03/24/2025

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

FinCEN has revised the Corporate Transparency Act (CTA) rules, exempting U.S. companies and individuals from beneficial ownership information (BOI) reporting. Now, only foreign entities registered to do business in the U.S. must file BOI reports. These “foreign reporting companies” are also exempt from reporting U.S. beneficial owners, no longer providing their BOI to entities.

Additionally, foreign entities registered before the rule change get a 30-day filing deadline extension, while newly registered entities must file within 30 days of registration confirmation. The AICPA and state CPA societies actively advocated for these changes, pushing for regulatory clarity and deadline relief.

Source: Journal of Accountancy

💎 Rare Accounting Oddities

Before he pioneered in drafting a nation, Benjamin Franklin was crunching numbers as a bookkeeper. His years of experience managing accounts sharpened his eye for detail, a skill that later influenced his groundbreaking work in printing, science, and governance. 

Franklin didn’t just track expenses— he invested in ideas, founding America’s first public library and shaping policies that greatly impact us today.

So, if you think accounting is just about numbers, think again. Franklin proved that a well-balanced ledger can lead to a well-balanced legacy. Who knows? Your next financial statement might just be the foundation for something revolutionary!

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Source: Wisdify

📝 Journaling Insider

The AICPA Auditing Standards Board (ASB) is seeking public feedback by June 13, 2025, on its proposed 2026–2030 strategic plan, which focuses on enhancing audit standards, stakeholder communication, implementation support, relevance, and strategic operations. Its 2025 work plan includes sustainability assurance and fraud detection projects.

The ASB also requests comments by June 30, 2025, on proposed revisions to external confirmation standards and a new SSAE for review engagements with scope limitations. Catherine Halie Creps of KPMG will succeed Sara Lord as ASB chair in May 2025. ASB leaders emphasize stakeholder input in shaping future audit standards.

Source: The Accountant Online

💰 Making Cents of Accounting

#DebitCreditAcrobat🤸🥇