05/01/2025

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

COSO and the ACFE have introduced the COSO Fraud Risk Management Certificate, offered to enhance professionals’ ability in detecting and preventing fraud. Based on the updated 2023 Fraud Risk Management Guide, the program includes five core principles, self-paced modules, a certification exam, and practical tools for applying fraud controls and data analytics.

The certificate addresses real-world challenges, such as weak internal controls and poor documentation, which often enable undetected fraud. According to ACFE’s 2024 report, 43% of fraud cases are discovered through tips, prompting firms like The Bonadio Group to provide anonymous hotlines managed by Certified Fraud Examiners for early detection and reporting.

Source: Accounting Today

💰 Making Cents of Accounting

#DepreciatedLifespan📉😵

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Everyone knows you’re a rockstar with financial statements, but when acronyms like HIPAA, HITECH, and Stark Law get flying around, it feels like you’ve wandered into a legal drama. 

This is where our Healthcare Accounting Program steps in, with professional courses designed for accountants who just need a breakdown of the healthcare world complexities, without getting buried in legalese.

Fortunately, it doesn’t stop there. With our All Access Subscription, you’ll soon unlock:

🗓️ Regulatory Frameworks in Healthcare Accounting – Master HIPAA, Medicare/Medicaid rules, and fraud-prevention audit essentials. (Coming 4/21)

🗓️ Revenue Recognition in Healthcare – Tackle ASC 606, bundled payments, and real-world financial reporting puzzles. (Coming 4/28)

🗓️ Cost Accounting in Healthcare – Learn how to slice costs by department, control overhead, and boost profitability using practical models.

Step into conversations with healthcare clients without breaking a sweat. These professional courses hand you the groundwork for your biggest leap.

Let’s turn all that healthcare regulatory chaos and legal frameworks into motion. Are you in?

Source: Wisdify

💸 Profit & Loss Report

FASB proposed an Accounting Standards Update to improve how debt exchanges involving multiple creditors are accounted for, following concerns raised by stakeholders. The current GAAP requires complex, expensive analyses to determine if a transaction is a modification or extinguishment, which many believe does not show the real economics of such exchanges.

The proposed standard would require that certain contemporaneous debt exchanges be treated as an extinguishment of old debt and issuance of new debt, improving consistency in financial reporting. FASB believes this will enhance transparency for investors and reduce diversity in accounting practices. Stakeholders are invited to submit comments by May 30, 2025.

Source: CPA Practice Advisor

💎 Rare Accounting Oddities

CPAs are mandated to renew their professional licenses every 1 to 3 years, which means clocking in 40+ hours of continuing education, and staying compliant to necessary updates.

Think FASB updates, tax law shifts, and fraud risk frameworks, accountants don’t just keep up, they’re always keeping forward, staying knowledgeable in a world of never-ending financial rules.

So yes, accountants would love to know more about IRS mileage than fun, random movie trivia, and probably have more work training, and job responsibilities than your local philosopher.