03/05/2025

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

The U.S. Treasury Department has announced it will no longer enforce penalties or fines associated with the Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA). Initially designed to curb illicit finance and prevent the misuse of shell companies, the BOI rule mandated small businesses to disclose their owners or controllers to the Financial Crimes Enforcement Network (FinCEN).

Despite resistance, the law took effect in 2021, with businesses facing civil fines of up to $591 per day and potential criminal penalties. The recent Treasury decision removes enforcement for millions of domestic businesses and shifts focus to foreign entities. While former President Donald Trump celebrated the move as a victory against government overreach, experts warn it could open the U.S. to financial crimes, making it a haven for fraudsters and illicit actors.

Source: Consumer News and Business Channel (CNBC)

🧮 COOL AF! (Cool Accounting Facts!)

What’s worse than cooking the books? Burning down an entire company in the process.

Back in 2001, Enron was the golden child of Wall Street—until it was exposed for hiding billions in debt through shady accounting tricks. But the real kicker? Arthur Andersen, their auditors, played along, shredding documents and covering up the fraud. The result? A financial meltdown of epic proportions.

• Enron’s stock plummeted from $90 to spare change 

• 85,000 Arthur Andersen employees were left jobless

• The U.S. introduced the Sarbanes-Oxley Act (SOX) to unravel corporate fraud.

Creative accounting may boost earnings reports, but it won’t save you from a courtroom. So if anyone suggests “tweaking the numbers”… consider tweaking your profession instead. 

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🔢Numbers Don’t Lie

The AICPA and NASBA have proposed changes to the Uniform Accountancy Act (UAA) that would introduce a third pathway to CPA licensure. Under this new model, candidates earn a bachelor’s degree with an accounting concentration, complete two years of professional experience, and pass the CPA Exam — offering an alternative to the existing two pathways, requiring either a master’s degree or 30 additional credit hours with one year of experience. This proposal aims to address barriers to entry while maintaining the profession’s high standards.

Additionally, the proposal includes an individual-based mobility model, allowing CPAs to practice across state lines with a single license, streamlining interstate work. To protect existing CPAs, safe-harbor provisions would ensure that those who meet current licensure requirements retain their practice privileges. While the public comment period is open until May 3, this proposal could reshape CPA licensure by offering greater flexibility without compromising expertise and competency standards.

Source: Journal of Accountancy

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