The Friday Accrual: December 19, 2025

Profit & Loss Report

AICPA Requests Ethical Update Feedback on CPA Private Equity Firms

The AICPA seeks public comment on ethics updates for alternative practice structures, focusing on private equity involvement. The initial draft clarifies independence risks and updates guidance for investor influence in CPA firms.

Primary changes include revised independence rules, distinctions between influence and control, and an expanded “network firm” definition. Comments are open until April 30, with changes effective one year after adoption.

Source: CPA Practice Advisor

Rare Accounting Oddities

What mirrors accounting with three perfect double letters in a row?

Did you know bookkeeping is one of the only English words with three consecutive double letters — oo, kk, ee — all perfectly lined up?

That rare letter pattern makes it a quiet linguistic flex. Precision, structure, and balance aren’t just principles — they’re built right into words itself.

So next time you type bookkeeping, smile a little. Even the language knows accountants are detail-obsessed.

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Journaling Insider

Non-GAAP Disclosures: SEC Provides Corrections and Timing Guidance

SEC highlights that non-GAAP measures remain under scrutiny, as misleading use continues to prompt comment letters. Companies should reconcile GAAP metrics and follow regulations, even if investors find them useful.

Disclosing measures because management uses it internally or investors expect it does not override rules. Firms identified with misleading non-GAAP measures must correct future filings promptly depending on the case. 

Source: Thomson Reuters

Making Cents of Accounting

“Any last words?”

Person A:“It’s just typical bookkeeping.”

Person B:“Said right before panicking.”

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