June 23, 2018

Accounting News Roundup: Rhode Island Is Mad at Deloitte and WWDJTD About Non-GAAP Accounting? | 01.13.17

Rhode Island is mad at Deloitte

The Boston Globe reports that Deloitte has run aground on another state government project, this time in Rhode Island where a new system "has been beset by technical problems, causing thousands of delays in distributing food stamp benefits." This has gotten the attention of the governor, Gina Raimondo:

"Clearly the rollout of the new system hasn’t gone the way it needs too," she said. "It’s been disappointing, it’s been frustrating, and it’s been unacceptable."

Raimondo said she is withholding nearly $15 million in payments to Deloitte as the state reviews the vendor’s work and assesses the stability of the new computer system that has had "too many bugs and glitches."

Deloitte has found itself in hot water after other government projects, most notably in Massachusetts and Marin County in California.

Adventures in non-GAAP accounting

Man, people must be worried about non-GAAP accounting if the topic makes it into the pages of USA Today. Although this particular article mostly focuses on the SEC rules that were introduced last May, the subject of WWDJTD does come up:

If Trump were to roll back on non-GAAP rules, it "wouldn't surprise me at all," [NYU Professor Paul] Zarowin says. "Trump is not a fan of SEC regulation."

Right, the SEC did make an example out of Trump Hotels and Casino Resorts for its deceptive non-GAAP results. I'm sure the PEOTUS is still stewing over that.

Has Donald Trump released his tax returns?

Nope! Even before Donald Trump said that no one cares about his tax returns except "reporters," Pew Research released the results of its latest national poll: "[T]he public thinks that he has a responsibility to do so: 60% say this, compared with 33% who say he does not have a responsibility to release his tax returns."

Also, Oregon Senator Ron Wyden wrote an op-ed for the New York Times on the subject and South Carolina Representative Mark Sanford (who also wrote about it during the campaign) still thinks he should release them. Although Wyden's bill to require presidents and presidential nominees to release returns has little chance at becoming law, ABC reports there are similar bills in Hawaii, California, New Mexico, Massachusetts and the District of Columbia.

Previously, on Going Concern…

I wrote about PwC's plan to hire GE's tax department. In Open Items, someone questions the simplification in the FASB's simplification initiative. And Accountingfly's featured job of the week is a tax preparer with Ryan & Cosica in Salem, Mass.

In other news:

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Image: Wikimedia Commons

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How to find the “best and brightest” [CPA Success]
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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.

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[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.

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