The Thursday Lowdown ⬇️

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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

White House cancels Biden AI order

Biden’s 2023 rule forcing tech companies to share their AI secrets with the government just got canceled. The goal was to keep AI safe, but critics said it killed innovation by making companies hand over trade secrets.

Now, Big Tech can speed up AI without the extra red tape. Some are cheering, but others are asking,without oversight.

For us accountants faster AI means better tools are coming but no rules could bring more glitches and leaks. Stay careful with what you trust.

Source AP News

💎 What’s poppin in accounting

FASB Promises to ‘Simplify’ Rules

FASB just dropped a proposal to make their codification easier to use. They’re saying things like “clearer language” and “better organization,” but let’s be real, when has anything in accounting ever actually gotten simpler? They claim updates like consolidating revenue recognition rules and tweaking vague terms like “probable” will save everyone time.

FASB’s rules are notorious for being a maze. Even if they clean it up a bit, will it really make financial reporting easier, or is this just a PR move to quiet the complaints? Only time will tell.

Source: CPA Practice Advisor

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 📊 Weekly Trend Chart

Instagram Out-Hates Facebook

For the first time ever, Meta’s moderators are tackling more hate speech on Instagram than Facebook. Why? Because Instagram’s younger, drama-filled crowd is now the bigger hotspot for toxic content.

Meta’s scrambling to keep up with EU rules cracking down on harmful posts. The real question, are they cleaning it up or just sweeping it under the rug?

#😂

😂 me and the squad

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