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

Citi’s $81 Trillion Accounting Faceplant

Imagine messing up $81 TRILLION on your books. That’s what Citi just did, reporting an absolutely insane derivatives exposure because of a manual accounting error. Basically, someone fat-fingered the numbers, making Citi look like it was drowning in risk when it really wasn’t.

No money actually moved, but regulators were not amused. Citi had to scramble to fix the mistake, which just proves a point every accountant already knows, relying on outdated, manual processes in 2025 is a disaster waiting to happen.

Also, if a bank managing trillions can do this, imagine what’s lurking in smaller firms books.

Source: MSN

💎 What’s poppin in accounting

AICPA Calls BS on IRS’s New Partnership Rules

The IRS just dropped new rules that target how partnerships move money between related businesses, and the AICPA says they’re a disaster. Normally, businesses use related-party transactions (moving money between subsidiaries or partner-owned entities) for totally legal tax planning.

The IRS, however, thinks some are abusing the system to dodge taxes and now wants stricter rules to track every dollar.

The problem? The rules are vague, compliance is a nightmare, and even legit transactions could get flagged.

Accountants are already drowning in tax season madness, and now they’ll have to spend even more time proving businesses aren’t breaking the law. The AICPA is pushing back hard, calling the changes “unworkable” and a compliance headache no one asked for.

Source: Accounting Today

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Meet Mixue, The Ice Cream Chain Bigger Than McDonald’s

You might not have heard of Mixue, but this Chinese ice cream and tea chain just passed McDonald’s in total store count. With over 36,000 locations, it’s the fastest-growing food chain in the world, fueled by dirt-cheap prices and a viral cult following in China and beyond.

Investors are scrambling to get a piece as Mixue gears up for a massive IPO. The company’s playbook? Flood markets with ultra-low-cost stores, dominate social media, and sell drinks for as little as 30 cents. The golden arches may own the burger game, but Mixue just proved that ice cream is king.

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