The Friday Lowdown ⬇️

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

Carvana’s Accounting Crash

Carvana, famous for its car vending machines, is facing serious heat. Short seller Hindenburg Research has accused the company of hiding massive losses and inflating profits to make its financials look better than they really are, branding it “a grift for the ages.”

Leading to a sharp drop in shares and a wave of investor distrust. Once a rising star in the used car market, Carvana now faces a major credibility crisis.

Source: New York Post.

💎 What’s poppin in accounting

SEC Approves New Rule to Deregister Audit Firms

The new rule lets the PCAOB (the people who oversee auditors) remove audit firms from their approved list more easily if those firms are consistently doing bad work, breaking rules, or lying to investors.

Before, there were long processes and paperwork that slowed everything down. Now, they can act faster when it’s clear a firm is not trustworthy. This means unreliable audit firms can’t keep operating for as long as they used to.

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 📊 Weekly Trend Chart

Income Needed to Join the Top 1% in Every U.S. State

This map isn’t just about income, it’s a window into how cost of living, local economies, and opportunity shape what it means to be “rich” in America.

The gap between states like Connecticut and West Virginia tells a bigger story about inequality and where wealth is really concentrated.

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