03/11/2025

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 Gartner survey found that 73% of tariff-related costs will be passed on to consumers, with 59% of companies absorbing little to none (0%–10%). Gartner’s chief of research in finance noted that while CFOs are adjusting supply chains and managing costs, some firms may absorb a small portion due to customer price sensitivity. Meanwhile, 29% of respondents plan to limit pass-through costs to under 10%, exploring other cost-saving measures.

Similarly, the AICPA & CIMA Economic Outlook Survey of 305 CPA decision-makers revealed 59% anticipate a negative impact from tariffs, citing higher prices, retaliatory tariffs, and rising supply chain costs. Only 14% saw potential benefits, while 49% reported uncertainty over future trade policies. Though the Trump administration delayed tariffs on Canada and Mexico, tariffs on China remain, with more expected. 

Source: Journal of Accountancy

💎 Rare Accounting Oddities

Ever wondered who’s to blame for those late nights spent making financial statements? Meet Luca Pacioli, the 15th-century mathematician, the father of double-entry bookkeeping. A close friend of Leonardo da Vinci, Pacioli published the first detailed guide to accounting in 1494, cementing the rule that every debit must have a credit.

His golden advice?  “A person should not go to sleep at night until the debits equal the credits.” Sounds familiar? 

And if you ever feel like accounting is an art, you’re not wrong — rumors say da Vinci himself was inspired by Pacioli’s structured thinking. So the next time your trial balance won’t correct, just remember: you're carrying on a Renaissance-era legacy!

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📝 Journaling Insider

The SEC will launch EDGAR Next, an upgraded Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system, on March 24, 2025. Filers must enroll by submitting an amended Form ID via the new EDGAR Filer Management dashboard on the SEC website. To prevent disruptions, the SEC urges filers to enroll by September 12, 2025, ahead of the final December 19, 2025 deadline. Delayed enrollment could lead to restricted access, especially near filing deadlines.

To aid in the transition, the SEC has provided detailed guidance and resources, including a “How Do I” Guide, a Frequently Asked Questions (FAQ) section, and instructional videos on YouTube. These materials offer step-by-step instructions to help filers and their advisers navigate the new system efficiently. More information and resources are available on the EDGAR Next webpage to ensure a smooth and seamless migration.

Source: Lexology

💰 Making Cents of Accounting

#FiledAndDoomedAgain📝💥