Town square: Following up on Microsoft's 10-K, my FT Alphaville column, Australia news, and more
Today we're meeting in the square to deliver a roundup of additional commentary and links.
The Dig
Francine McKenna digs into accounting, audit, and corporate governance issues at public and pre-IPO companies.
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Latest posts
What CoreWeave’s $1.3 Billion deferred revenue reclassification might be telling us
We attempted to trace a $1.3 billion reclassification from deferred revenue to customer liabilities to see what it might tell us about customer contracts and project delivery.
Welcome new free subscribers!
It's been great to see so many coming my way as a result of the FT Alphaville Anthropic's auditor column.
A prize in every box: SEC enforcement, CPA education, GT/CBIZ/Marcum, SVB/KPMG, and Pat Kelly on gambling
Today's newsletter's got something for everyone and, like a bowl of chocolates, you never know what you're going to get.
Microsoft's 2026 Annual Report: What's going on with all the accounting changes?
Microsoft's latest disclosures are a little more but still not enough to fully explain its relationship with OpenAI, its capital expenditures, and its free cash flow. We'll try to shed some light.
An award and a memory
I’ve been in Las Vegas this weekend, attending the AAA Public Interest, Ethics, and Sustainibility Symposium. Fortunately, I leave nothing in Vegas but memories.
Mazars and Kraken: An unfortunately doomed relationship
Kraken is making an example of Mazars. I believe the resignation was justified but Mazars did not help themselves. Even more interesting now is which Big 4 firm took it on after Mazars walked out.
What's the real reason Kraken sued Mazars?
It's all about the IPO.
Crosspost: Who wrote this? Measuring the human contribution when writing with AI
Prof Tzachi Zach discusses his rewarding collaboration with Claude that both improved the quality of the article about his SEC comment letter tracker and made producing it more efficient.
Post-mortem: The SEC's pre-IPO comment letters to SpaceX
Can investors infer the likely focus of the SEC’s confidential review before the comment letters become public? Yes! Yes they can!