The FRIDAY Lowdown ⬇️

Yooo I’m back. Took a little hiatus, was down in Myrtle Beach with the wife, smashing golf balls and eating way too much fried seafood. But now I’m back in action. Hope you missed me. At least you know I actually write these stories myself (no AI bs).

If you're new around here, every day I share the 4-5 best accounting insights I saw in the past 24 hours.

I scroll. so you don't have to.

💎 WTF of the Day

SEC Chair Warns IFRS Recognition at Risk

SEC boss Paul Atkins basically told the IFRS Foundation “fund your accounting board properly, or we might yank your U.S. hall pass.” Right now, foreign companies can file IFRS financials in the U.S. without reconciling to GAAP. But Atkins is threatening to bring that requirement back if IFRS can’t prove stable funding and stop wandering into “sustainability side quests.”

The foundation ran a $2.7M loss last year, is out begging for donations, and is juggling both accounting and sustainability boards. Atkins hates that, calling it mission creep. If funding woes continue, multinationals could be stuck doing double books again.

💎 What’s poppin in accounting

Will the HIRE Act Kill Outsourcing?

Congress just lobbed a grenade at CPA firms that rely on offshore help. The new “HIRE Act” (Halting International Relocation of Employment) would slap a 25% tax on payments to foreign service providers and take away the deduction for outsourcing costs. Translation: your $100K India tax-prep contract suddenly costs $146K.

Big firms with U.S. back offices might shrug this off. Smaller firms? Not so much. Puerto Rico could become a loophole paradise, and U.S.-based middlemen will likely pop up to soften the blow (for a price).

The bill’s still early, and lobbyists are sharpening knives, but if it passes, expect CPA firms to either jack up prices, reshuffle operations, or pivot into new advisory work helping clients navigate the mess.

 📊 Weekly Trend Chart

Oracle Just Went Full Nvidia (at Least on Paper)

Oracle dropped the hottest forecast of the year: $144B in cloud revenue by 2030. That’s 14x last year. With Larry Ellison at the wheel, the stock popped 30% the backlog’s up 359% ($455B), and Ellison’s now basically a coin flip away from leapfrogging Musk as richest dude alive.

Big caveat: it’s all projections. But Wall Street’s eating it up like free AI chips.

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