02/28/2025

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! 

📊 Accountants Gone WILD

The IRS’s 2025 Dirty Dozen list highlights the most dangerous tax scams, with phishing, smishing, and spear phishing as top threats. Fraudsters use emails, texts, and impersonation tactics to steal sensitive financial data. Spear phishing is especially dangerous, as cybercriminals pose as new clients to deceive tax preparers into opening malicious links, compromising entire systems and exposing confidential information. Phishing emails often impersonate the IRS, promising fake refunds or issuing legal threats, while smishing texts use urgent messages like “your account is on hold” to trick victims into clicking fraudulent links.

Other notable scams include ghost tax preparers who file returns without proper credentials, fake charities that exploit generosity, and misleading tax credit claims that encourage improper filings. The IRS also warns against bad social media tax advice, fraudulent offers in compromise, and inflated withholding claims. Since its launch in 2002, the Dirty Dozen campaign has aimed to protect taxpayers from evolving threats, and the IRS urges vigilance—verifying sources, ignoring suspicious messages, and reporting scams—to prevent financial fraud and identity theft.

Source: Journal of Accountancy

🧮 COOL AF! (Cool Accounting Facts!)

Before Nike became the global sports giant we know today, it was just an idea in a Stanford MBA class—and the man behind it? Phil Knight, a Certified Public Accountant (CPA).

Knight’s coursework led him to write a paper proposing that affordable, high-quality Japanese running shoes could compete with big European brands like Adidas and Puma. But he didn’t just submit the assignment and call it a day—he made it happen. In 1964, he founded Blue Ribbon Sports, which later evolved into Nike, one of the world’s most recognizable brands.

So the next time someone says accountants don’t change the world, just remind them: Nike was built on accounting principles before it ever became a sports icon. Maybe your next great idea is hiding in a balance sheet—just do it!

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Source: Wisdify

📝🔢Numbers Don’t Lie

The IASB has updated the IFRS for SMEs Accounting Standard, used in 85 jurisdictions, to enhance financial reporting while keeping it simple for SMEs. Key changes include a new revenue recognition model, streamlined fair value measurement, and updated rules for business combinations, consolidations, and financial instruments. IASB Chair Andreas Barckow emphasizes that these revisions improve financial statement quality while remaining practical. The updates take effect from January 1, 2027, with early adoption allowed.

This marks the third edition of the IFRS for SMEs Accounting Standard, originally issued in 2009 to simplify reporting for SMEs globally. The updated Standard is now available online, with IFRS Digital subscribers gaining access to the full version, Basis for Conclusions, Illustrative Financial Statements, and a Feedback Statement. A print edition will be available soon, with pre-registration open for those interested. Additionally, the IASB has launched a podcast series to provide further insights into the revisions and their impact on financial reporting.

Source: International Financial Reporting Standards

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