were born in 1950 or earlier that funds in their retirement plans and individual retirement arrangements face important upcoming deadlines for required minimum distributions to avoid penalties.

Community and bilingual volunteers needed to provide free tax help in 2023
IR-2022-216, December 8, 2022 — The Internal Revenue Service is looking for volunteers to train for the upcoming filing season to provide free tax help in communities across the country. Bilingual volunteers are particularly needed.

IRS seeking qualified applicants for the Electronic Tax Administration Advisory Committee
IR-2022-215, December 7, 2022 — The Internal Revenue Service is seeking qualified applicants for nomination to the Electronic Tax Administration Advisory Committee (ETAAC). Applications will be accepted through January 31, 2023.

Treasury and IRS propose regulations identifying syndicated conservation easement transactions as abusive tax transactions
IR-2022-214, December 6, 2022 — The Treasury Department and Internal Revenue Service today issued proposed regulations identifying certain syndicated conservation easement (SCE) transactions as “listed transactions” – abusive tax transactions that must be reported to the IRS.

Get Ready for taxes: What's new and what to consider when filing in 2023
IR-2022-213, December 6, 2022 — The Internal Revenue Service encouraged taxpayers to take important actions this month to help them file their 2022 federal tax returns.


Governor Hochul Announces Findings of Department of Financial Services Redlining Report for Long Island, Rochester and Syracuse
December 8, 2022

7 de Diciembre 

Governor Hochul Announces New Regulation to Protect Consumers Who Relied on Incorrect Provider Network Information
December 7, 2022


At December 20 Open Meeting, PCAOB to Consider Proposal to Modernize Requirements for the Auditor’s Use of Confirmation
Dec. 12, 2022

Audits With Deficiencies Increased in 2021, According to New PCAOB Staff Report
Dec. 8, 2022

Imposing $7.7 Million in Fines, PCAOB Sanctions Three Firms and Four Individuals From KPMG Global Network
Dec. 6, 2022


SEC Charges Vika Ventures and its CEO in $6 Million Fraudulent Offering
Washington D.C., Dec. 7, 2022 — The Securities and Exchange Commission today charged venture capital firm Vika Ventures LLC and its CEO and co-founder, George Iakovou, with fraudulently offering and selling more than $6 million of securities to at least 46 individual investors in multiple states including California, Georgia, and New York. The SEC also announced settled charges against Vika Ventures’ other co-founder, Penelope Zbravos, for her role in the scheme.

SEC Reopens Comment Period for Proposed Rule on Share Repurchase Disclosure Modernization
Washington D.C., Dec. 7, 2022 — The Securities and Exchange Commission today reopened the comment period on proposed amendments intended to modernize and improve the disclosure required about an issuer’s repurchases of its equity securities, often referred to as buybacks.

AT&T Settles SEC Charge of Selectively Disclosing Material Information to Wall St. Analysts
Washington D.C., Dec. 5, 2022 — The Securities and Exchange Commission today announced that AT&T agreed to pay a $6.25 million penalty and three company executives agreed to pay $25,000 apiece stemming from charges brought in March 2021 related to the company’s selective disclosure of material nonpublic information to research analysts in violation of Regulation FD and Section 13(a) of the Securities Exchange Act of 1934. The penalty that AT&T agreed to pay is the largest ever in a Regulation FD case.

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