03/12/2025

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! 

📝 Journaling Insider

The PCAOB has sanctioned nine KPMG global firms across Brazil, Canada, Italy, Israel, the UK, Mexico, South Korea, Switzerland, and Australia for violating audit rules and quality control standards. These accounting firms failed to disclose audit participants, preventing investors from accessing crucial information. KPMG Australia, Brazil, Canada, and the UK also failed to inform audit committees about other firms' roles, while KPMG Brazil violated PCAOB Rule 2200 by not reporting certain audit reports.

The firms were fined $3.375 million, censured, and required to implement corrective actions to improve their quality control policies. Without admitting wrongdoing, they consented to the PCAOB’s enforcement measures. Officials emphasized the importance of audit transparency and accountability, reinforcing investor protection and compliance with Sarbanes-Oxley Act provisions.

Source: Public Company Accounting Oversight Board (PCAOB)

💰 Making Cents of Accounting

#TheNumbersChoseMe💸🙏

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💸 Profit & Loss Report

Rep. Steve Cohen (D-TN) has reintroduced the Tax Return Preparer Accountability Act (H.R. 1983) to grant IRS authority to regulate tax preparers, establish minimum competency standards, and revoke identification numbers of sanctioned preparers. The bill also requires IRS to implement an automated system to identify taxpayers at economic risk and mandates enhanced security measures for tax software providers.

The IRS has pushed for preparer regulation since its 2013 Registered Tax Return Preparer Program was struck down in Loving v. IRS. While the agency currently offers the voluntary Annual Filing Season Program, Cohen’s bill aligns with past IRS recommendations and the Biden administration’s 2021 American Families Plan to ensure accuracy, fairness, and fraud prevention in tax preparation.

Source: Accounting Today

💎 Rare Accounting Oddities

Ever wondered what accounting would be like without zero? A total disaster! Balancing ledgers, tracking profits, and calculating taxes would be an impossible mess.

Thankfully, in 5th-century India, the brilliant mathematician Aryabhata helped refine the concept of zero, drawing from the Sanskrit word “śūnya” (meaning “empty” or “void”). This small but mighty numeral revolutionized math, finance, and, of course, accounting.

So, the next time you see a clean ₱0.00 balance, give a nod to history—because in accounting, zero is far from nothing!