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GPT-5 Launch & Charting Fail, Crazy $$$ Going Into AI Accounting Tech
Episode 448
Blake and David discuss how both AICPA and NASBA have officially endorsed a 120-hour CPA licensure pathway in the ninth edition of the Uniform Accountancy Act, validating Blake's long-standing advocacy against the 150-hour requirement. They also examine Baker Tilly's policy, which requires CPAs to remove their designations from email signatures and LinkedIn profiles due to alternative practice structures. They move on to the launch of GPT-5, praising its improved integration but noting concerning chart errors in OpenAI's presentation and ongoing hallucination issues. Rounding things out, they also discuss Trump's firing of newly-appointed IRS Commissioner Billy Long after just weeks in office, comparing it to his dismissal of the Bureau of Labor Statistics head over unfavorable job revision data.
Sponsors
OnPay - http://accountingpodcast.promo/onpay
Keeper - http://accountingpodcast.promo/keeper
Missive - http://accountingpodcast.promo/missive
TeamUp - http://accountingpodcast.promo/teamup
Chapters
- (00:41) - AICPA and NASBA owe Blake an apology
- (02:35) - AI and GPT-5 Launch
- (04:17) - CPA License Controversy
- (13:04) - IRS and BLS Firings
- (24:54) - Tariffs and Economic Impact
- (37:13) - Impressive Results with GPT-5
- (41:13) - Private Equity and Accounting Firms
- (45:16) - AI Errors in High-Stakes Presentations
- (56:41) - SEC's New Stable Coin Regulations
- (59:56) - China's Response to US Stable Coin Regulations
- (01:01:16) - KPMG and the Silicon Valley Bank Collapse
- (01:03:20) - Macy's Executive Bonuses Clawed Back
- (01:05:33) - Luckin Coffee's Auditor Penalized
- (01:08:34) - Mike Lynch's Estate Hit with $1 Billion Judgment
- (01:09:51) - Match Group's Stock Surge and Economic Optimism
- (01:12:58) - Final Thoughts and Continuing Education
Show Notes
NASBA, AICPA give blessing to 120-hour CPA pathway
https://www.cfo.com/news/governing-bodies-of-accounting-give-blessing-to-120-hour-cpa-requirement/754033/
AICPA and NASBA Approve Model Legislation for New CPA Licensure Path
NASBA and AICPA Publish Ninth Edition of the Uniform Accountancy Act (UAA)
Alaska Becomes the Latest State to Offer an Alternate CPA Pathway, With No Help From the Governor
CPA requirements by state
https://www.cfo.com/news/cpa-requirements-by-state-cfo-accounting-updates-changes-150-hour/740328/
Baker Tilly Secures Private Equity Investment in Largest CPA Transaction to Date