The Tuesday 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

KPMG Is Merging Itself… With Itself

KPMG is rolling up some of its affiliates into one big operation. Why? Bigger firm, bigger deals, and (hopefully) fewer sloppy audits. Regulators have been cracking down on firms dropping the ball, so KPMG is trying to tighten things up before the SEC or PCAOB does it for them.

The real play? More efficiency = more money. And with audit quality under the microscope, this could be their way of proving they’re cleaning house. Will it actually lead to better audits or just bigger invoices? Time will tell.

Source: Bloomberg Tax

💎 What’s poppin in accounting

AICPA Tweaks Independence Rules for PE $$

Private equity keeps throwing cash at accounting firms, and the AICPA is tweaking the rules to keep up. Right now, firms owned by BIG money investors still have to follow strict independence rules, but those rules weren’t built for PE-backed firms.

The new proposal would loosen things up, making it easier for firms to raise capital while still keeping audits legit. Translation… More PE takeovers, fewer headaches on the compliance side.

Source: Journal of Accountancy

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America Is Over Daylight Saving Time

Every year, we go through the same dumb ritual, lose an hour of sleep, feel like a zombie for a week, and wonder why this is still a thing. Turns out, most Americans agree, daylight saving time needs to die. The problem? No one can decide how to kill it.

Some want to keep daylight saving time year-round (more evening sun), others want permanent standard time (less disruption). Meanwhile, Congress is dragging its feet, and we’re all stuck changing our clocks like it’s 1920.

For accountants, this means another headache, payroll mix ups, time tracking errors, and a brief period where no one knows what time it is. Just pick a lane, America.

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