03/17/2025

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

PwC's one-year advisory ban from Saudi Arabia’s Public Investment Fund (PIF) has opened opportunities for rivals like Deloitte and EY to secure lucrative contracts tied to Vision 2030 projects, including Neom and AlUla. With Saudi Arabia making up more than half of the Gulf’s $6 billion consulting market, firms are rapidly mobilizing resources—EY has already flown in staff to prepare for potential work.

Although still eligible for auditing contracts, PWC has not disclosed the reason for its ban but denies service delivery or regulatory failures. The restriction comes amid slowing global growth for consulting firms, with PwC also facing setbacks in China. As Saudi Arabia remains a key driver of industry revenue, the next year will test whether competitors can absorb the demand left by PwC’s temporary absence.

Source: Accounting Today

💰 Making Cents of Accounting

#FraudWithASmile💸😊

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💸 Profit & Loss Report

The PCAOB is tackling audit reporting deficiencies with Audit Focus: Form AP, offering key reminders, common errors, and best practices. While it withdrew a proposal to expand Form AP requirements, accuracy concerns persist. The board also launched knowledge checks—anonymous quizzes hoping to implement QC 1000 (firm quality control, effective Dec. 15, 2024) and AS 2310 (audit confirmations, effective June 15, 2025).

In supporting small audit firms, the PCAOB is hosting in-person forums in Chicago led by Chair Erica Y. Williams focused on auditing small businesses and broker-dealers. PCAOB member Christina Ho will hold a similar event in Miami. These initiatives reinforce PCAOB’s commitment to improving audit quality, regulatory compliance, and transparency on all firms nationwide.

Source: Journal of Accountancy

💎 Rare Accounting Oddities

Think your business expenses are unusual?  Read the case of a couple who deducted cat food as a business expense as their feline workforce kept rodents away from their junkyard. Sounds ridiculous? The IRS actually allowed it!

While these deductions may seem ridiculous, they show just how creative businesses are willing to go beyond when navigating tax laws.

So, next time you’re categorizing expenses, ask yourself: Is it tax-deductible or just wishful thinking? (And maybe run it by your accountant first!)