04/04/2025

Well, hi there! Sit back, enjoy, and relax as you’re currently on the Daily Accrual.

Every day, I sift through the accounting noise so you don’t have to. I share to you the most relevant, juicy accounting insights that really matter – nothing phony, just some good, accounting testimony! 

💸 Profit & Loss Report

Macy’s Inc. is reclaiming over $600,000 in executive bonuses after overstated earnings inflated payouts. A miscalculation in 2023 led to $609,613 in overpayments, with $352,093 still outstanding. The company pledged to recover funds and announced its CFO’s replacement with Capri Holdings Ltd.’s Thomas J. Edwards to restore profitability.

The issue stemmed from an employee who hid $150 million in delivery expenses from 2021 to 2024, falsifying records but not misappropriating funds. Macy’s delayed earnings in November and later cut profit projections. Under SEC rules, it must reassess executive pay when financial misstatements affect past profits, underscoring the need for stronger oversight.

Source: Accounting Today

💎 Rare Accounting Oddities

Ever wondered how "audit" sounds musical? It’s because the word "audit" originated from the Latin word audire, meaning "to hear."

The practice of auditors listening to verbal accounts dates back to approximately the 12th century, where literacy rates were low, so auditors made financial oversight possible by listening attentively as estate stewards read financial accounts verbally.

In the modern generation, "audit" began to be used when examining financial records. Over time, auditing evolved from listening to oral account reports to reviewing written financial statements over accounting softwares

So, the next time you hear the word "audit," remember its melodic roots and financial listeners who assured that every financial note was in perfect harmony.

📺 Advertisement

Your professional career is a rocket — will you fuel it or let it drift? Wisdify is not just another cookie-cutter training platform — we are the secret weapon behind excellent professionals. If ambition had a power-up button, this would be it. Ready to level up with us?

Why Choose Wisdify?

• Professional Selection: Dive into our meticulously crafted bootcamps, including Data Analytics, Python, Advanced Microsoft Excel, and Financial Modeling. Each professional course is designed with precision, ensuring you acquire highly demanded skills.
  

• Recognized Excellence: Quality matters. That's why all our professional courses are recognized by NASBA, qualifying for Continuing Professional Education (CPE) credits. Elevate your professional standing with certifications that matter.
  

• Flexible Learning Paths: Whether you're an individual looking to upskill or a corporation seeking team development, Wisdify offers tailored solutions. Learn at your pace, on your schedule, without compromising on quality education. 

Beyond courses, Wisdify is a hub of knowledge. Access free learning materials and career resources, keeping you updated throughout your professional journey. ​

Opportunities don't wait. Neither should you. Wisdify isn’t just another platform: it's your professional advantage. Dive in, challenge yourself, and see how far you’re willing to go. 

Discover what you're truly capable of at Wisdify. 

Source: Wisdify

📝 Journaling Insider

The U.S. House passed six bipartisan bills to enhance tax administration and help disaster victims, with four endorsed by the AICPA. Key measures include H.R. 1152, applying the "mailbox rule" to electronic filings; H.R. 998, mandating clear IRS error notices; H.R. 517, allowing the IRS to grant tax relief after state-declared emergencies; and H.R. 1491, extending disaster victims’ tax refund filing deadlines.

Additional bills include H.R. 997, expanding the National Taxpayer Advocate’s authority, and H.R. 1155, permitting direct deposit for stolen tax refund replacements. Three bills passed unanimously, and three by voice vote, now awaiting Senate Finance Committee review. These reforms aim to simplify tax processes, strengthen taxpayer protections, and expedite disaster assistance.

Source: Journal of Accountancy

💰 Making Cents of Accounting

#YourLossNotOurs💸📉