July 16, 2018

Accounting News Roundup: Procrastinating Accounting Standards and Tax Reform Details | 09.27.17

accounting news tax reform procrastination cereal 092717

Procrastination

In a recent speech, SEC Deputy Chief Accountant Sagar Teotia had some advice for companies that have been dragging their feet on the new accounting standards:

For those companies that may be in the earlier stages of your implementation efforts, I would encourage you to significantly ramp up your efforts. There is still time for developing an approach to achieve successful implementation but the time to get going is clearly now.

Given the effective dates, I expect companies’ implementation activities related to the revenue standard to be much further along relative to implementation activities related to the other new GAAP standards.

That has to be the most polite articulation of “GET YOUR ASSES IN GEAR” that I’ve ever heard. I’m sure Going Concern readers are the type to be wholly prepared for significant financial reporting changes such as these. At the very least, you’ve given your implementation project a decent nickname.

How’s tax reform coming along?

Well, there’s supposed to be an announcement about a plan today, and our birdbrained Supreme Leader claims that it’s “totally finalized” and will be “a very, very powerful document.”

Except, no. Richard Rubin and Michael Bender report in The Wall Street Journal that most meaningful details “won’t be on display” and GOP leaders “don’t plan to reveal a more detailed tax bill before the budget is passed.” And there’s a very good reason: they don’t want anyone to know those details!

“They know the more details they give, the more likely [they] open up Pandora’s box and the attacks will begin,” said Stephen Myrow, a former Treasury official and managing partner of Beacon Policy Advisers LLC.

Who wants to invite scrutiny when you can just throw a political rally instead?

Previously, on Going Concern…

I wrote about the results of our recent survey of Los Angeles accountants. Traffic seems to be a theme.

In Open Items, a new senior auditor is wondering about staying in Big 4 or taking a role in fund services.

In other news:

Get the Accounting News Roundup in your inbox every weekday by signing up here.

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

Related articles

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.