07/07/2025

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

Donald Trump recently signed a tax and spending bill officially into law during a White House event. The bill narrowly passed Congress, extending Trump-era tax cuts, increasing SALT deductions, and offering major business tax breaks. Healthcare, food aid programs are significantly reduced while clean energy tax credits finishes, prompting concerns over projected $3.3 trillion debt increase and potential risks to 12 million Americans' health coverage.

The bill adds $150 billion for border security, $45 billion to expand ICE, making it the biggest law enforcement agency in the U.S, including $1 billion for the 2028 Olympics and $30 million for a national sculpture park. Supporters, like AICPA, commends tax planning benefits, as experts warn of inequality, ballooning debt, and stronger federal enforcement powers. The bill’s impact now fuels sharp debate from both parties and civil groups nationwide.

Source: CPA Practice Advisory

💎 Rare Accounting Oddities

What if your Work-in-Progress was both done and not done until you looked at it? That’s exactly what Rutgers’ Maksym Lazirko means: applying quantum dynamics to cost accounting using Schrödinger’s equation to WIP valuation.

Instead of rigid numbers, Lazirko suggests viewing WIP as a wave of potential costs, with value “collapsing” only when accountants measure it—just like particles in the quantum physics realm.

This model shows production like cost variances with accuracy. When someone asks how precise your WIP report is, just say, “That depends—have you observed it yet?” as quantum mechanics become part of your cost sheet.

You’ve mastered accounting principles. But when it comes to legal acronyms like HIPAA, and Stark Law, even CPAs start Googling definitions mid-meeting.

Wisdify’s Healthcare Accounting Series kicks off with a bang— as these courses remain your non-intimidating entry point into the strangely fascinating world of healthcare compliance.

Healthcare Finance Data Analysis in Excel turns accountants into decision-makers, going into real-world healthcare datasets in uncovering trends, evaluating financial performance, and building financial models that support operational decisions. You’ll learn how to structure raw healthcare data, build Excel dashboards for executives, calculate ROI and projected cash flows, automate performance tracking in driving revenue, KPI insights for healthcare.

Healthcare ESG Reporting offers a comprehensive look at ESG reporting for the healthcare industry. Learners explore ways to align healthcare operations with best practices through frameworks like GRI, TCFD, GHG Protocol. Healthcare-specific metrics like community benefit reporting and environmental impact tracking will be addressed. Building internal controls for data assurance, quantifying effects of sustainability initiatives will be discussed.

This course is your lifeline. Just straight-up clarity, delivered in bite-sized lessons packed with real-world knowledge—and just enough wit to keep your brain from wanting early retirement.

Whether you're targeting healthcare clients or explore new professional career lanes inside hospitals—these program courses are your golden ticket.

Jump in now. Your future healthcare clients look forward to having you on board. 

Source: Wisdify

📝 Journaling Insider

The AICPA’s Auditing Standards Board (ASB) proposed a new fraud standard to enhance response assessment to fraudulent risks in statement audits. If adopted, AU-C Section 240 would get replaced and update numerous related standards, boosting various expectations around professional auditing quality skepticism and fraud response procedures.

The proposed standard, developed with input from the ASB’s Fraud Task Force, aligning with ISA 240, raises auditing quality through stronger fraud detection practices. AICPA Chief Auditor Jennifer Burns stressed that fraud prevention actions depend on joint accountability, with this current update reinforcing the auditor’s position in that shared responsibility.

Source: Journal of Accountancy

💰 Making Cents of Accounting

#CPAConfessions💸⚖️