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Colbert's Losing P&L, Impending AI Fraud Crisis, House Holds FASB Hostage

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Manage episode 497607648 series 1918353
Content provided by Earmark Media LLC, Blake Oliver, and David Leary. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Earmark Media LLC, Blake Oliver, and David Leary or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.

What happens when politicians threaten to cut funding from accounting standard-setters unless they eliminate specific rules? Blake and David explore unprecedented political interference in FASB and PCAOB operations, plus the IRS facing a 23% budget cut despite Trump's push for more customer service staff. They unpack Sam Altman's warning about AI breaking voice authentication at major banks, why accounting degrees deliver 261% ROI (fourth-best among all majors), and how $28.7 billion in private equity money is reshaping CPA firms. Plus, the economic reality behind Stephen Colbert's show cancellation, Bitcoin's institutional takeover, and how tariff uncertainty is creating impossible planning conditions for businesses.

Sponsors
Human at Scale - http://accountingpodcast.promo/human
Keeper - http://accountingpodcast.promo/keeper
Missive - http://accountingpodcast.promo/missive
Cloud Accountant Staffing - http://accountingpodcast.promo/cas


Chapters
  • (00:41) - The Decline of Late Night TV
  • (03:02) - The Shift to Digital Media
  • (13:51) - AI in Accounting Firms
  • (16:46) - PCOB Leadership Changes
  • (20:06) - Legislation to Eliminate PCOB
  • (21:06) - FASB Funding Threats
  • (24:54) - IRS Budget Cuts
  • (31:56) - Deloitte's Audit Investigation
  • (32:55) - Uncovering Glencore Energy's Bribery Scandal
  • (34:19) - The ROI of an Accounting Degree
  • (38:01) - Private Equity's Surge in Accounting Firms
  • (54:46) - The Immigration Debate and Economic Consequences
  • (01:00:57) - Alternative Pathways in Accounting: Alaska's New Law
  • (01:01:48) - Conclusion Final Thoughts

Show Notes

CBS is ending 'The Late Show with Stephen Colbert' next year | CNN Business
https://www.cnn.com/2025/07/17/media/cbs-cancels-stephen-colbert

Stephen Colbert's 'Late Show' run will come to an end next year as CBS cancels franchise
https://www.nbcnews.com/pop-culture/tv/stephen-colbert-late-show-end-cbs-rcna219499

Inside CBS' 'agonizing decision' to cancel Colbert's top-rated late-night show | CNN Business https://www.cnn.com/2025/07/18/media/colbert-cbs-late-show-cancel-paramount-trump

SEC.gov | SEC Announces George Botic to Serve as Acting Chair of the Public Company Accounting Oversight Board
https://www.sec.gov/newsroom/press-releases/2025-100-sec-announces-george-botic-serve-acting-chair-public-company-accounting-oversight-board

George Botic Takes Over as Acting Chief of the PCAOB - CPA Practice Advisor
https://www.cpapracticeadvisor.com/2025/07/22/george-botic-takes-over-as-acting-chief-of-the-pcaob/165364/

SEC names George Botic as acting chair of PCAOB | Accounting Today
https://www.accountingtoday.com/news/sec-names-george-botic-as-acting-chair-of-pcaob

House Republicans propose to withhold funds from FASB unless income tax reporting standard is withdrawn | Accounting Today
https://www.accountingtoday.com/news/house-republicans-propose-to-withhold-funds-from-fasb

GOP Threatens Accounting Board Funding Over Tax Disclosure Rules
https://news.bloombergtax.com/financial-accounting/gop-threatens-accounting-board-funding-over-tax-disclosure-rules

Americans Want to Know Which Corporations Aren't Paying Taxes, but House Republicans Want to Keep this Information Secret
https://itep.org/corporate-tax-avoidance-house-republicans-spending-bill/

Trump wants to reverse the staffing cuts he's overseen for IRS customer service. House Republicans disagree. - Government Executive
https://www.govexec.com/workforce/2025/07/trump-wants-reverse-staffing-cuts-hes-overseen-irs-customer-service-house-republicans-disagree/407002/

Trump slashes 25% of IRS workforce with buyouts, firings of nearly 26,000 agency staff https://www.washingtontimes.com/news/2025/jul/22/trump-slashed-25-irs-workforce/

Need CPE?

Get CPE for listening to podcasts with Earmark: https://earmarkcpe.com
Subscribe to the Earmark Podcast: https://podcast.earmarkcpe.com

Get in Touch

Thanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and write a review on Apple Podcasts or Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.

Sponsorships

Are you interested in sponsoring The Accounting Podcast? For details, read the prospectus.

Need Accounting Conference Info?

Check out our new website - accountingconferences.com

Limited edition shirts, stickers, and other necessities

TeePublic Store: http://cloudacctpod.link/merch

Subscribe

  continue reading

558 episodes

Artwork
iconShare
 
Manage episode 497607648 series 1918353
Content provided by Earmark Media LLC, Blake Oliver, and David Leary. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Earmark Media LLC, Blake Oliver, and David Leary or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.

What happens when politicians threaten to cut funding from accounting standard-setters unless they eliminate specific rules? Blake and David explore unprecedented political interference in FASB and PCAOB operations, plus the IRS facing a 23% budget cut despite Trump's push for more customer service staff. They unpack Sam Altman's warning about AI breaking voice authentication at major banks, why accounting degrees deliver 261% ROI (fourth-best among all majors), and how $28.7 billion in private equity money is reshaping CPA firms. Plus, the economic reality behind Stephen Colbert's show cancellation, Bitcoin's institutional takeover, and how tariff uncertainty is creating impossible planning conditions for businesses.

Sponsors
Human at Scale - http://accountingpodcast.promo/human
Keeper - http://accountingpodcast.promo/keeper
Missive - http://accountingpodcast.promo/missive
Cloud Accountant Staffing - http://accountingpodcast.promo/cas


Chapters
  • (00:41) - The Decline of Late Night TV
  • (03:02) - The Shift to Digital Media
  • (13:51) - AI in Accounting Firms
  • (16:46) - PCOB Leadership Changes
  • (20:06) - Legislation to Eliminate PCOB
  • (21:06) - FASB Funding Threats
  • (24:54) - IRS Budget Cuts
  • (31:56) - Deloitte's Audit Investigation
  • (32:55) - Uncovering Glencore Energy's Bribery Scandal
  • (34:19) - The ROI of an Accounting Degree
  • (38:01) - Private Equity's Surge in Accounting Firms
  • (54:46) - The Immigration Debate and Economic Consequences
  • (01:00:57) - Alternative Pathways in Accounting: Alaska's New Law
  • (01:01:48) - Conclusion Final Thoughts

Show Notes

CBS is ending 'The Late Show with Stephen Colbert' next year | CNN Business
https://www.cnn.com/2025/07/17/media/cbs-cancels-stephen-colbert

Stephen Colbert's 'Late Show' run will come to an end next year as CBS cancels franchise
https://www.nbcnews.com/pop-culture/tv/stephen-colbert-late-show-end-cbs-rcna219499

Inside CBS' 'agonizing decision' to cancel Colbert's top-rated late-night show | CNN Business https://www.cnn.com/2025/07/18/media/colbert-cbs-late-show-cancel-paramount-trump

SEC.gov | SEC Announces George Botic to Serve as Acting Chair of the Public Company Accounting Oversight Board
https://www.sec.gov/newsroom/press-releases/2025-100-sec-announces-george-botic-serve-acting-chair-public-company-accounting-oversight-board

George Botic Takes Over as Acting Chief of the PCAOB - CPA Practice Advisor
https://www.cpapracticeadvisor.com/2025/07/22/george-botic-takes-over-as-acting-chief-of-the-pcaob/165364/

SEC names George Botic as acting chair of PCAOB | Accounting Today
https://www.accountingtoday.com/news/sec-names-george-botic-as-acting-chair-of-pcaob

House Republicans propose to withhold funds from FASB unless income tax reporting standard is withdrawn | Accounting Today
https://www.accountingtoday.com/news/house-republicans-propose-to-withhold-funds-from-fasb

GOP Threatens Accounting Board Funding Over Tax Disclosure Rules
https://news.bloombergtax.com/financial-accounting/gop-threatens-accounting-board-funding-over-tax-disclosure-rules

Americans Want to Know Which Corporations Aren't Paying Taxes, but House Republicans Want to Keep this Information Secret
https://itep.org/corporate-tax-avoidance-house-republicans-spending-bill/

Trump wants to reverse the staffing cuts he's overseen for IRS customer service. House Republicans disagree. - Government Executive
https://www.govexec.com/workforce/2025/07/trump-wants-reverse-staffing-cuts-hes-overseen-irs-customer-service-house-republicans-disagree/407002/

Trump slashes 25% of IRS workforce with buyouts, firings of nearly 26,000 agency staff https://www.washingtontimes.com/news/2025/jul/22/trump-slashed-25-irs-workforce/

Need CPE?

Get CPE for listening to podcasts with Earmark: https://earmarkcpe.com
Subscribe to the Earmark Podcast: https://podcast.earmarkcpe.com

Get in Touch

Thanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and write a review on Apple Podcasts or Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.

Sponsorships

Are you interested in sponsoring The Accounting Podcast? For details, read the prospectus.

Need Accounting Conference Info?

Check out our new website - accountingconferences.com

Limited edition shirts, stickers, and other necessities

TeePublic Store: http://cloudacctpod.link/merch

Subscribe

  continue reading

558 episodes

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