November 15, 2018

Accounting News Roundup: Anti-Excel CFOs and Deloitte Digital Gets Bigger | 11.27.17

accounting news deloitte digital

It’s Cyber Monday, so in between your holiday consuming sessions, try to catch up on some reading.

Stop Using Excel, Finance Chiefs Tell Staffs [CFOJ]
The battles lines are fierce in a debate straight out of a Ben Wyatt Parks & Rec storyline.

Consequences of Proposed Changes to the Net Operating Loss Rules [BNA]
Under the House bill, the NOL rules would no longer allow carrybacks and would make the carryforward period indefinite.

How a $250 Break for Teachers Explains a House-Senate Divide on Taxes [NYT]
The House bill eliminates the $250 Educator Expense Deduction; the Senate bill doubles it.

Deloitte Digital’s CMO Is Claiming Territory Long Held by Traditional Shops and Holding Companies [Adweek]
Buried in this profile of Deloitte Digital CMO Alicia Hatch, the size of the firm’s agency is revealed: $3.1 billion in global revenues; which is roughly double of what it reportedly was just a couple of years ago.

Tech CFOs Grow Desperate for Talent [CFO]
Not a single war metaphor in this most recent tale of hiring woe: “For literally every job we have out there, it’s very hard to find people,” says a CFO.

Singles day and GMV [China Accounting Blog]
Paul Gillis writes about Alibaba’s notorious metric it uses for Single Day: gross merchandise sales. “Analysts love GMV, which they believe gives a more meaningful view as to the volume of business going through the platform. A major problem is that GMV is not a defined accounting term, and the numbers are unaudited. ”

Previously, on Going Concern…

Last week, I wrote about the U.K audit regulator wanting stiffer fines for Big 4 firms guilty of “seriously bad incompetence.”

In Open Items, someone is asking about background checks for a winter internship. Another user is a “Tax accountant [who] wants tf out.”

In other news:

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Dallas Mayor: Deloitte Is Definitely Moving All Its Employees Downtown

Thumbnail image for DTa.jpgMaybe! Deloitte won’t commit to that but Dallas Mayor Tom Leppert says its a done deal.
Well, sorta: “Leppert said Deloitte has not yet signed a lease, but he’s confident the company will finalize a lease to consolidate nearly all of its North Texas operations in its existing 150,000 square feet at Chase Tower.”


Hizzoner obviously doesn’t mind jumping the gun here because he’s so psyched about all the Uncle Danglers spending their hard-earned dollars in the downtown area.
Dallas Morning News:

The average Deloitte salary is $100,000, according to a city report to the Dallas City Council Economic Development Committee obtained by The Dallas Morning News. The report estimates that Deloitte would generate an economic impact of more than $3.5 billion to Dallas over 10 years. That impact includes salaries, taxes and spending by employees and clients.

An average salary of $100k? Not bloody likely if you’re including staff and support but hey, DMN, go with it. Help us out Deloitte Dallas, is that number legit or bunk?
On another note, sorry Irving, sounds like you’re SOL on some sweet Deloitte action and Dallas sure as hell isn’t being shy about dancing on your grave. We’re sure you’ll be able to screw them over somehow. Let us know how it goes.
Deloitte may move most of its local offices to Chase Tower in downtown Dallas, mayor says [Dallas Morning News]
Earlier: Apparently $2 Mil Is Enough to Keep Deloitte in Dallas

Ex-Deloitte Analyst Is the New Wunderkind at the SEC

Thumbnail image for gun_awkward.jpgWunderkind is a little premature but we’re hopeful! Awhile back we encouraged you to help the ailing Securities and Exchange Commission get its act together. We had really no expectation that anyone would take us seriously.
On Friday, the Commission announced that 29-year old Adam Storch would be the new Chief Operating Officer of the enforcement division. Storch joined the SEC on October 13th to assume the newly created position.


It’s pretty obvious that Storch craves letters behind his name as he has “certifications in accounting, fraud examination and auditing” according to Bloomberg. JDA isn’t impressed:

As a 28 year old myself let me tell you, this is beyond disheartening. We should not be in charge of anything, much less our nation’s regulatory enforcement. We are a generation of self-centered, lazy morons (yeah I said it) and sure there are a few exceptions but for the most part, no one my age will do anything unless they get a pat on the head and a “good boy” gold star just for pissing in the toilet instead of on the floor.

The biggest headline grabber (aside from urination accuracy) is that Storch is an ex-Goldman employee which is all fine and dandy for conspiratorial purposes but he is also an ex-Uncle Dangler where he was a, GASP, “senior analyst”. He’s definitely kicking himself for missing out on 100% free preventive healthcare.
The ‘Berg doesn’t have many other details on the Enforcement Division’s new fearless leader, so we invite any details on Mr. Storch for those that worked with him. Boxers or briefs? Boozehound or teetotaler? Does he get to carry a gun at the Commission? Since he’s in “enforcement” he’s got to be packing, especially as the COO. Khuzami probably has to take off the trigger locks for him though. Good luck man.
SEC Names Goldman’s Storch as Enforcement Unit Operations Chief [Bloomberg]