02/20/2025

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! 

📊 Accountants Gone WILD

President Donald Trump issued an executive order to increase White House control over independent federal agencies like the SEC, FTC, and FCC, requiring them to submit draft regulations for review and align their priorities with the administration. While the Federal Reserve’s monetary policy remains exempt, its regulatory functions must comply. Trump argued these agencies wield too much executive power without accountability, aligning with his broader effort to embed loyalists in key positions and cut government spending.

Critics warn the order undermines agency independence, designed to insulate regulators from political influence through bipartisan leadership and staggered terms. Experts fear this move weakens their role as neutral overseers. Trump has previously attempted to pressure independent agencies, notably clashing with former FTC Chair Joe Simons over Big Tech regulations. His latest order strengthens presidential control over regulatory bodies, raising legal and political concerns.

Source: Bloomberg

🧮 COOL AF! (Cool Accounting Facts!)

Not Hollywood’s A-listers, not the Academy executives—but accountants! A dedicated team of nine accountants from PwC (PricewaterhouseCoopers) dedicates a staggering 1,700 hours meticulously hand-counting each Academy Award ballot before Oscar night. 

That’s right - no AI, no fancy software, just absolute number-crunching precision. Each accountant commits the results to memory (yes, MEMORY!), carrying two identical sets of briefcases with the final envelopes. 

So next time you watch the Oscars, just remember: before the stars shine on stage, accountants have already done the heavy lifting—one ballot at a time.

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🔢Numbers Don’t Lie

The Department of Government Efficiency (DOGE), led by Elon Musk under President Trump, claims $55 billion in savings, yet only $8.6 billion is verified due to a major data error. Operating outside federal oversight, DOGE shields its activities from inspectors general, while Musk’s financial disclosures remain private, despite his companies receiving billions in federal contracts, raising conflict-of-interest concerns.

DOGE has terminated thousands of jobs and contracts, later re-hiring some employees. After pressure, it released an itemized list of 700 canceled contracts totaling $145 million in real estate savings. With $1.8 trillion in discretionary spending, half for military funding, and key programs exempt, its $1 trillion deficit reduction goal remains highly questionable as DOGE shifts focus to Defense Department cuts.

Source: Indianapolis Business Journal

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#DebitMyTimeCreditMemes⏰😂