02/17/2025

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! 

📝 Journaling Insider

The American Institute of Certified Public Accountants (AICPA) and the National Association of State Boards of Accountancy (NASBA) have proposed amendments to the Uniform Accountancy Act (UAA) to introduce a third pathway for CPA licensure, addressing the profession’s talent shortage while maintaining licensure integrity. 

Moreover, the new pathway would allow candidates to earn their CPA license with a bachelor’s degree (including required accounting and business courses), two years of professional experience, and passage of the CPA Exam. Currently, CPA candidates must either complete a master’s degree with one year of experience or a bachelor’s degree with 30 additional credits and one year of experience. 

Lastly, NASBA and AICPA are proposing a shift to an individual-based practice privilege model to streamline CPA mobility across states. A few states have already enacted legislation expanding licensure flexibility. AICPA Chair Carla McCall and CEO Sue Coffey, emphasize that necessary changes are made for strengthening the profession, ensuring that the CPA profession remains meticulous and conformable to workforce demands.

Source: Journal of Accountancy 

💰 Making Cents of Accounting

#NeverEndingProblems📋🧠

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💸 Profit & Loss Report

The AICPA is urging the IRS to ensure sufficient taxpayer and preparer support amid concerns over workforce cuts directed by the Trump administration. The IRS may begin laying off thousands of probationary employees, disrupting tax services as the ongoing filing season began on January 27. AICPA President and CEO Mark Koziel emphasized how taxpayers deserve a fully functioning IRS to comply with tax obligations. 

AICPA Vice President of Tax Policy & Advocacy, Melanie Lauridsen, reinforced the call for the administration to determine fitting IRS service levels and portion sufficient resources for everyday operations. Millions of Americans depend on the IRS’s ability to process filings and create efficient taxpayer services. The AICPA continues to advocate for maintaining support and provides resources through its Tax Season Resource Center to help taxpayers and preparers navigate any IRS-related challenges.

Source: Journal of Accountancy

💎 Rare Accounting Oddities

Move over, pharaohs and poets - history’s first recorded name belongs to… an accountant! Back in the Mesopotamian Uruk period (around 3000 BC), a humble clay tablet surfaced with the inscription: "29,086 measures barley 37 months Kushim." 

Translation? “29,086 measures of barley were received over 37 months by Kushim” - the very first known record keeper. This early "grain accountant" was likely balancing inventory long before Excel or even paper existed! 

Imagine, before Caesars and Cleopatra, someone was already deep in financial reconciliations. So next time you’re crunching numbers, remember: Kushim walked so we could run!