The Trusted Professional

Regulatory Roundup - October 11-17

CBO  

Cost Estimate 
H.R. 8876, The Jackie Walorski Maternal and Child Home Visiting Reauthorization Act of 2022 
  
As ordered reported by the House Committee on Ways & Means on September 21, 2022 

Report 
Monthly Budget Review: September 2022  
  
The federal budget deficit was $1.4 trillion in fiscal year 2022, the Congressional Budget Office estimates—about half of last year’s deficit of $2.8 trillion. By CBO’s estimate, revenues were $850 billion (or 21 percent) higher and outlays were $548 billion (or 8 percent) lower than they were in fiscal year 2021. 

FASB  

Representatives of the Financial Accounting Standards Board and the Accounting Standards Board of Japan Hold Biannual MeetingOctober 11, 2022  

GAO  

Federal Fisheries Management  
Overfishing Determinations Vary Across Regions, and Data Challenges Complicate Management Efforts 
GAO-23-105172 
Published: Oct 13, 2022. 
Publicly Released: Oct 13, 2022. 
What GAO Found GAO's analysis of National Marine Fisheries Service (NMFS) data found that the number of fish stocks assessed for 2011 through 2020 varied by the six NMFS regional fisheries science centers and that many stocks were not assessed. For example, on average, the Southeast Science Center assessed...  

Army Ammunition
Actions Needed to Improve Management of Procurement and Production Practices 
GAO-23-105352 
Published: Oct 13, 2022. 
Publicly Released: Oct 13, 2022. 
What GAO Found The Army manages the procurement and production of ammunition—such as small arms cartridges, rockets, artillery shells, and mortars—at government-owned, contractor-operated plants. Doing so involves overseeing complex relationships—such as intersecting roles and responsibilities—among...  

Small Business Research Programs  
Reporting on Award Timeliness Could Be Enhanced 
GAO-23-105591 
Published: Oct 12, 2022. 
Publicly Released: Oct 12, 2022. 
What GAO Found Agencies’ timeliness rates for issuance of Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) awards remained similar from fiscal year 2020 to 2021. Agencies’ timeliness performance for award issuance has improved for both programs overall since...  

K-12 Education  
Charter Schools That Received Federal Funding to Open or Expand Were Generally Less Likely to Close Than Other Similar Charter Schools 
GAO-23-105616 
Published: Oct 11, 2022. 
Publicly Released: Oct 11, 2022. 
What GAO Found The Department of Education awards Charter Schools Program (CSP) grants to help open new charter schools or replicate and expand high-quality charter schools, among other things. While few charter schools closed overall, charter schools that received CSP awards closed at lower rates than...  

COVID Relief
SBA Could Improve Communications and Fraud Risk Monitoring for Its Arts and Entertainment Venues Grant Program 
GAO-23-105199 
Published: Oct 11, 2022. 
Publicly Released: Oct 11, 2022. 
What GAO Found The Shuttered Venue Operators Grant program was created to financially assist businesses in the performing arts and entertainment industries hard hit by the COVID-19 pandemic. The Small Business Administration (SBA) approved 73 percent of the 17,328 applications it received for the program...  

IASB  

IFRS Foundation’s World Standard-setters Conference 2022: a summary 
News summary 
17 Oct 2022

G7 reiterates commitment to mandatory climate disclosures and welcomes the ISSB’s work on global baseline 
Statement
14 Oct 2022 

Register for online workshop about digital financial reporting 
Workshop
14 Oct 2022 

Watch final installment in the Dynamic Risk Management webcast series 
Webcast 14
Oct 2022

Join the ISSB Technical Staff—Human Capital Lead 
Careers
13 Oct 2022

IASB investor experience enhanced with appointment of Florian Esterer 
Appointment 
13 Oct 2022

Watch new webcasts explaining the IASB’s project on Dynamic Risk Management 
Webcast  
12 Oct 2022 

October 2022 Sustainability Consultative Committee meeting agenda now available 
Meeting 
11 Oct 2022 

Join the staff—Administrative Assistant (based in Frankfurt, Germany) 
Careers  
11 Oct 2022    

October 2022 IFRS Advisory Council agenda and meeting papers now available 
Meeting
10 Oct 2022    

IRS

IRS joins effort to fight charity fraud during international recognition week
IR-2022-180, October 17, 2022 — The Internal Revenue Service announced its continued support by joining international efforts to fight fraud during Charity Fraud Awareness Week, October 17-21.

IRS reminds taxpayers of upcoming filing extension deadline; Free File remains open until Nov. 17 
 
IR-2022-179, October 14, 2022 — The Internal Revenue Service reminds taxpayers today that those who requested an extension of time to file their 2021 income tax return that the deadline is Monday, October 17. IRS Free File remains open until November 17 for those who still need to file their 2021 tax returns. 

IRS sending letters to over 9 million potentially eligible families who did not claim stimulus payments, EITC, Child Tax Credit and other benefits; Free File to stay open until Nov. 17  
IR-2022-178, October 13, 2022 — Starting this week, the Internal Revenue Service is sending letters to more than 9 million individuals and families who appear to qualify for a variety of key tax benefits but did not claim them by filing a 2021 federal income tax return.  

IRS expanding dyed diesel penalty relief as a result of Hurricane Ian  
IR-2022-177, October 11, 2022 — The Internal Revenue Service, in response to continued disruptions resulting from Hurricane Ian, will not impose a penalty when dyed diesel fuel with a sulfur content that does not exceed 15 parts-per-million is sold for use or used on the highway in the state of Florida. 

Online seminars from 2022 IRS Nationwide Tax Forum now available  
IR-2022-176 — The online version of the forum consists of 18 new self-study seminars, including four Spanish-language seminars. 

NYC  

Annual Report of New York City Parking Tickets and Camera Violations for Fiscal Year 2022 (Local Law 6). 
October 14, 2022

NYS  

Tax Relief Being Mailed to Eligible New Yorkers 
October 12, 2022 

PCAOB

PCAOB to Host Livestreamed Forum for Auditors of Small Businesses and Broker-Dealers 
Oct. 13, 2022 

SEC  

New Jersey Real Estate Development Firm and Four Executives Charged With $600 Million Ponzi-like Fraud                   2022-188, Oct. 13, 2022—The Securities and Exchange Commission today charged New Jersey-based National Realty Investment Advisors LLC (NRIA) and four of its former executives with running a Ponzi-like scheme that raised approximately $600 million from about 2,000 investors. 

SEC Adopts Rule Amendments to Modernize How Broker-Dealers Preserve Electronic Records and Enhance the Electronic Recordkeeping Requirements for Security-Based Swap Entities                
2022-187, Oct. 12, 2022—The Securities and Exchange Commission today voted to adopt amendments to the electronic recordkeeping, prompt production of records, and third-party recordkeeping service requirements applicable to broker-dealers, security-based swap dealers (SBSDs), and major security-based swap participants (MSBSPs). The amendments are designed to modernize recordkeeping requirements given technological changes over the last two decades and to make the rule adaptable to new technologies in electronic recordkeeping. The amendments will also facilitate examinations of broker-dealers, SBSDs, and MSBSPs.