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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.
 • Francine McKenna
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…
 • Francine McKenna and Olga Usvyatsky
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.
 • Francine McKenna
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.
 • Francine McKenna
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…
 • Francine McKenna and Olga Usvyatsky
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…
 • Francine McKenna

July 2026

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…
 • Francine McKenna
What's the real reason Kraken sued Mazars?
It's all about the IPO.
 • Francine McKenna
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…
 • Tzachi Zach
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!
 • Francine McKenna and Olga Usvyatsky
Crosspost: Finding The Motley Fool's fingerprints in letters to the SEC
Prof. Tzachi Zach analyzes one of the most visible retail campaigns in the SEC's semiannual reporting proposal docket: The one led by The Motley Fool.
 • Tzachi Zach
Unrealized gains, free cash flow, and the "Magnificent 7"
Everyone is watching FCF and CAPEX for the dominant, highly influential, mega-cap tech and tech-adjacent firms: Nvidia, Apple, Microsoft, Alphabet…
 • Francine McKenna
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