03/27/2025

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! 

💸 Profit & Loss Report

A federal judge blocked the Treasury, OPM, and Education Department from sharing personal data with DOGE affiliates, citing Privacy Act and APA violations. Judge Deborah Boardman ruled the agencies unlawfully gave DOGE access to payment records containing Social Security numbers, banking details, personal info, rejecting the government’s “need-to-know” defense.

The government argued the court lacked jurisdiction and no harm was proven, but plaintiffs insisted DOGE’s access was unjustified. Boardman upheld the injunction, calling the privacy risk “actual and imminent,” while ensuring it didn’t obstruct President Trump’s policies. The ruling underscores major concerns over government data-sharing and privacy rights.

Source: Thomson Reuters

💎 Rare Accounting Oddities

Ever wondered who keeps the Vatican’s finances in divine balance? Even the Holy See needs accountants! In 2014, Pope Francis established the Office of the Auditor General to manage the Church's finances, ensuring transparency under the leadership of Alessandro Cassinis Righini. 

In a historic move, the Vatican even brought in PricewaterhouseCoopers for its first-ever external audit in 2015 — because even sacred accounts need a different set of eyes! 

So, next time you're crunching numbers, take comfort in knowing that even the Pope has a finance team making sure every coin is accounted for. After all, good accounting isn’t just a best practice — it’s a holy mission!

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📝 Journaling Insider

The AICPA urged the Treasury and the IRS to revise proposed regulations for automatic enrollment in newly established 401(k) and 403(b) plans under SECURE 2.0. Starting in 2025, these plans must enroll eligible employees at a minimum 3% contribution rate, annually bumping to at least 10% unless they out. Exemptions apply to small businesses, church plans, government plans.

AICPA urged the IRS to clarify investment requirements for trustee-directed plans, specify that only employees of the plan sponsor count toward small business status, and align the definition of a predecessor employer with existing regulations. The AICPA's feedback ensure regulatory clarity and make compliance easier for plan sponsors.

Source: Journal of Accountancy

💰 Making Cents of Accounting

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