04/10/2025

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 International Auditing and Assurance Standards Board revised ISA 570, effective for audits from December 15, 2026, strengthens auditors’ evaluation of a company’s going concern ability. The changes require a stricter risk assessment, deeper scrutiny of management’s judgment for bias, and extended evaluation period of at least 12 months from financial statement approval.

Current updates also mandates clearer auditor reporting and stronger communication with governance bodies and stakeholders to address investor concerns and improve audit consistency. IAASB Chair Tom Seidenstein strengthened  its role in enhancing financial stability. Supporting materials, including a fact sheet and upcoming guidance, will aid implementation.

Source: Accounting Today

💰 Making Cents of Accounting

#AccountingMiracles💸🙏

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💸 Profit & Loss Report

The AICPA is urging the IRS to simplify GST tax exemption rules by extending Rev. Proc. 2004-46 to cover post-2000 transfers and creating a new procedure for unintended automatic allocations. These changes would significantly reduce financial costs and administrative burdens for taxpayers correcting GST exemptions.

While the final Sec. 2642(g) regulations provide aid for missed GST elections, they remain expensive and complicated. Many taxpayers unknowingly trigger GST tax rules, leading to unintended tax consequences. The IRS has left open the possibility of further guidance, shedding light with AICPA’s call for a more practical and affordable process.

Source: Journal of Accountancy

💎 Rare Accounting Oddities

Did you know that the word "accountant" is originally a French word "compter," meaning "to count or score."? Back in the day, 'p' was silent, like some "ghost" budget discrepancies (we see you, creative bookkeeping).

In medieval times, accountants were the original financial watchdogs of kings and merchants, ensuring finances were organized, and precise. Kind of like today’s CFOs, but with quills and ledgers instead of Microsoft Excel sheets.

So, next time someone mentions accountants just crunch numbers, remind them: this profession has been shaping worldwide economies and keeping finances on track for centuries.