03/18/2025

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

Senate Republicans, led by Finance Chair Mike Crapo (R-ID) and Treasury Secretary Scott Bessent, support using a “current policy baseline” to make extending the Tax Cuts and Jobs Act (TCJA) appear cost-free, enabling permanent tax cuts. However, budget experts warn this tactic hides the true cost—at least $3.5 trillion in new debt, potentially exceeding $4 trillion with additional provisions.

Critics argue this approach sets a dangerous precedent, allowing costly programs like Medicare for All to bypass budget scrutiny. It also removes incentives for spending cuts, weakening fiscal conservatives' leverage. Experts warn that manipulating budget baselines for political convenience erodes fiscal transparency, urging lawmakers to adopt honest, consistent cost assessments.

Source: Thomson Reuters

🧮 COOL AF! (Cool Accounting Facts!)

Think accounting is just about crunching numbers? In some parts of the world, accountants are tallying up cows, camels, and even elephants! Livestock isn’t just farm property — it’s a financial asset with real economic value on balance sheets just like real estate or machinery.

In Kenya, wealth is measured in cattle, while in the Middle East, camels serve as both transportation and financial security. Meanwhile, in Thailand, elephants aren’t just cultural icons — they’re valuable working assets!

Surprisingly, this isn’t just a quirky tradition — it’s all backed by International Accounting Standards (IAS 41: Agriculture), which recognizes animals as biological assets. So next time you double check a balance sheet, remember — somewhere out there, an accountant is fine-tuning the net worth of a herd of goats.

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Source: Wisdify

📝🔢Numbers Don’t Lie

Elon Musk’s Department of Government Efficiency (DOGE) is cutting federal agency budgets, raising concerns about the PCAOB. While DOGE cannot directly fire PCAOB employees since it is a nonprofit overseen by the SEC, budget cuts could still come through SEC oversight. PCAOB’s budget has grown 40% since 2020, and SEC commissioners Uyeda and Peirce have opposed its rising costs.

Though the PCAOB’s 2025 budget is approved, future cuts are expected under Trump’s deregulatory agenda. SEC nominee Paul Atkins, a longtime PCAOB critic, may push for reductions once confirmed. The SEC is already cutting costs, and with control over PCAOB funding, significant budget reductions seem likely.

Source: Thomson Reuters

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