GPT-5 Launch & Charting Fail, Crazy $$$ Going Into AI Accounting Tech

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 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/ Need CPE? Get CPE for listening to podcasts with Earmark: https://earmarkcpe.com Subscribe to the Earmark Podcast: https://podcast.earmarkcpe.com Get in Touch Thanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary . Find us on Facebook and Instagram . If you like what you hear, please do us a favor and write a review on Apple Podcasts or Podchaser . Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040. Sponsorships Are you interested in sponsoring The Accounting Podcast? For details, read the prospectus . Need Accounting Conference Info? Check out our new website - accountingconferences.com Limited edition shirts, stickers, and other necessities TeePublic Store: http://cloudacctpod.link/merch Subscribe Apple Podcasts: http://cloudacctpod.link/ApplePodcasts YouTube...