03/19/2025

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

The IRS workforce reductions alarm people over weakened tax enforcement. 6,700 employees were laid off in February, and reports suggest up to 50% of the remaining 90,000 could face termination, with 20% at risk by mid-May. These cuts roll back Inflation Reduction Act-funded IRS expansion, which targeted wealthy tax dodgers, corporations, and complex partnerships.

Experts warn that fewer resources will weaken audits of high-income filers, shifting the tax burden to middle and working-class taxpayers. The Senate’s budget bill rescinds $20.2 billion from IRS funding, crippling enforcement. With a hiring freeze in place and top IRS officials gone, tax evasion is expected to rise significantly.

Source: Thomson Reuters

💎 Rare Accounting Oddities

Around the world, banknotes are as colorful as a painter’s palette — meaning accountants don’t just make financial statements, they also become color experts!

From Switzerland’s artistically designed francs to India’s lavender and magenta rupees, each nation’s currency tells a unique story. But for accountants, this isn’t just about aesthetic — it’s about precision. With a rainbow of currencies in play, keeping financial records accurate is like mastering a technicolor puzzle.

So next time you’re handling finances, remember: accountants don’t just play with numbers — they’re artistically phenomenal, just like Van Gogh!

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📝 Journaling Insider

The FASB has finalized its 2025 taxonomies, now accepted by the SEC, including updates to the GAAP Financial Reporting (GRT), GAAP Employee Benefit Plan (EBPT), SEC Reporting (SRT), DQC Rules (DQCRT), and GAAP Meta Model Relationships (MMT) Taxonomies. These updates refine accounting standards, SEC Form 11-K filings, and financial disclosures, ensuring accuracy in digital reporting.

Key changes include the GRT’s accounting standard updates, the EBPT’s upgraded tagging for employee benefit plans, and the SRT’s improvements for SEC schedules. The DQCRT provides XBRL validation rules, while the MMT enhances data usability and element identification. To assist professionals, FASB will host a free CPE webinar on April 8 (1–2:30 p.m. ET) to guide users through these critical changes.

Source: Journal of Accountancy

💰 Making Cents of Accounting

#LessTeamsMoreMemes😂🖥️