June 19, 2018

Accounting News Roundup: PwC Revenue, Sustainability Standards, and Sacred Cows | 10.04.17

accounting news pwc revenue sacred cows tax code

PwC revenue

Hey, great job, everyone:

PricewaterhouseCoopers recorded $37.7 billion in global revenue in its most recent fiscal year, up 5% from the previous year in U.S. dollar terms, the Big Four accounting firm said Wednesday.

Revenue for the year ended June 30 rose 6.5% when holding exchange rates constant, as PwC prefers to measure its revenue growth. Last year, PwC’s global revenue rose 1.5% in U.S. dollar terms and 7.3% using constant exchange rates.

If you’re keeping score at home, the $37.7 billion still trails Deloitte’s $38.8 bil, for the biggiest of the Big 4. PwC’s 5 percent revenue growth also trailed the growth of both  Deloitte (5.5%) and EY (6%) in their respective 2017 fiscal years.

Sustainability accounting standards

The Sustainability Accounting Standards Board released reporting guidelines for public comment earlier this week, and hoo boy, some people are going to be busy. The exposure draft “proposes more than 200 changes to the provisional standards,” that the SASB released last year and there’s a lot to cover:

The SASB’s exposure draft identifies key sustainability topics ranging from greenhouse gas emissions to drug safety to labor relations, offering guidance on suitable metrics and disclosure practices. The topics impact 79 industries in 11 major sectors.

The comment period is open until Dec. 31. The nonprofit group expects to finalize the guidelines in the first quarter of 2018.

I’ve mentioned this before, but once GASAP and its metrics are out in the world, I can’t help but think that non-GASAP metrics won’t be far behind. It seems like the natural progression of things.

Sacred cows

The Wall Street Journal‘s Richard Rubin using actual cows to explain the sacred cows of the tax code is the best thing you’ll watch today. In short, tax writers in Congress want to keep milking the employer sponsored insurance, charitable deductions, and home mortgage interest breaks, but look to butcher the state and local deduction.

Previously, on Going Concern…

The KPMG thread for compensation discussions is now open for your enjoyment.

In Open Items, someone wonders about recruiters ghosting.

In other news:

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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.