03/26/2025

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.K. Financial Reporting Council (FRC) fined PwC £2.9 million ($3.8 million) and auditor Jonathan Hinchliffe £33,412 ($43,250) for critical failures in their 2019 audit of Wyelands Bank, owned by Sanjeev Gupta. The bank was forced to return depositors’ funds in 2021 after regulators found it had concealed its high-risk exposure to Gupta’s firms.

The audit failed in six key areas, overlooking clear regulatory warnings about Wyelands’ ties to Gupta’s GFG Alliance. The bank’s collapse followed the downfall of Greensill Capital, its main lender, which led to financial turmoil for metals tycoon Lex Greensill. PwC admitted its audit fell short of required standards and issued an apology.

Source: Accounting Today

🧮 COOL AF! (Cool Accounting Facts!)

Ever wonder how NASA misplaced $600 million here on Earth? In 2015, financial mismanagement led to cost overruns on Boeing’s development of the Space Launch System (SLS) — a project already going through billions. A mix of technical hiccups, equipment failures, and extreme weather pushed delays by 2.5 years and inflated costs by $4 billion overall!

The lesson? Even rocket scientists need accountants who really know where the money is going. Because while NASA explores the final frontier, their financial  budget shouldn’t be lost in a black hole. #AccountingLaunchFailure

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🔢Numbers Don’t Lie

The Office of Personnel Management (OPM) petitioned the U.S. Supreme Court to block a ruling reinstating 16,000 probationary federal employees fired under the Trump administration. Judge William H. Alsup ruled the firings unlawful, as they were not based on performance. Agencies reinstated employees but placed many on leave, which Alsup said violated his order.

OPM argues it didn’t fire employees directly and claims the ruling disrupts agency authority, imposes logistical burdens, and exceeds judicial limits. It warns of “irreparable harm” by forcing agencies to retain employees against their will. The Supreme Court’s decision will shape federal workforce policies.

Source: Thomson Reuters

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