The Dig

Home
Notes
Archive
Leaderboard
About
MicroStrategy didn't early adopt new accounting for its Bitcoin; CEO Saylor may be scared of big taxes
New accounting rules for crypto assets are expected to increase Microstrategy’s net income, yet it’s not jumping onboard. Is the extra profit not worth…
 • 
Francine McKenna
 and 
Olga Usvyatsky
Crossposts: Two from Deep Quarry
Olga Usvyatsky has been on a tear, with two new posts, about long SEC comment reviews and what's in all those amended 10-Ks. I've got some additional…
 • 
Francine McKenna
Epilogue: A brazen disregard for public duty
There was more to the story, and a lot to learn, from an enforcement action against EY nearly 20 years ago to the day
 • 
Francine McKenna
1
A brazen disregard for public duty: PwC's latest auditor independence mess
Not hard to figure out who the complicit audit client, now business partner, is. But the PCAOB, and SEC, can't be shocked by this virtual insanity…
 • 
Francine McKenna
Born yesterday: The mismatch between fundamentals and share price started long before DJT
On the other hand, Donald Trump has certainly been a bad influence on investors', and citizens', perceptions of reality for a very long time..
 • 
Francine McKenna

March 2024

Cross-post: Are companies complying with the new SEC compensation clawback rule?
Deep Quarry does a deep data dive and sees 103 companies have noted that financial statements were corrected. Only one company said an exec comp…
 • 
Francine McKenna
There's a deluge of news about accounting: ADM, Chemours, Caterpillar, Autonomy, and Evergrande
Feels like I'm the little Dutch boy sticking a finger in a busted dike to stop the flood, but the news keeps on coming anyway.
 • 
Francine McKenna
Private equity sings the siren's song; Grant Thornton answers
Grant's leadership provides no specifics about what it will spend the money on, sticking to conspicuous vagueness. That's better for retaining the…
 • 
Jim Peterson
Singing for your supper: Defending audit firms and auditors
We've all got to make a living but some of us are more intellectually consistent about it.
 • 
Francine McKenna
1
Cross-post: More on SEC comment letters and Tesla's tax accounting
SEC comments on tax valuation allowance are uncommon and may lead to changes in accounting.
 • 
Francine McKenna
 and 
Olga Usvyatsky
The Bankers' New Clothes: An interview with Stanford's Anat Admati
New bank failures prove you were naive to believe banks were reformed after the Global Financial Crisis and that we’d never again have to choose between…
 • 
Francine McKenna

February 2024

© 2024 Francine McKenna
Privacy ∙ Terms ∙ Collection notice
Start WritingGet the app
Substack is the home for great culture