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Regulatory Roundup: October 31-November 6

S.J. Steinhardt
Published Date:
Nov 6, 2023

AICPA & CIMA stands up against all acts of hate
Nov. 5, 2023

AICPA & CIMA release new framework proposal on how organisations can deliver their business strategy
Oct. 31, 2023


Cost Estimate
H.R. 4619, AUKUS Submarine Transfer Authorization Act

As ordered reported by the House Committee on Foreign Affairs on July 26, 2023

Cost Estimate
S. 3029, Honoring Civil Servants Killed in the Line of Duty Act
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on October 25, 2023

Cost Estimate
S. 2286, Streamlining Federal Grants Act of 2023As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on July 26, 2023

Cost Estimate
Estimated Budgetary Effects of the Israel Security Supplemental Appropriations Act, 2024
As Posted on the Website of the House Committee on Rules on October 30, 2023

Cost Estimate
Estimated Effects on the Deficit of Rescinding Funding for the Internal Revenue Service and Related Agencies
Letter to Honorable Steny H. Hoyer and Honorable Brad Schneider

Working Paper
Exploring the Effects of Medicaid During Childhood on the Economy and the Budget: Working Paper 2023-07
On a present-value basis, CBO estimates that long-term fiscal effects of Medicaid spending on children could offset half or more of the program’s initial outlays, depending on sets of reasonable parameter values.

Cost Estimate
Legislation considered under suspension of the Rules of the House of Representatives during the week of November 6, 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.

Blog Post
Short-Term Spending and Long-Term Dynamic Effects
Some federal policies involve short-term expenditures that result in economic and budgetary effects far in the future. CBO has been building analytic capacity to consider a dynamic framework for policies that would have long-term effects.

Cost Estimate
H.R. 4688, a bill to direct the Administrator of General Services to sell the property known as the Webster School
As ordered reported by the House Committee on Transportation and Infrastructure on July 27, 2023

Cost Estimate
H.R. 1809, Block the Use of Transatlantic Technology in Iranian Made Drones Act
As ordered reported by the House Committee on Foreign Affairs on October 19, 2023


Equal Employment Opportunity:
Additional Actions Would Improve USDA's Collection and Reporting of Key Data

Publicly Released: Agencies' annual reports on equal employment opportunity complaint data help Congress ensure the agencies are following workplace discrimination laws. We reviewed three reports that the U.S. Department of Agriculture issues annually and found ways that the department could improve the accuracy, clarity, and completeness of the data. For example, we recommended that USDA fix a database error that resulted in inaccurate data, and that it...

Fraud Risk Management:
Agencies Should Continue Efforts to Implement Leading Practices

Publicly Released: Fraud in federal programs costs the U.S. government billions of dollars and erodes public trust in government. Our prior work shows that agencies and Congress can act to reduce the risk of fraud in federal programs. In this Q&A report, we reviewed agencies' progress in this area. For example, 20 out of 24 agencies we surveyed said that they have a designated entity responsible for...

Sugar Program:
Alternative Methods for Implementing Import Restrictions Could Increase Effectiveness

Publicly Released: The Department of Agriculture administers the U.S. sugar program to support domestic sugar production through tools such as limiting the supply of sugar. The program creates higher sugar prices, which cost consumers more than producers benefit, at an annual cost to the economy of around $1 billion per year. The program also restricts the amount of sugar entering the U.S. at a low tariff. The...

Special Operations Forces:
Enhanced Training, Analysis, and Monitoring Could Improve Foreign Language Proficiency

Publicly Released: U.S. special operations forces personnel often need to know foreign languages to do their jobs overseas. The military services identify foreign languages for missions and how many personnel should know them. But planning officials couldn't explain how they align language needs with missions, and some of the identified needs may not be accurate or relevant. Also, many special operations forces members aren't meeting language proficiency...

VA Disability Benefits:
Actions Needed to Address Challenges Reserve Component Members Face Accessing Compensation
Published:  . Publicly Released:  .
Members of the National Guard and the Reserves can claim Veterans Affairs disability benefits. But they may struggle to prove that disabilities are service-related when they only serve part-time—making it harder for them to access benefits. Although DOD and VA have guidance about disability benefits for those in the reserves, it doesn't cover the importance of documenting how health conditions are related to time on...

With Nearly All U.S. Confucius Institutes Closed, Some Schools Sought Alternative Language Support
Publicly Released: Confucius Institutes offer Chinese language and culture programs on U.S. college campuses. Because the government of the People's Republic of China partners with schools and partially funds the institutes, researchers and others have raised concerns about undue influence and more. In 2018, Congress restricted federal funding to schools with institutes; nearly all of the institutes have since closed. Our survey of schools showed that many...

Professional Standards Update No. 90
Publicly Released:


November 2023 International Sustainability Standards Board agenda and meeting papers now available
6 Nov 2023

October 2023 IFRS Taxonomy Consultative Group meeting summary now available
6 Nov 2023

IFRS Foundation proposes changes to the IFRS Accounting Taxonomy 2023
6 Nov 2023

November 2023 International Accounting Standards Board agenda and meeting papers now available
3 Nov 2023

New translations available—Simplified Chinese, French, Japanese, Montenegrin, Portuguese and Spanish
Translated content
3 Nov 2023

October 2023 monthly news summary now available
News summary
1 Nov 2023

October 2023 IASB podcast now available
1 Nov 2023

November 2023 Global Preparers Forum agenda and meeting papers now available
31 Oct 2023

November 2023 IFRS Advisory Council agenda and meeting papers now available
31 Oct 2023

Addendum to the September 2023 IFRIC Update now available
30 Oct 2023

October 2023 IASB Update now available
30 Oct 2023


Avoid a surprise next year; review tax withholding now before time runs out
IR-2023-205, Nov. 3, 2023 — With 2023 rapidly coming to a close, the Internal Revenue Service today encouraged taxpayers to review their tax withholding as soon as possible to avoid a potential surprise when they file their tax return next year.

Digital asset public hearing rescheduled for Nov. 13
IR-2023-204, Nov. 2, 2023 — The Internal Revenue Service announced today that the hearing on proposed regulations regarding digital asset transactions currently scheduled for Nov. 7 has been rescheduled for Nov. 13, 2023.

401(k) limit increases to $23,000 for 2024, IRA limit rises to $7,000
IR-2023-203, Nov. 1, 2023 — The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2024 has increased to $23,000, up from $22,500 for 2023.

IRS opens free Energy Credit Online tool for sellers of clean vehicles to register for time-of-sale reporting and dealer advance payments for the Clean Vehicle Credit
IR-2023-202, Nov. 1, 2023 — The Internal Revenue Service announced today that sellers of clean vehicles can now register using the new IRS Energy Credits Online tool, available free from the IRS.

Free IRS webinar shares latest details on the Employee Retention Credit including options for withdrawing or correcting previously filed claims amid aggressive marketing
IR-2023-201, Oct. 31, 2023 — The IRS will present a free webinar, Thursday, Nov. 2, at 2 p.m. ET, to update employers and tax professionals on the most recent developments about the Employee Retention Credit (ERC). The hour-long session will include information about the freeze on ERC claims, how to withdraw claims and what ERC resources are available from the IRS.

IRS and Security Summit offer online safety tips during National Cybersecurity Awareness Month
IR-2023-200, Oct. 31, 2023 — As National Cybersecurity Awareness Month wraps up and tax season approaches, the IRS and the Security Summit partners today reminded taxpayers, including families with children, to remain vigilant against potential online threats.

IRS extends popular flexibilities set to expire; electronic signatures and encrypted email enhance the taxpayer experience
IR-2023-199, Oct. 30, 2023 — The Internal Revenue Service announced today that it has extended certain temporary flexibilities. The acceptance of digital signatures is extended indefinitely until more robust technical solutions are deployed, and encrypted email when working directly with IRS personnel has been extended until Oct. 31, 2025.


Annual Report on Environmental Control Board (ECB)-Adjudicated Judgments.
November 1, 2023


Governor Hochul Announces Updates To New York's Nation-Leading Cybersecurity Regulations As Part Of Sweeping Effort To Protect Businesses And Consumers From Cyber Threats
November 1, 2023

DFS Superintendent Adrienne A. Harris Adopts Regulation to License Pharmacy Benefit Managers
October 31, 2023


PCAOB Revises Standard-Setting, Research, and Rulemaking Agendas Following Record-Setting Action in 2023
Nov. 1, 2023


SEC Charges Royal Bank of Canada with Internal Accounting Controls Violations
Washington D.C., Nov. 2, 2023 — The Securities and Exchange Commission today announced that Canada’s largest bank, Royal Bank of Canada, will pay a $6 million penalty to settle charges that it violated the books and records and internal accounting controls provisions of the securities laws relating to its accounting for its costs of internally developed software.

SEC Charges President/CCO of Prophecy Asset Management Advisory Firm with Multi-Year Fraud
Washington D.C., Nov. 2, 2023 — The Securities and Exchange Commission today charged John Hughes, president and chief compliance officer of registered investment adviser Prophecy Asset Management LP, for his involvement in a multi-year fraud that concealed losses of hundreds of millions of dollars from investors.

SEC Adopts Rules for the Registration and Regulation of Security-Based Swap Execution Facilities
Washington D.C., Nov. 2, 2023 — The Securities and Exchange Commission today adopted new Regulation SE under the Securities Exchange Act of 1934 to create a regime for the registration and regulation of security-based swap execution facilities (SBSEFs). The new regulatory framework was required under Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act relating to the over-the-counter derivatives market.

SEC Charges Crypto Company SafeMoon and its Executive Team for Fraud and Unregistered Offering of Crypto Securities
Washington D.C., Nov. 1, 2023 — The Securities and Exchange Commission today charged SafeMoon LLC, its creator Kyle Nagy, SafeMoon US LLC, and the companies’ Chief Executive Officer, John Karony, and Chief Technology Officer, Thomas Smith, for perpetrating a massive fraudulent scheme through the unregistered sale of the crypto asset security, SafeMoon. According to the SEC’s complaint, the Defendants promised to take the price of the token “Safely to the moon,” but instead of delivering profits, they wiped out billions in market capitalization, withdrew crypto assets worth more than $200 million from the project, and misappropriated investor funds for personal use.

SEC Charges Four Long Island Men with Perpetrating $2 Million “Free-Riding” Scheme
Washington D.C., Oct. 31, 2023 — The Securities and Exchange Commission today announced fraud charges against Eduardo Hernandez, Christopher Flagg, Daquan Lloyd, and Corey Ortiz, all currently or formerly of Long Island, New York, for perpetrating a multi-year “free-riding” scheme that generated more than $2 million in illicit profits.

SEC Charges SolarWinds and Chief Information Security Officer with Fraud, Internal Control Failures
Washington D.C., Oct. 30, 2023 — The Securities and Exchange Commission today announced charges against Austin, Texas-based software company SolarWinds Corporation and its chief information security officer, Timothy G. Brown, for fraud and internal control failures relating to allegedly known cybersecurity risks and vulnerabilities. The complaint alleges that, from at least its October 2018 initial public offering through at least its December 2020 announcement that it was the target of a massive, nearly two-year long cyberattack, dubbed “SUNBURST,” SolarWinds and Brown defrauded investors by overstating SolarWinds' cybersecurity practices and understating or failing to disclose known risks. In its filings with the SEC during this period, SolarWinds allegedly misled investors by disclosing only generic and hypothetical risks at a time when the company and Brown knew of specific deficiencies in SolarWinds’ cybersecurity practices as well as the increasingly elevated risks the company faced at the same time.


The IRS Has Improved Audit Trail Collection; However, Not All Audit Trail Data Are Being Collected and User Account Controls Need Improvement
October 30, 2023

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