03/14/2025

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

The IRS will stay fully operational for five business days if the government shuts down on March 14, 2025, using funds from the Inflation Reduction Act of 2022. Originally $80 billion, this allocation was reduced to $60 billion in 2024, with an additional $12.3 billion base budget for fiscal year 2024.

Maintaining a workforce of 95,486 employees will further drain these resources, already cut by $20 billion in December 2024. The agency’s future operations depend on available funds, while a government shutdown remains imminent unless Congress passes a continuing resolution.

Source: Journal of Accountancy

💎 Rare Accounting Oddities

Ever received a bill for just one cent? Believe it or not, automated accounting systems sometimes generate invoices for tiny balances left over from rounding adjustments or minor discrepancies. Since financial records must be exact, even a single penny out of place can trigger an official billing notice.

Some people find these one-cent invoices amusing that they keep them as souvenirs — proof of accounting’s obsession with precision. Either way, it’s a funny reminder that in the world of accounting, every penny truly does count!

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📝 Journaling Insider

IFAC has revised the International Education Standards (IES) to integrate sustainability reporting and assurance into accountants’ training, aligning with global standards. Key updates embed sustainability concepts, introduce assurance fundamentals, enhance business acumen, and reinforce adaptability and collaboration skills. 

Additionally, IES 6 now prioritizes integrity and authenticity in assessments, updates equity guidance, and expands hybrid and remote evaluation methods. These revisions strengthen transparency, accountability, and sustainability competence in the profession. The updated standards—IES 2, 3, 4, and 6—are now available, with a revised handbook expected in late 2025.

Source: International Federation of Accountants

💰 Making Cents of Accounting

#PleaseCallSomeoneElse📞👀