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News

The Trusted Professional | NYSSCPA

 
 

Regulatory Roundup - June 14-21

By:
Ruth Singleton
Published Date:
Jun 21, 2022
CBO  Cost Estimate  Legislation considered under suspension of the Rules of the House of Representatives during the week of June 20, 2022  June 20, 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. 5274, PREVENT ACT of 2021  June 17, 2022 As ordered reported by the House Committee on Homeland Security on May 19, 2022 Cost Estimate  H.R. 6493, Campus Prevention and Recovery Services for Students Act of 2022  June 17, 2022 As ordered reported by the House Committee on Education and Labor on May 18, 2022 Presentation  Quantifying the Uncertainty of Long-Term Economic Projections  June 17, 2022 Presentation by U. Devrim Demirel, CBO's Fiscal Policy Studies Unit Chief, and James Otterson at the 28th International Conference of The Society for Computational Economics. Cost Estimate  S. 4145, Consumer Protection Remedies Act of 2022  June 17, 2022 As advanced with an amendment out of the Senate Committee on Commerce, Science and Transportation on May 11, 2022 Cost Estimate  H.R. 3285, 21st Century President Act  June 16, 2022 As ordered reported by the House Committee on the Judiciary on June 15, 2022 Cost Estimate  H.R. 5585, Advanced Research Projects Agency-Health (ARPA–H) Act  June 16, 2022 As reported by the House Committee on Energy and Commerce on June 13, 2022 Cost Estimate  S. 4007, Fighting Post-Traumatic Stress Disorder Act of 2022  June 16, 2022 As ordered reported by the Senate Committee on the Judiciary on June 14, 2022 Report  Wildfires  June 16, 2022 CBO analyzes trends in wildfire activity; considers the effects of wildfires on the federal budget, the environment, people’s health, and the economy; and reviews forest-management practices meant to reduce fire-related disasters. Presentation  Budget and Economic Projections  June 15, 2022 Presentation by Phillip Swagel, CBO’s Director, at the Committee for Economic Development’s Policy Conference. Cost Estimate  H.R. 4618, Short Sale Transparency and Market Fairness Act  June 15, 2022 As ordered reported by the House Committee on Financial Services on July 29, 2021 Cost Estimate  H.R. 5407, Enhancing Mental Health and Suicide Prevention Through Campus Planning Act  June 15, 2022 As ordered reported by the House Committee on Education and Labor on May 18, 2022 Cost Estimate  Estimated Budgetary Effects of H.R. 7606, the Lower Food and Fuel Costs Act  June 14, 2022 As reported by the House Committee on Rules on June 13, 2022 Cost Estimate  S. 2644, GRAD VA Educational Assistance Parity Act of 2021  June 14, 2022 As ordered reported by the Senate Committee on Veterans’ Affairs on December 15, 2021 Cost Estimate  S. 816, Diplomatic Support and Security Act of 2022  June 14, 2022 As reported by the Senate Committee on Foreign Relations on April 4, 2022 Presentation  The Budget and Economic Outlook: 2022 to 2032  June 14, 2022 Presentation by Christina Hawley Anthony, Robert Arnold, and Joshua Shakin, CBO Unit Chiefs, at a joint seminar by CBO and the Congressional Research Service. Cost Estimate  CBO’s Estimate of the Statutory Pay-As-You-Go Effects of S. 3580, the Ocean Shipping Reform Act of 2022  June 13, 2022 As Posted on the Website of the Clerk of the House on June 10, 2022 FAF  FAF Issues Statement Remembering Former FASB Member Raymond C. Lauver June 16, 2022 FASB  FAF Issues Statement Remembering Former FASB Member Raymond C. Lauver June 16, 2022 FASB Stakeholders Invited to Share Their Views on Accounting for Government Grants June 13, 2022 GAO  Public Health Preparedness  Medical Countermeasure Development for Certain Serious or Life-Threatening Conditions  GAO-22-105248  Published: Jun 16, 2022.  Publicly Released: Jun 16, 2022.  What GAO Found The Department of Health and Human Services' (HHS) Food and Drug Administration (FDA) established the Animal Rule in 2002 to allow for the approval of medical countermeasures based on animal efficacy studies when human clinical trials are not ethical or feasible.  Environmental Liabilities  Improvements Needed to Measure Progress of Cleanup of Formerly Used Defense Sites  GAO-22-104744  Published: Jun 16, 2022.  Publicly Released: Jun 16, 2022.  What GAO Found In fiscal year 2020, the Department of Defense (DOD) estimated that it would cost about $10.2 billion to clean up about 1,700 sites in its Formerly Used Defense Sites (FUDS) program.  Critical Minerals  Building on Federal Efforts to Advance Recovery and Substitution Could Help Address Supply Risks  GAO-22-104824  Published: Jun 16, 2022.  Publicly Released: Jun 16, 2022.  What GAO Found Based on GAO's analysis of the views of six federal agencies and seven nonfederal stakeholders, five cross-cutting challenges constrain efforts to advance critical minerals recovery (i.e., recycling and use of nontraditional sources) and substitution  Coastal Navigation  Authorized Purposes of Jetties, Breakwaters, and Other Structures Can Impact Corps' Maintenance and Repair  GAO-22-104304  Published: Jun 16, 2022.  Publicly Released: Jun 16, 2022.  What GAO Found The authorized purpose of coastal navigation structures can impact the U.S. Army Corps of Engineers' (Corps) maintenance and repair decisions.  Missile Defense  Better Oversight and Coordination Needed for Counter-Hypersonic Development  GAO-22-105075  Published: Jun 16, 2022.  Publicly Released: Jun 16, 2022.  What GAO Found The Missile Defense Agency (MDA) continues to build components of the Missile Defense System (MDS), test its capabilities, and plan for countering evolving threats. In fiscal year 2021, MDA made progress, but continued to fall short of its goals for asset deliveries and testing.  Priority Open Recommendations  Department of Housing and Urban Development  GAO-22-105539  Published: Jun 08, 2022.  Publicly Released: Jun 15, 2022.  What GAO Found In June 2021, GAO identified 13 priority recommendations for the Department of Housing and Urban Development (HUD).  Yemen  State and DOD Need Better Information on Civilian Impacts of U.S. Military Support to Saudi Arabia and the United Arab Emirates  GAO-22-105988  Published: Jun 15, 2022.  Publicly Released: Jun 15, 2022.  What GAO Found The Department of Defense (DOD) administered at least $54.6 billion of military support to Saudi Arabia and the United Arab Emirates (UAE) from fiscal years 2015 through 2021.  Drug Policy  Preliminary Observations on the 2022 National Drug Control Strategy  GAO-22-106087  Published: Jun 15, 2022.  Publicly Released: Jun 15, 2022.  What GAO Found Federal drug control efforts span a range of activities including prevention, treatment, interdiction, international operations, and law enforcement. These efforts represent a considerable federal investment.  Air Force and Navy Aviation  Actions Needed to Address Persistent Sustainment Risks  GAO-22-104533  Published: Jun 15, 2022.  Publicly Released: Jun 15, 2022.  What GAO Found Mission capable rates—a metric used to assess the health and readiness of an aircraft fleet—and other related maintenance metrics trends have worsened since fiscal year 2015 for eight selected aircraft (see figure).  Water Quality  Agencies Should Take More Actions to Manage Risks from Harmful Algal Blooms and Hypoxia  GAO-22-104449  Published: Jun 15, 2022.  Publicly Released: Jun 15, 2022.  What GAO Found The Harmful Algal Bloom and Hypoxia Research and Control Act of 1998, as amended, led to the establishment of a federal interagency working group to help address these environmental issues. 

Los Alamos National Laboratory 
Contractor Improving in Safety and Other Areas but Still Faces Challenges 
GAO-22-105412 
Published: Jun 14, 2022. 
Publicly Released: Jun 14, 2022. 
What GAO Found Triad National Security, LLC—the management and operating (M&O) contractor for Los Alamos National Laboratory (LANL) since 2018—has taken steps to improve safety performance and culture at the laboratory. 

Business Systems 
DOD Needs to Improve Performance Reporting and Cybersecurity and Supply Chain Planning 
GAO-22-105330 
Published: Jun 14, 2022. 
Publicly Released: Jun 14, 2022. 
What GAO Found According to the Department of Defense's (DOD) fiscal year (FY) 2022 submission to the federal IT Dashboard, DOD planned to spend $8.8 billion on its portfolio of 25 major IT business programs between FY 2020 and 2022. 

Hanford Cleanup 
DOE Has Opportunities to Better Ensure Effective Startup and Sustained Low-Activity Waste Operations 
GAO-22-104772 
Published: Jun 14, 2022. 
Publicly Released: Jun 14, 2022. 
What GAO Found Facilities needed to start Direct-Feed Low-Activity Waste (DFLAW) operations—including pretreatment, treatment, and disposal facilities—are mostly complete, according to Department of Energy (DOE) documents (see fig.). 

Government Efficiency and Effectiveness 
Additional Opportunities to Reduce Fragmentation, Overlap, and Duplication and Achieve Billions of Dollars in Financial Benefits 
GAO-22-106064 
Published: Jun 14, 2022. 
Publicly Released: Jun 14, 2022. 
What GAO Found GAO's 2022 annual report identified 94 new actions for Congress or executive branch agencies to improve the efficiency and effectiveness of government. 

Science & Tech Spotlight 
Non-Fungible Tokens (NFTs) 
GAO-22-105990 
Published: Jun 14, 2022. 
Publicly Released: Jun 14, 2022. 
Why This Matters Revenue from NFTs could exceed $130 billion by 2030, and NFTs could help advance the digital economy. However, despite media attention and celebrity endorsements, they are poorly understood, and the current market is subject to speculation and fraud. 

Remote Sales Tax 
Initial Observations on Effects of States' Expanded Authority 
GAO-22-106016 
Published: Jun 14, 2022. 
Publicly Released: Jun 14, 2022. 
What GAO Found In its June 2018 decision, South Dakota v. Wayfair, the Supreme Court held that states could require out-of-state businesses (commonly referred to as remote sellers) to collect and remit sales taxes even in the absence of a physical presence, such as a store or warehouse in the state. 

Export Controls 
Enforcement Agencies Should Better Leverage Information to Target Efforts Involving U.S. Universities 
GAO-22-105727 
Published: Jun 14, 2022. 
Publicly Released: Jun 14, 2022. 
What GAO Found According to U.S. government agencies, foreign entities are targeting sensitive research conducted by U.S. universities and other institutions. Releases or other transfers of certain sensitive information to foreign persons in the United States are subject to U.S.

GASB 

GASB Provides Unified Accounting Model for Compensated Absences and Eases Disclosure Burden
June 16, 2022

GASB Improves and Clarifies Standards for Accounting Changes and Error Corrections
June 13, 2022

IASB 
 May 2022 Due Process Oversight Committee meeting summary available 

Meeting 
21 Jun 2022

Join the Staff—ISSB Technical Staff vacancies 
Careers
21 Jun 2022 

Accounting for an Ever-Changing World—Conference registration is now open 
Conference
20 Jun 2022   

Post-implementation Review of IFRS 10, IFRS 11 and IFRS 12—Conclusion 
 Project summary
20 Jun 2022

June 2022 IFRIC Update available 
Update     
20 Jun 2022   

Invitation to tender—Corporate Travel Management Agency 
Invitation to tender
16 Jun 2022 

July 2022 Accounting Standards Advisory Forum agenda and meeting papers now available 
Meeting   
14 Jun 2022   

IRS 

IRS expands voice bot options for faster service, less wait time
IR-2022-127, June 17, 2022 — The Internal Revenue Service today announced expanded voice bot options to help eligible taxpayers easily verify their identity to set up or modify a payment plan while avoiding long wait times. 

IRS selects new deputy chief for Criminal Investigation division 
IR-2022-126, June 13, 2022 — The Internal Revenue Service announced the selection of Guy Ficco as the next Deputy Chief for IRS Criminal Investigation (IRS-CI). He will oversee 20 field offices and 11 foreign posts, including approximately 2,000 special agents investigating tax fraud and other financial crimes. 

NYS 

SEC Requests Information and Comment on Advisers Act Regulatory Status of Index Providers, Model Portfolio Providers, and Pricing Services     
2022-109, June 15, 2022 — The Securities and Exchange Commission today announced that it is requesting information and public comment on matters related to the activities of certain “information providers,” including whether, under particular facts and circumstances, information providers are acting as “investment advisers” under the Investment Advisers Act of 1940 (“Advisers Act”). The Request specifically focuses on index providers, model portfolio providers, and pricing services.

SEC Charges Rochester, NY, and City’s Former Executives and Municipal Advisor with Misleading Investors           
2022-108., June 14, 2022 — The Securities and Exchange Commission today charged the City of Rochester, New York, its former finance director Rosiland Brooks-Harris, and former Rochester City School District CFO Everton Sewell with misleading investors in a $119 million bond offering. The SEC also charged Rochester’s municipal advisor Capital Markets Advisors, LLC (CMA) and its principal Richard Ganci with misleading investors and breaching their fiduciary duty to Rochester.  CMA, Ganci and CMA co-principal Richard Tortora were also charged with failing to disclose conflicts to municipal clients.

SEC Charges Private Equity Adviser for Failing to Disclose Disproportionate Expense Allocations to Fund               
2022-107, June 14, 2022 — The Securities and Exchange Commission today charged New Jersey-based investment adviser Energy Capital Partners Management LP (ECP) with allocating undisclosed, disproportionate expenses to a private equity fund it advises. ECP agreed to pay a $1 million penalty to settle the SEC charges and has voluntarily paid back more than $3.3 million to the fund.

SEC Charges Weiss Asset Management with Short Selling Violations
2022-106, June 14, 2022 — The Securities and Exchange Commission today announced that investment advisory firm Weiss Asset Management LP has agreed to pay approximately $6.9 million to settle charges that it violated the federal securities laws when it unlawfully purchased stock in seven public offerings after selling short those same stocks

SEC Charges Former Employee of Online Gambling Company with Insider Trading  2022-105, June 13, 2022 — The Securities and Exchange Commission today announced insider trading charges against David Roda, a former software engineer at Penn National Gaming’s subsidiary Penn Interactive Ventures, in connection with the parent company’s $2 billion acquisition of Toronto-based Score Media and Gaming, Inc.

 

 

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