03/13/2025

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

Public disapproval of Donald Trump’s economic management has surged amid market turmoil and recession fears. A CNN/SSRS poll shows 56% disapprove, the highest of his first term, while a Reuters/Ipsos poll finds 57% call his policies erratic. His overall approval stands at 45% (CNN) and 44% (Reuters), with 51% backing his immigration stance.

The S&P 500 has lost over $3 trillion since February as investors react to Trump’s shifting tariff policies, including a 25% duty on steel and aluminum that sparked retaliatory tariffs from Canada and the EU. Despite declining market confidence, Trump insists his strategy will yield long-term economic growth, though he has not ruled out a potential recession.

Source: Al Jazeera

🧮 COOL AF! (Cool Accounting Facts!)

Did you know that “BOOKKEEPING” is the only English word with three consecutive double letters? That’s right—OO, KK, and EE, all in perfect sequence. And honestly, is there a more fitting word for accountants? A profession built on accuracy, structure, and keeping everything perfectly balanced deserves a linguistic marvel of its own!

So, the next time someone doubts the excitement of accounting, remind them that we don’t just crunch numbers — we also have the most unique word in the dictionary. Now, that’s something worth double-checking! 

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🔢Numbers Don’t Lie

SEC and PCAOB enforcement against auditors declined sharply in 2024, with the SEC initiating only seven cases—the lowest on record—and PCAOB enforcement in the second half dropping to just 17 actions. This decline followed the SEC v. Jarkesy Supreme Court ruling, which deemed SEC administrative proceedings unconstitutional, forcing cases into federal courts and limiting enforcement. 

Simultaneously, auditors sued the PCAOB, challenging its disciplinary authority and further stalling actions. Despite this slowdown, new PCAOB rules may tighten oversight. The contributory liability standard now holds auditors accountable for negligence rather than recklessness, and quality control (QC) rules mandate external oversight for large audit firms. While legal challenges weakened enforcement in 2024, these regulatory changes could drive stricter scrutiny ahead.

Source: Thomson Reuters

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