SEC Prepares for Semi-Annual Reporting & the True Cost of the Iran War

May 18 · 1 hr 4 min · Episode 487 · 61.6 MB

0:00-1:04:08

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Could public companies stop reporting every quarter? Blake and David break down the SEC’s push toward optional semiannual reporting, OpenAI’s new consulting arm, and what both moves could mean for accountants. They also cover tariff refund accounting, audit lawsuits, AI outperforming doctors in diagnosis tests, and why accountants may be better positioned than ever to build software and solve higher-value problems.

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Chapters

(00:00) - TAP 487
(02:52) - Semiannual reporting shift
(06:46) - OpenAI enters consulting
(09:59) - True cost of Iran war
(15:40) - Xero founder scandal
(18:42) - Tariffs and refund accounting
(24:51) - WNBA millionaire tax myth
(28:18) - NYC pied a terre tax
(31:42) - Education loans and accounting
(34:58) - Chat Prompts Cyber Accounting
(36:15) - PwC Audit Scandal Lawsuit
(38:17) - BDO First Brands Fallout
(40:50) - PCAOB QC Rule Debate
(44:34) - RSM Layoffs Audit Demand
(46:54) - AI Beats ER Doctors
(49:18) - Chegg Disrupted By AI
(51:13) - Rethinking Education Model
(53:17) - Accountants As Vibe Coders
(56:55) - Build Accounting In Excel
(01:01:44) - Wrap Up CPE And Travel

Show Notes

SEC, FASB Prepare for Semi-Annual Reporting Option

https://www.accountingtoday.com/news/sec-fasb-prepare-for-semi-annual-reporting-option

OpenAI Launches the OpenAI Deployment Company to Help Businesses Build Around Intelligence

https://openai.com/index/openai-launches-the-deployment-company/

Opinion | The Iran War Will Cost Trillions

https://www.nytimes.com/2026/05/08/opinion/hegseth-war-cost.html

Global Economic Conditions Survey: Q1 2026

https://www.accaglobal.com/us/en/professional-insights/global-economics/gecs-q1-2026.html

Xero Founder Sir Rod Drury Returns New Zealander of the Year Award Amid Misconduct Claims

https://www.rnz.co.nz/news/business/594669/xero-founder-sir-rod-drury-returns-new-zealander-of-the-year-award-amid-misconduct-claims

Refunds on Trump Tariffs Pose Accounting Dilemmas for Companies

https://news.bloombergtax.com/financial-accounting/refunds-on-trump-tariffs-pose-accounting-dilemmas-for-companies

WNBA Star Kelsey Plum Shows Embarrassing Lack of Tax Knowledge

https://thespun.com/wnba/wnba-star-kelsey-plum-shows-embarrassing-lack-of-tax-knowledge

Column: WNBA Star Kelsey Plum Is Taking Heat for Getting California Tax Law Wrong. But Don't Blame Her

https://www.cpapracticeadvisor.com/2026/05/06/column-wnba-star-kelsey-plum-is-taking-heat-for-getting-california-tax-law-wrong-but-dont-blame-her/182897/

New York's Pied-a-Terre Tax Sets Up Legal Fight Over Values

https://www.cnbc.com/2026/04/24/new-york-pied-a-terre-tax.html

Education Dept. Rejects Accounting as Professional Degree

https://www.accountingtoday.com/news/education-dept-rejects-accounting-as-professional-degree

Corporate Travel's Accounting Shock: What It Means for PwC and the Wider Industry

https://www.corporatekeysaustralia.com.au/accommodation/news/corporate-travels-accounting-shock-what-it-means-for-pwc-and-the-wider-industry

First Brands Creditor Sues Auditor BDO Over Missed Red Flags

https://news.bloombergtax.com/financial-accounting/first-brands-creditor-sues-auditor-bdo-over-missed-red-flags

Layoff Watch '26: RSM Trims Down in Audit

https://www.goingconcern.com/layoff-watch-26-rsm-trims-down-in-audit/

AI Is Starting to Beat Doctors at Making Correct Diagnoses

https://www.science.org/content/article/ai-starting-beat-doctors-making-correct-diagnoses

Chegg Was Dying Way Before ChatGPT – Chatbots Just Dealt the Fatal Blow

https://www.barchart.com/story/news/1744436/chegg-was-dying-way-before-chatgpt-chatbots-just-dealt-the-fatal-blow

Anthropic's Boris Cherny: Why Coding Is Solved, and What Comes Next

https://www.youtube.com/watch?v=SlGRN8jh2RI

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