04/17/2025

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! 

💸 Profit & Loss Report

Fed Chair Jerome Powell warned that inflation will likely rise due to higher import costs from U.S. tariffs — larger than the Fed’s earlier estimates. At the same time, growth and employment may weaken, putting the Fed in a difficult position. Powell said the outlook is “extremely uncertain” and that the Fed will wait for clearer data before making any policy changes.

Markets dropped sharply after Powell’s comments. The S&P 500 fell 2.2%, the 10-year Treasury yield dipped to 4.281%, and the U.S. dollar index dropped 0.8% to near a two-year low. Powell ruled out immediate Fed support, saying markets are functioning normally despite volatility. His remarks confirmed rumors of lacking tools for solving both rising inflation and slowing growth. 

Source: Thomson Reuters

💎 Rare Accounting Oddities

Ever wondered how Hollywood make hits seem like flops? Welcome to "Hollywood Accounting," where magic bookkeeping turns profitable blockbusters into paper losses! 

Movies like Forrest Gump and Men in Black profited millions but were reported as unprofitable to avoid distributing profit shares even when the box office numbers say otherwise.

In Hollywood, the only thing more fictional than movies are usually just the accounting side!

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📝 Journaling Insider

The IRS and Treasury, following President Trump’s deregulation order, are eliminating outdated rules. The IRS scrapped nine guidance documents, including those on excise taxes and foreign tax credits, with more removals expected to ease taxpayer compliance.

Treasury repealed old regulations on TARP, civil penalties, and federal financing, effective June 15. The administration also voided Biden-era digital asset broker rules under the Congressional Review Act, calling them overly burdensome for small businesses. More rollbacks are planned.

Source: Thomson Reuters

💰 Making Cents of Accounting

#BusySeasonDone😫✅