02/27/2025

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

SEC Acting Chair Mark Uyeda has directed staff to explore reforms aimed at reducing costs and simplifying regulations for small businesses raising capital. He highlighted flaws in Regulation Crowdfunding (Reg CF), where startups raising $5 million may spend over $500,000 on compliance fees. Uyeda supports revising disclosure rules to lower costs and improve access to funding. He also seeks to make IPOs more attractive by adjusting emerging growth company (EGC) qualifications and compliance requirements, ensuring regulations do not discourage public listings.

Uyeda is reviewing the SEC’s complex scaled disclosure framework, particularly for smaller reporting companies (SRCs), which face costly and inconsistent filing requirements. He questions whether these firms should bear the expense of auditor attestations for internal controls. Meanwhile, Democratic Commissioner Caroline Crenshaw warned that federal grant reductions under the Trump administration and cost-cutting measures from Elon Musk’s Department of Government Efficiency have further strained small business funding. As the SEC shifts toward deregulation, Uyeda’s agenda is expected to drive major changes to support entrepreneurship and capital formation.

Source: Thomson Reuters

💰 Making Cents of Accounting

#LoveToCollectHateToPay💰🏦

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💸 Profit & Loss Report

The IMF has approved a 40-month, $1.4 billion Extended Fund Facility (EFF) for El Salvador, with an immediate disbursement of $113 million. The program aims to stabilize the economy by improving public finances, strengthening financial buffers, and enhancing governance and transparency. To achieve this, El Salvador plans to improve its primary balance by 3.5% of GDP through spending efficiency while protecting social and infrastructure investments. It also includes measures to increase bank liquidity, bolster financial regulations, and reinforce anti-corruption and AML/CFT frameworks.

Despite recent improvements in security, inflation, and external deficits, El Salvador still faces high debt and investment barriers. The IMF program seeks to attract additional funding, bringing total financial support to over $3.5 billion. Transparency efforts have begun with new anti-corruption laws and government audit publications, with further reforms planned. The program’s success depends on strong policy execution, political commitment, and ongoing international support to ensure long-term economic stability and growth.

Source: International Monetary Fund

💎 Rare Accounting Oddities

Think you’ve got a long career ahead in accounting? Try keeping up with Harilal D. Maniar, who has been crunching numbers since 1929—yes, before the Great Depression even hit! At over 95 years in the profession, Maniar holds the world record for the longest accounting career, and he’s still going strong.

Starting his career when the stock market crash was front-page news, Maniar has lived through monumental shifts in finance—from paper ledgers to AI-powered automation—yet he remains dedicated to balancing the books. His daily routine? Working from 11 AM to 6 PM, ensuring accounts and income tax matters are in perfect order. While most dream of retirement, he chooses to stay in the game, proving that passion for numbers (and maybe a good cup of chai) can keep you going for a lifetime.

So, next time you feel buried under spreadsheets, just remember—you’ve got nearly a century to go before breaking his record!