03/04/2025

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

The U.S. Treasury Department has suspended all enforcement of the Corporate Transparency Act’s (CTA) Beneficial Ownership Information (BOI) reporting rules. As of February 27, 2025, the Financial Crimes Enforcement Network (FinCEN) announced that no fines or penalties will be issued for non-compliance with BOI reporting deadlines. Just days later, on March 2, the Treasury expanded this position, stating that future BOI requirements will apply only to non-U.S. reporting companies, exempting domestic businesses from compliance.

This decision, possibly due to concerns over regulatory burden, signals a huge rollback of the CTA’s scope. Unless overturned by court intervention, U.S. entities are no longer required to file, amend, or update BOI reports. Meanwhile, foreign companies operating in the U.S. must stay alert for upcoming revised deadlines. This policy shift raises questions about the future of financial transparency regulations, and stakeholders needs to stay informed as developments unfold.

Source: Winston & Strawn

💰 Making Cents of Accounting

#JustOneMoreAdjustment💸📈

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💸 Profit & Loss Report

The AICPA Auditing Standards Board (ASB) has issued two exposure drafts for public comment, approved in a February 13, 2025, meeting. The first, Proposed SSAE: Scope Limitations in a Review Engagement, seeks to amend AT-C Section 210 to address scope limitations in attestation reviews, particularly for sustainability reporting. It would allow practitioners to issue a qualified conclusion or a disclaimer when limitations exist. Public comments are due by May 30, 2025, with an effective date of December 15, 2026, if finalized.

The second, Proposed SAS: External Confirmations, aims to improve audit quality for nonissuer financial statement audits by revising AU-C Sections 330, 500, and 505 to enhance external confirmation procedures. Public comments are due by June 30, 2025, and the standard would take effect for audits covering periods ending no earlier than December 15, 2027, if approved. These proposals reflect the ASB’s commitment to refining auditing and attestation standards, urging stakeholders to provide feedback before the deadlines.

Source: Journal of Accountancy

💎 Rare Accounting Oddities

With the older generation retiring in droves, the accounting industry is in desperate need of fresh talent — and companies are feeling the pinch. The demand for CPA-certified professionals has skyrocketed, making accounting and finance one of the top 10 fully remote career fields. To lure top talent, firms are offering flexible work arrangements, higher salaries, and better perks than ever before.

But here’s where it gets interesting: Instead of simply hiring more accountants, firms are turning to automation tools like TaxDome to streamline workflows, manage clients, and process payments — letting them do more with fewer staff. That means if you’re already a CPA, you’re a hot commodity, and if you’re considering joining the field, now is the perfect time to jump in. The accounting world isn’t shrinking — it’s evolving. Are you ready to evolve with it?