07/21/2025

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 U.S. House has passed the GENIUS Act, establishing a federal regulatory framework for stablecoin issuers after Senate approval. The law requires monthly examinations by registered accounting firms and PCAOB-compliant audits for issuers with over $50 billion in circulation. Issuers should report their monthly outstanding stablecoins and composition of reserve assets.

Regulators have one year to finalize implementation rules, after which issuers get 120 days to comply. Federal banking agencies must report their regulatory plans to Congress within 180 days. To support compliance, the AICPA released its 2025 Criteria for Stablecoin Reporting and is currently seeking public comments on various token operation controls through August 11.

Source: Journal of Accountancy

💰 Making Cents of Accounting

#ExcelKnowsBest💵🗃️

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Source: Wisdify

💸 Profit & Loss Report

IRS went on a hearing to source cloud transaction income based on the location of contributing employees and assets. While other hearings were paused under the Trump administration, this particular rule advanced because of the growing responsibilities of cloud services and unresolved sourcing issues. Stakeholders from legal and tech sectors remain actively involved.

The Software Coalition and IT Industry Council opposed said ruling, citing unnecessary risks of offshoring R&D and IP. They brought up how current law already builds sourcing and rising AI speculative concerns. Tax experts suggested refinements like multi-year averaging and distinct R&D treatment, while still warning against applying the particular rule to REITs.

Source: Thomson Reuters

💎 Rare Accounting Oddities

Microsoft Excel went by “Project Odyssey.” Names like Master Plan and even the Mr. Spreadsheets were established before Excel: short for “excellence.”

The real kicker? Its game-changing smart recalculation was made by Doug Klunder who shortly quit to farm lettuce before revolutionizing spreadsheets.

So the next time Excel tests your patience, just be glad you’re not formatting columns in Mr. Spreadsheet. Excellence needs a catchier name for greatness.