⬇️ The Wednesday Lowdown ⬇️

If you’re new around here, every day I share the 5 best accounting insights I saw in the past 24 hours.

I scroll. so you don’t have to.

💎 WTF of the Day

Lovesac Fined $1.5M for Accounting Fraud

Big news for sofa lovers! Lovesac, the brand everyone trusts for comfy modular couches, just got hit with a $1.5 million fine from the SEC. They overstated their sales and hid some expenses to make the company look way healthier than it really was.

This shady move has damaged their reputation and made investors lose trust. A tough reminder that even the coziest brands need to keep their financials straight.

Source: Law360

💎 What’s poppin in accounting

FASB’s New Software Cost Rules

Big news for accountants! The Financial Accounting Standards Board is rolling out new guidelines on how companies handle software costs. Now, businesses have clearer rules on when to capitalize software expenses and how to amortize them over time.

Whether you’re managing a startup or a large company, these updates will affect how you track and report your software spending.

Source: CPA Practice Advisor

💎 Did you know?

Bookkeeper: The Word with Triple Doubles

Did you know that "bookkeeper" is the only unhyphenated English word with three consecutive double letters? It’s pretty unique, just like the awesome work bookkeepers do every single day.

 📊 Weekly Trend Chart

Home Sales Crash to 14-Year Low

Existing home sales have plunged to a 14-year low, dropping nearly 20% since 2014. At the same time, new home sales are seeing a different story, with a steady increase of about 15% over the same period. This shift highlights a move away from older homes to newer constructions, driven by rising mortgage rates and limited inventory

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