06/11/2025

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

FASB’s advisory council warned that disclosures in the $1 trillion private credit market are lacking, leaving broader investors without key details on covenant compliance, credit risk changes, and bespoke deal terms. These bilateral agreements are highly tailored with critical information often limited to direct lenders, masking liquidity risks, and reducing market transparency.

Private credit loans up to $65 million and extended to companies with revenues from $10 million to $1 billion, are usually managed by private credit funds or BDCs, and span sectors like software, healthcare, and life sciences. While current GAAP rules under Topics 946, 820 require fair value disclosures, many investments fall under Level 3 due to illiquidity, relying on unobservable inputs, increasing the need for standardized reporting as the market grows.

Source: Thomson Reuters

💎 Rare Accounting Oddities

WWII accountants are behind some of the biggest military wins. They were analyzing logistics, mapping out supply chains, and orchestrating war records. 

They calculated how many bullets were needed, and even how to organize mobile payroll systems to keep soldiers paid. While the generals strategized, accountants executed. 

So, the next time you’re reconciling ledgers, always know that you share a centuries-old legacy with various unsung historic WWII warriors.

You’ve mastered the wildest reconciliation. But when someone drops “HIPAA compliance” into a conversation, you start nodding politely while low-key Googling acronyms under the table. 

Wisdify’s Healthcare Accounting Series designed specifically for CPAs helps you instantly step towards one of the most highly regulated, and lucrative working industries out there.

Healthcare Taxation & Compliance provides a detailed guide on tax reporting and healthcare-specific requirements. Covering differences between for-profit and nonprofit organizations, IRS forms like 990, 1023, and 990-T, while discussing tax-exempt status under 501(c)(3), UBIT, and applicable federal, state, local compliance requirements. Valuable tax credits, incentives are explored, such as ERC, R&D, and green energy, providing ways on how to identify auditing risks, while implementing documentation best practices. 

Risk Management in Healthcare Finance teaches how to identify and manage financial, operational, and compliance risks in healthcare-specific industries. Learners explore real-world hospital case studies, use downloadable tools like a Risk Register Template, apply strategies like mitigation, risk transfer, insurance gap analysis. The course emphasizes financial integrity, audit preparedness, internal controls, use of analytics to detect anomalies, and preparation for regulatory shifts. 

Whether you’re eyeing premium healthcare clients or flirting with taking your professional expertise in-house, this series is your confidence booster.

Ready to level up? Get Wisdify today, and feel like the Sherlock Holmes mysterious expert of healthcare organizations!

Source: Wisdify

📝 Journaling Insider

Only 11 out of over 74,000 CPA exam candidates earned the prestigious Elijah Watt Sells Award given by AICPA and NASBA. To qualify, recipients had to get a cumulative average score beyond 95.50, pass all four CPA exam sections on their first attempt, and complete testing in 2024. The award honors both excellence and the legacy of Elijah Watt Sells, Deloitte’s founding partner.

The winners include professionals from top accounting firms like KPMG, PwC, Deloitte, American Express, and JP Morgan. Candidates hail from diverse locations including the U.S., India, and Japan. AICPA and NASBA leaders praised the successful recipients for their discipline, intellect, and leadership in shaping the accounting profession’s future.

Source: CPA Practice Advisor

💰 Making Cents of Accounting

#SendHelpNotReminders😵⌚