June 19, 2018

Accounting News Roundup: Grant Thornton Will Get Dynamic on Winnipeg; SEC Asks FASB to Revisit Derivatives; Meeting Murderers | 05.16.12

Greece Teeters as Talks Fail [WSJ]
After a week of fruitless negotiations, Greece's political parties couldn't agree on a governing coalition, leaving the country in political limbo until new elections next month. The delay could deprive Athens of badly needed international aid and deepen Greece's economic depression. In a potent sign of Greeks' rising anxiety, depositors withdrew €700 million ($898 million) from local banks on Monday alone, according to the country's national bank—a significant escalation in capital flight from the country.

Facebook Increases IPO Shares [WSJ]
In case you still plan to get in on this.
 
Facebook’s Anti-Groupon Accounting [CNBC]
Facebook’s payment network is its largest source of revenue after advertising. Primarily through selling credits for virtual goods for use in social games like Farmville, Facebook earned $557 million last year through its payments network. What’s most surprising to a cynic like me is how honestly Facebook accounts for revenues from the payment network. There’s no accounting trickery going on in that $557 million figure.
 
Grant Thornton expands footprint in Western Canada with addition of Winnipeg-based BCCA LLP [GT]
FYI.
 
SEC Recommends Changes in Accounting for Derivatives [AT]

In a letter dated May 11 to Dan Palomaki, chairman of the Accounting Policy Committee at the International Swaps and Derivatives Association, SEC chief accountant James Kroeker said the SEC has asked FASB to examine making changes in some of the standards. “We have requested that the FASB consider the accounting for a change in counterparties when a derivative contract is designated as a hedging instrument in a hedge relationship as a part of their existing project on financial instruments,” he wrote. He CC’ed FASB chair Leslie Seidman in the letter, along with Public Company Accounting Oversight Board chairman James Doty.
 
Ernst & Young gets new Memphis partner [MDN]
Glenn Mitchell is taking over as the managing partner of Ernst & Young’s Memphis office from retiring partner Bill Drummond, effective July 1.
 
Meet the Meeting Killers [WSJ]
When it comes time for a meeting, co-workers can be deadly. Discussions get hijacked. Bad ideas fall like blunt objects. Long-winded colleagues consume all available oxygen, killing good ideas by asphyxiation. […] [One exec] sometimes puts an Elmo doll in the center of the meeting table and tells participants, "Anytime anybody in the session thinks we're getting off track, pick up the Elmo doll." This allows co-workers to express frustration without interrupting, she says.
 
Why Wrigley Field Must Be Destroyed [WSJ]
Okay, North Siders, try to keep it civil: "Having not won a World Series since 1908, and having last appeared on that stage in 1945—a war year in which the professional leagues were still populated by has-beens and freaks—the Chicago Cubs must contemplate the only solution that might restore the team to glory: Tear down Wrigley Field. Destroy it. Annihilate it. Collapse it with the sort of charges that put the Sands Hotel out of its misery in Vegas. Implosion or explosion, get rid of it. That pile of quaintness has to go. Not merely the structure, but the ground on which it stands."
 
 

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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.