July 16, 2018

Accounting News Roundup: Managing Robots; Glass Lewis Knocks KPMG; ‘Crack and Pack’ | 04.05.18

accounting news

Get Ready for an Exciting Career as a Data Hygienist [Bloomberg]
Justin Fox writes about what kind of jobs artificial intelligence will create, noting that even now, the work being done by lots of people is relatively new: “[A]bout half of Accenture’s 435,000 employees are doing work that didn’t exist as recently as five years ago.”

This type of work includes computer systems design, and management and technical consulting. These job areas have surpassed legal and accounting services since 1990, two services that people expect AI will disrupt. However, Fox writes that as AI emerges more people will be “guiding, correcting and managing the robots.” Sounds like a dream for those of you who don’t like working with the humans.

Facebook Says Cambridge Analytica Harvested Data of Up to 87 Million Users [NYT]
Did Mark say 50 million? Haha, yes, that wasn’t quite right. Maybe EY can take its non-bot adulterer counting skills and apply it Facebook’s problems.

In unusual move, prominent firm bashes Wells Fargo auditor [CO]
Glass Lewis is telling Wells Fargo shareholders to oppose the reappointment of KPMG as the bank’s auditor. In a report, the proxy advisory firm wrote, “Given the severity of the fraudulent account activity and KPMG’s prior knowledge of the incident, we believe shareholders may question whether KPMG is adequately ensuring the integrity and transparency of financial information.”

AICPA Seeks Clarity on Meals, Other Expenses [CFO]
It’s been over two months since the AICPA expressed their angst about the lack of guidance around the new tax law, so they’re raising their hand again to ask when the homework will be assigned.

Crack and Pack: How Companies Are Mastering the New Tax Code [WSJ]
Speaking of guidance, many service businesses looking to qualify for the 20 percent pass-through deduction aren’t waiting for it to split their services from the real estate or administrative aspects of their firms: “It isn’t clear how the IRS will look at such arrangements or how it will determine where profits are made. The agency hasn’t yet issued regulations in this area.”

Previously, on Going Concern…

Jason Bramwell wrote about controllers’ love affair with Excel.

I mentioned a story about a guy accused of using federal funds for guns and porn (among other things) who is keeping his job because his boss didn’t want to put undue pressure on his people during tax season.

In Open Items, a frustrated, confused accountant needs advice.

From the archives: Table-Dancing Philly Audit Luigi Will Pretty Much Consume Your Entire Afternoon

In other news:

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See something we missed? Have a tip, correction, comment, or complaint? Email us at [email protected].

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Accounting News Roundup | 01.21.10

How to find the “best and brightest” [CPA Success]
This may be a better topic for the friendly HR professional but figuring out who these future accounting rock stars are before they show up on their first day is “more art than science”, as Tom Hood notes.
Popular to some old-school thought, GPA does not always indicate who’s going to dominate in the real world and “soft skills” — besides being a terrible term — are in more demand than ever.
Help The The American Red Cross of Greater Chicago Help Haiti [Re: The Auditors]
The American Red Cross of Greater Chicago is having a drive today and since Francine’s friend is the CFO, we’ll be glad pass around the news:

One of my oldest and dearest friends, Guillermo Becerra, is the CFO of the American Red Cross of Greater Chicago. I asked him how I could help him, and the Red Cross, during what must be an incredibly busy time post-Haiti earthquake.

“The Chicagoland community will come together on Thursday, January 21 to give to the American Red Cross as we help the people of Haiti recover from the catastrophic earthquake that devastated their country last week.
The Chicago Helps Haiti media relief drive begins at 5 a.m. and lasts until 11 p.m. Nearly every TV and radio station in our area will be promoting this fundraising effort throughout the day. You can help too, by giving via phone or online, and sharing your thoughts here, on Facebook or Twitter, and by asking others to give.
To give from 5 a.m. to 11 p.m. CALL 1 (877) 565-5000 or visit www.chicagoredcross.org/haiti

Plus, we’re guessing that if you give, your 2009 tax return isn’t much of a concern.
If Your Password Is 123456, Just Make It HackMe [NYT]
The Times is concerned that you have a shitty password which puts you at a huge risk of being hacked by someone sitting in their parents’ basement.

Imperva found that nearly 1 percent of the 32 million people it studied had used “123456” as a password. The second-most-popular password was “12345.” Others in the top 20 included “qwerty,” “abc123” and “princess.”

You know who you are, ye with stupid passwords. Also, don’t even think of changing it to “654321” because that drops in at #19.

Accounting News Roundup: Haiti Relief Passes Senate; Accounting Job Surge? CPAs Basically Control People’s Lives | 01.22.10

Senate votes for faster tax breaks for Haiti gifts [WaPo]
As expected, the U.S. Senate unanimously passed legislation yesterday that allows taxpayers to deduct donations made for Haiti relief efforts. You have until the end of February to donate so that it may be included on your 2009 return.

Maybe it’s bad legislation but we’ve been over that.

CPA Jobs Set for Surge. But When? [CPA Trendlines]
That’s the question, isn’t it? Rick Telberg, who has done a great job of tracking the Bureau of Labor Statistics on accountants, points out that while the latest BLS forecasts a 22% increase (279,400 jobs) by 2018, there’s no indication that it’s happening now:

[M]any tax, accounting and finance professionals are still slogging through the Great Recession. The Association for Financial Professionals, for instance, reported that about one in four respondents say their organizations will contract in 2010. At the same time, a PricewaterhouseCoopers survey of private companies found 43 percent of CEOs and CFOs still budgeting no expansion over the next 12 months to 18 months. The data just seem to reinforce economic uncertainties and a weak outlook.

The BLS is looking past the past the recession for the jump in opportunities but just when the hell will that be? Just because the economy isn’t contracting currently, doesn’t mean it won’t in the future and this “recovery” has been tepid at best.

Theismann to CPAs: You Are the Conscience of America [Web CPA]
Joe Theismann gets it. He knows that without all of you out there in CPA land, your clients don’t stand a chance. They’d be finished. Finished!

“You’re the conscience of America,” Theismann told conference-goers. “You are the survivors in tough times. With accountants, I’m not looking for someone to file taxes and do my financials. I can do that myself online. In your position you can basically control people’s lives.”

So get out there and control somebody’s life. Joe Theismann is expecting it.

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