The Monday Accrual: December 01, 2025

Accountants Gone Wild

FASB Clarifies Hedge Accounting, Expands ASU 2025-09 Options

FASB issued ASU 2025-09 to clarify hedge accounting and issues linked to reference rate reform. The update expands hedge scenarios—including choose-your-rate debt, nonfinancial transactions, net written options, and dual foreign-currency hedges, effective 2026–2027.

FASB also released ASU 2025-08 to simplify purchased loan accounting by eliminating the PCD vs. non-PCD distinction. Its PIR of Topic 842 confirmed stronger transparency but significantly higher implementation and compliance costs for lessees, with minimal impact on lessors.

Source: Journal of Accountancy 

Cool Accounting Facts!

How did a Wall Street darling become historical for accountants?

DYK one company’s magic trick changed everything for accounting firms? Enron, once a Wall Street darling, used “mark-to-market” accounting to classify future profits as present income.

When everything shattered, thousands of employees lost their pensions, and investors lost billions. After the incident, the Sarbanes–Oxley Act of 2002 was born, forcing stricter reporting, tighter auditing procedures, and protections for whistleblowers. 

Next time you start groaning at internal controls or audit checklists, remember: these provisions exist because someone once tried making corruption disappear… and failed spectacularly.

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Numbers Don’t Lie

IRS 2026 Refunds: Timing, Deductions, and Credits You Should Know

The 2026 tax season begins as usual, however new laws, IRS staffing cuts, and updated forms may cause delays. Most refunds arrive in 10–21 days with e-file and direct deposit, while mailed returns and claims for EITC or CTC might take longer.

Taxpayers may see higher refunds due to new deductions, credits, and excess withholding. Those with major changes should consult a professional, and extensions to October 15, 2026 are available, while taxes owed remain due by April 15.

Source: CPA Practice Advisory

Twitter Showdown

“Perfect Morning Brew”

Accountant A: "I like my CPA’s  how I like my coffee."

Accountant B: "Strong, and bitter…?"

Accountant A: "Balanced, or I’ll start auditing you."

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