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Using data to uncover trends in disclosure and reporting.

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Latest Issues

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.

This is collaborative effort, co-authored...

7 days ago
5
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Tesla's Investment in SpaceX: The $1 Billion Accounting Choice

Tesla and Alphabet both profited from SpaceX. Their financial statements tell different stories.

Alphabet (Ticker: GOOG) and Tesla (Ticker: Tesla) both reported material unrealized gains from their SpaceX investments. That’s where the simi...

16 days ago
9
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SEC Compensation Recovery Rule: Restatements and Related Clawbacks, Quarterly Update # 6

A quarterly review of compliance trends, SEC comment letters, and the complexities of recovery analysis

SEC Rule 10D-1 – often referred to as the compensation clawback rule — requires public companies to adopt policies to recover excess in...

21 days ago
3
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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!

This is collaborative effort, co-authored with The Dig the newsletter from Francine McKenna. If you value ou...

a month ago
4
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Long SEC Reviews Quarterly Update # 8

Long SEC reviews reflect ongoing regulatory concerns over a company’s financial disclosures or accounting practices, signaling potential risks or uncertainties to investors.

What are unresolved SEC comments, and why are they important?

a month ago
3
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  • Olga Usvyatsky

    Olga Usvyatsky is a former VP of Research of Audit Analytics, where she led the development of new data sets used by investors, regulators, and academics. Her work was frequently cited by media, including WSJ, Bloomberg, and MarketWatch.

  • Francine McKenna

    Francine McKenna writes, teaches, and speaks about audit, accounting and public company governance.

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