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.

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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

https://nasba.org/blog/2025/05/13/aicpa-and-nasba-approve-model-legislation-for-new-cpa-licensure-path/

NASBA and AICPA Publish Ninth Edition of the Uniform Accountancy Act (UAA)

https://nasba.org/blog/2025/07/22/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

https://www.goingconcern.com/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

https://insidepublicaccounting.com/2024/02/05/baker-tilly-secures-private-equity-investment-in-largest-cpa-transaction-to-date/

Trump ousts Billy Long as IRS commissioner, names Bessent acting head

https://www.cnn.com/2025/08/08/politics/billy-long-ousted-irs-commissioner

IRS Commissioner Billy Long replaced after less than two months

https://www.npr.org/2025/08/08/nx-s1-5496549/irs-billy-long-trump

Trump removes Billy Long as IRS commissioner, giving him the shortest-ever tenure in the role

https://federalnewsnetwork.com/management/2025/08/trump-removes-billy-long-as-irs-commisioner-less-than-2-months-after-his-confirmation/

OpenAI botches the charts in GPT-5 introduction

https://flowingdata.com/2025/08/07/openai-botches-the-charts-in-gpt-5-introduction/

GPT-5 Launch Demo Plagued With Catastrophically Dumb Errors

https://futurism.com/gpt-5-demo-dumb-errors

Sam Altman addresses 'bumpy' GPT-5 rollout, bringing 4o back, and the 'chart crime'

https://techcrunch.com/2025/08/08/sam-altman-addresses-bumpy-gpt-5-rollout-bringing-4o-back-and-the-chart-crime/

Introducing GPT-5

https://openai.com/index/introducing-gpt-5/

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