04/30/2025

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

AICPA gave comments to the IRS on proposed regulations adopting the OECD’s Simplified and Streamlined Approach (SSA) as a new transfer pricing method under Section 482. The AICPA backed Option 1,  only allowing only taxpayers to elect SSA, and opposed Option 2, which could allow the IRS to mandate SSA even when it’s not reliable or cost-effective.

AICPA urges the IRS to drop requirements to prioritize the internal comparable uncontrolled price (CUP) option when electing the SSA. This makes SSA available regardless of foreign jurisdiction adoption, and in-scope transactions unless clearly limited, and agrees with the proposed 30% cap on the operating-expense-to-sales ratio. These changes aimed to boost taxpayer adoption, simplify compliance, and enhance certainty for all parties involved.

Source: Journal of Accountancy

💎 Rare Accounting Oddities

Did you know that accounting errors are responsible for a staggering 30% of all fraudulent cases detected by forensic accountants worldwide?

Forensic accountants play a significant role in uncovering financial discrepancies. Interestingly, the boost in accounting errors has led to companies retracting their financial statements.

So, the next time you review financial statements, remember: a small error today could be a hint that uncovers a major fraud case soon. Stay active, and keep those numbers in check! 

Let’s be honest, you’ve got accounting down to a science, but when it comes to discussing the legal frameworks and regulatory side of healthcare? It definitely feels like trying to crack a code without the key. Don’t stress, though — Wisdify is here to guide you through it!

Wisdify's Healthcare Accounting courses are here to demystify the world of healthcare compliance. Our training program delivers valuable knowledge that can help you apply newly found skills directly to your work as an accountant.

What You’ll Learn:

• HIPAA, HITECH & Stark Law – You’ll get the lowdown on these compliance regulations and how they directly impact your work. No more second-guessing when a healthcare client walks through your door.

• Healthcare Accounting Principles – Learn the intricacies of healthcare-specific topics like bundled payments, risk-sharing agreements, and revenue recognition under ASC 606.

• Practical Applications – Real-world case studies breathe these concepts to life, so you’ll know exactly how these regulations play out in the healthcare industry.

• Boost Your Confidence – By the end of the professional course, you’ll feel like an expert, confidently navigating healthcare regulations like a seasoned pro.

Professional Courses in the Healthcare Series:

• Regulatory Frameworks in Healthcare Accounting (Est. 4/21) – Dive into HIPAA, Medicare, Medicaid, and learn how to stay compliant in healthcare accounting.

• Revenue Recognition in Healthcare (Est. 4/28) – Unpack revenue recognition under ASC 606 and GAAP, focusing on the healthcare industry with accounting

• Cost Accounting in Healthcare (Coming Soon) – Elevate your cost accounting skills with healthcare-specific techniques and principles.

Ready to leap into healthcare accounting? Sign up now and level up your career with Wisdify — your one-stop shop for all things healthcare accounting!

Source: Wisdify

📝 Journaling Insider

Republican lawmakers are proposing to abolish the Public Company Accounting Oversight Board (PCAOB) as part of President Trump’s deregulatory agenda. The plan, introduced by the House Committee on Financial Services, would transfer PCAOB's duties to the SEC and eliminate the levy funding the agency, which was created in response to the Enron scandal.

The proposal faces opposition from Democrats, audit firms, industry groups like the Center for Audit Quality (CAQ), which supports oversight but not the PCAOB’s elimination. Critics warn how dismantling the PCAOB could disrupt audit quality and oversight, while concerns about employee pay cuts and procedural challenges also complicate the plan’s future in Congress.

Source: International Accounting Bulletin

💰 Making Cents of Accounting

#ExternalAnticipation🫣🔜