03/03/2025

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

KPMG has become the first Big Four accounting firm to practice law in the U.S. after Arizona’s Supreme Court approved KPMG Law US, an independently managed subsidiary, on February 27. This was made possible by Arizona’s 2020 reform allowing non-lawyers to co-own law firms, unlike most states that restrict ownership to licensed attorneys. KPMG Law US will focus on technology-driven legal services, but cannot provide legal services to clients receiving KPMG audits to avoid conflicts of interest.

Arizona’s decision highlights its leadership in legal industry reform, while similar efforts in Utah remain limited and have stalled in California over ethical concerns. KPMG has assured that its legal division will follow the same high ethical standards as traditional firms. The Arizona Supreme Court called the move a “groundbreaking approach” to legal service delivery, signaling a potential shift in how legal services are structured in the U.S.

Source: Reuters

💎 Rare Accounting Oddities

In 1494, Luca Pacioli—often called the Father of Accounting—published Summa de Arithmetica, the first known piece on double-entry bookkeeping, revolutionizing the way companies kept their records. Accountants everywhere owe their spreadsheets to this groundbreaking book.

November 10th—Pacioli’s publication date—is now celebrated as International Accounting Day! So, if you know an accountant, this is your official reminder to show them some gratitude (maybe with a cup of coffee… or a much-needed nap). After all, without them, financial chaos would rule the world! 

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📝 Journaling Insider

CohnReznick LLP, a top 20 U.S. accounting firm specializing in advisory, assurance, and tax services, has announced a strategic investment from Apax Partners LLP, marking another major private equity deal in the accounting industry.CohnReznick will now operate under an alternative practice structure, while the licensed CPA firm handles attest services, and the Advisory provide tax, advisory, and other services. CEO David Kessler will lead the advisory division, while Kelly O’Callaghan will head the CPA firm.

With over 5,000 employees, 350+ partners, and $1.12 billion in FY25 revenue across 29 U.S. offices, CohnReznick sees this as a "milestone moment" to expand its solutions, workforce, and geographic reach. This deal aligns with a growing trend of private equity investments fueling mergers and acquisitions in the accounting sector, reshaping the competitive landscape of the profession.

Source: Journal of Accountancy

💰 Making Cents of Accounting

#HideAndTaxSeek💸🫣