Do any devs here have to submit EODs (End of day reports)?

The software company I work for were recently acquired by a larger services firm, and they're introducing EODs as a requirement for developers.

I can see where they'd be useful for sales people, talking about new sales prospects contacted and "closes". For software folks, it seems pointless as you'll often be working on the same project for a prolonged period of time and giving a day by day breakdown would involve lots of domain-specific terminology which won't be relevant to non developers. Is this common or do I work for a pointy haired boss?