September 23, 2018

Uncategorized

Springing Forward to the End of Busy Season | 03.09.15

In case you haven't noticed, we've been combing Twitter the last few weeks to find the best (or is that the worst?) of busy season problems. From nightmares about spreadsheets to a completely jacked up circadian rhythm, things are getting rough out there. Of course, no more rough than previous busy seasons. In years gone […]

To Whom It May Going Concern: My CPA Is Locked Up and They Won’t Let Her Out

This is the latest, if much overdue, edition of our infrequent feature, To Whom It May Going Concern. Here we share some of the more, shall we say, interesting messages that come across the wire. If you get the urge to tell us what you think about this here website, have a stupid tip, or […]

Lawyers v. Accountants: The Battle of Our Time | 03.02.15

Lawyers and accountants are like the Hatfields and McCoys of professional services, only with more teeth and fewer guns. This age old rivalry has only heated up in the last decade or so, with accountants having no trouble finding jobs in post-recession America and their law school counterparts still backed up in the pipeline waiting […]

Keep These Two Out of Your Oscar Pool | 02.23.15

If I were someone who watched movies, I'd have something fascinating to say about the Oscars last night. However, that isn't the case so the best I can say is that fake baby in American Sniper was totally cheated out of Best Supporting Fake Baby. The real winners last night were PwC's Brian Cullinan and […]

Working in a Winter Wonderland | 02.17.15

We sincerely hope everyone had an enjoyable holiday yesterday, if such a thing was available to you. As you may have noticed, we had the day off which worked out nicely considering the skies opened up and finally dropped a glorious covering of fluffy snow across my neighborhood and beyond all day yesterday. I'm always […]

Friday Footnotes: Open Your Heart to a Hiring Manager; The Worst Billionaire; Trust No Open Workforce B**ch | 02.06.15

The Open Workforce Presents New Challenges (and Opportunities) for Finance Professionals Can you trust 'em? "The good news is that this new workforce is more mobile, collaborative, agile and open. It allows companies to augment their capabilities or scale-down their operations with unprecedented speed, spurring new ideas while also creating substantial cost savings. But there’s […]

Friday Footnotes: Old White Guy Crashes Strong Woman Party; Are You Intuit?; Are You There IRS, It’s Me Margaret | 01.23.15

IRS Watchdog: Elderly and Disabled Taxpayers Not Allowed to Leave Messages Serves 'em right for trying to leave voicemails. [Americans for Tax Reform] What will we do in a world without SkyMall? Well, duh: But now SkyMall’s parent company has filed for bankruptcy. The explanation given to the Wall Street Journal by CEO Scott Wiley […]

Friday Footnotes: A Little More SEC Heel Dragging; Attracting Millennials for Dummies; PwC Gets Ditched | 01.16.15

Why the World Is Freaking Out About Switzerland Today If only people had invested in Beanie Babies… [Slate] Statement from Chair White Directing Staff to Review Commission Rule for Excluding Conflicting Proxy Proposals They're going to have to get back to you on that. [SEC] How to Stay Focused and Engaged in Long Meetings This […]

Here Are the Things the Accounting Profession Will Continue to Give Lip Service to in 2015

The accounting profession's "thought leaders" love to pay lip service to buzzwords and concepts that the rest of the world knew about before it was cool. While a new year is upon us, this tradition will continue on much like an incurable STD. In the interest of helping you know what you should tune out […]

Here Are Some Holiday Ecards That Accountants Should Be Sending Each Other

Don't say we never gave you anything. Should you have any to add, make your own or just leave it in the comments and we'll make it for you. Happy Holidays!

Friday Footnotes: Chief Accounting Officer Gets Hosed; Getting Desperate For Managers; Fake It Til You Make It | 12.19.14

Prostitute beats off taxman in Oslo court This is marginally SFW depending where you W [The Local] US regulators close small Minnesota bank Is Bank Fail Friday a thing again? [AP] Did Property Mogul ‘Scapegoat’ Chief Accounting Officer? [CFO] Making manager: The key to accelerating a career in public accounting ICYMI: "Young accountants, even those […]

Friday Footnotes: Finding Fraud; Merger Madness; The Sexiest Recruiters | 12.05.14

Man gets prison for failing to pay taxes on drugs [Pensacola News Journal] You can expect strippers masquerading as recruiters at your next Meet the Firms [Daily Mail] Sam is on a roll this week [Twitter] Never mistake process for results. Fact is that fraud is most likely to be discovered through tips than compliance […]

You’re Not Really as Busy as You Claim

Take a good hard look at how you are utilizing your time. And we aren’t talking about billable hours.

Spotted: The AICPA’s Restroom Marketing Campaign

Our tipster writes: The marketing gurus at the AICPA posted this above the hand dryer in the men's bathroom of a local dive bar!  What better time to think about retirement then after some $2 Miller Lite bottles, $.15 wings, and 100 losing Cubs seasons?    What's next?  Perhaps advertising that all CGMAs must wash […]

Friday Footnotes: Important Announcements; WTF; Probes on Probes | 10.31.14

Ed. note: So, you guys may or may not have noticed we killed daily Footnotes this week. Obviously you didn't notice it at all since no one complained about it, which only validates our decision. Anyway, Footnotes are now moved to Friday. If you have a problem with this, feel free to complain. Have a […]

Let’s Talk About Creative Accounting Themed Halloween Costumes

Protip: throwing on a green eyeshade does not an accountant costume make.

Footnotes: Workplace Viruses; Sleep Your Way to the Top; DISMISSED | 10.28.14

Find Out Whether This Unkillable Tracker Is On Your Smartphone [Forbes] Honesty is contagious at work [BND] I will alert the clerk at Homegoods! [Twitter] I came from retail so I have a housewares consulting background 🙂 Goes to show that @DeloitteUS is all about hiring diverse practitioners! — Life at Deloitte (@lifeatdeloitte) October 28, […]

Footnotes: A Big 4 Goodbye; Bad, Bad IRS Employee; Snitches Get… a Break? | 10.27.14

Another 'Big Four' accounting firm is leaving Downtown Memphis Care to guess which? [Memphis Business Journal] Merrill Lynch Fined $6 Million Over Short-Selling Lapses [Bloomberg Businessweek] New Wolters Kluwer, CCH Survey Reveals Top 5 Trends Impacting Future for Accounting Firms of All Sizes [PRNewswire] Former IRS employee gets prison for tax fraud [Kansas City Business […]

Footnotes: Tell Us How You Really Feel; McGladrey Questions; No Inversion for You | 10.24.14

Why Tax Lawyers and Tax Economists Can’t Communicate [Tax Policy Center] BP Threatens Suit over McGladrey’s Audit of Deepwater Horizon Oil Spill Claims BP has some concerns that McGladrey might be ripping them off [AT] Where are all the young lawyers? [Above the Law] We get it, bro, you're pissed [Twitter] My risk retention dissent. […]

Footnotes: McGladrey Classic More Classic Than Ever; Your Future; Stupid Emails are the Problem | 10.22.14

Divided U.S. SEC adopts mortgage rule, decries lax lending U.S. securities regulators adopted a rule on Wednesday designed to avert another financial crisis, but two officials dissented, saying it did not do enough to discourage banks from lending to borrowers with shaky credit and then passing the mortgage risk to investors. [Reuters] Former Bridgeport Township […]

Footnotes: Tax Season Will be Complicated; Look Up; PwC Promotions | 10.21.14

Koskinen Warns Filing Season Could Be Most Complicated Yet [Tax Analysts] Taxpayer Barred From Communicating With CPA Still Hit With Late File Penalty Definitely an interesting read [Forbes] Why don't regulators just regulate bankers already? [Bloomberg View] So, we made this today. Be gentle, it's our first handmade gif. Yahoo profit soars following the Alibaba […]

Your “Consider the Environment” Email Signature is Actually Inconsiderate to the Environment

We've all seen them, the stupid "please consider the environment" notices at the bottom of emails clearly written for the 5 people left on earth who actually print emails with some regularity. Well today we hear through painstaking number-crunching by Jeff Bennion for Above the Law that those notices actually harm more than they help: […]

Footnotes: Blow the Whistle; Quality of Our People; Get More Done in Fewer Hours | 10.20.14

Jury Awards Trinity Whistleblower $175 Million in Guardrail Suit Pays better than whistleblowing to the SEC even [WSJ] Oil falls below $86 as oversupply, global economy worries weigh As a CPA, you should know this shit [Reuters] In other words, you're only as good as the idiot next to you in the cube [Twitter] The […]

Footnotes: Morgan Stanley Goes Shopping; Canceled Debt; Obama Gets Declined | 10.17.14

Morgan Stanley, armed with cash from fixed income dump, goes shopping [Reuters] Collaborative workspaces are definitely a thing now [Boston.com] Big banks start charging clients for euro deposits [MW] Feds: Basking Ridge surgeon evaded millions in taxes Using the ole blame the accountant defense, I see: "Evdokimow was charged in federal court with conspiring to […]

Footnotes: Manipulation; Fake IRS News; A Bad Startup CEO | 10.16.14

SEC Charges New York-Based High Frequency Trading Firm With Fraudulent Trading to Manipulate Closing Prices [SEC] Goldman Evolves as Trading’s Share of Revenue Slides [Bloomberg Businessweek] Behind Europe’s War on Low Taxes [WSJ] Dissed [Twitter] Hey @CrainsChicago – How did the @IllinoisCPA cubical farm not make your list of #Chicago's coolest offices? pic.twitter.com/4l9OQctMPA — Illinois […]

#TBT: That Time Conspiracy Theorists Insisted Enron Founder Ken Lay Faked His Death

Normally, having a heart attack is a terrible thing. As an old guy, it's near the bottom of your to-do list and you likely do everything you can to avoid it, including giving up cigarettes, red meat, and fast women. For Enron founder Ken Lay, a heart attack was the best thing that could have […]

Footnotes: KPMG Poaching Lawyers; Accountant-Client Privilege; Deloitte Digital’s Hackathon | 10.15.14

Lame meetings aren't just awful, they are also expensive [Quartz] IFRS Foundation Debuts Online Tools for IFRS Content Oh goodie [AT] Netflix shares down 26% as subscribers disappoint [CNBC] The Supreme Court of Illinois will tackle the important issue of accountant-client privilege [Sedgwick LLP] Bank of America Made $168 Million Last Quarter, More or Less […]

Footnotes: OPEC; CITI; Ed Snowden Has a Better Life Than You | 10.14.14

Citigroup Earnings Rise 13% as It Discloses a Second Inquiry in Mexico Yeah, that seems legit [DealBook] Oil prices plunge as production rises, fueling concern in OPEC [WaPo] Tourism accountant cancels $1.7K invoice The Florence-Lauderdale Tourism Board won't have to further debate paying an accountant's fee for additional work. Buddy Johnsey, of Watkins and Johnsey […]

Footnotes: The IRS Is Down; Salesforce Shuts Down SF; KPMG Talks Krazy | 10.13.14

The IRS might be down but don't trip, they do that every year before 10/15 [IRS] Wall St. Closes Sharply Lower in Late Sell-Off [AP via NYT] Salesforce's Wave seeks to sweep aside the analytics competition [InfoWave] Western magazine features photo of cowboy, accountant Those PwC people, always trying to steal the spotlight [Union-Bulletin] The […]

Footnotes: Deloitte Fees Don’t Add Up; Eat It, PCAOB; EY Expands | 10.09.14

University of Iowa staff are questioning Deloitte's math Another person asked how much time and money already has been spent interviewing and involving university staff and faculty in the Board of Regents’ efficiency review, which Deloitte was hired to conduct earlier this year. “It’s significant, and the regents are aware that it’s a significant investment,” […]

Footnotes: More Bad Accountants; These Kuntz; Extenders? | 08.08.14

Pennsylvania accountant charged with stealing $200,000 from Princeton woman's trust fund File under acts discreditable or something: "A Pennsylvania accountant was arrested and charged with stealing more than $200,000 from a Princeton woman’s trust fund, authorities said Wednesday. John J. Katsock Sr., of Yardley, Pa., was charged with theft, theft by deception and misapplication of […]

Footnotes: The Three Day Work Week; Do It Now; Accountant Can’t Represent Himself | 10.03.14

The Most Annoying Buzzwords Revealed [Robert Half] Debate: The three-day working week [economia] How do you protect engaged people from not engaged or actively disengaged people? Besides keeping the disengaged people busy on GC all day [Blue Ocean Leadership] There is never a right time, so just do it now [Lifehacker] Little Falls accountant sent […]

Footnotes: Women Make Money; JP Morgan May or May Not Have Been Hacked Again; Real Housewives of Federal Prison | 10.02.14

A Mathematical Argument For More Women In Leadership ROI and stuff [Fast Co] Fed’s Dudley defends examiners after criticism [MW] JPMorgan denies NY Times report that its computer system was hacked "The story is false. We are not aware of any new attack," JPMorgan spokeswoman Patricia Wexler said in an email. [Reuters] JPMorgan Discovers Further […]

Footnotes: The Movie About You; Diversity Versus Inclusion; Who’s Making Money Off Ebola? | 10.01.14

Ben Affleck will probably star in "The Accountant" It's supposed to be a "thriller" about an accountant who moonlights as an assassin because a real accountant would totally have time to kill people as a second job [Variety] Moving from diversity to inclusion Deloitte is on it [Deloitte] $23 Billion Is Pulled From Pimco’s Flagship […]

Footnotes: Big 4 West Side Story; Do The Right Thing; Lehmaversary | 09.30.14

Ernst & Young Settles Over Audits of Sino-Forest, Second Chinese Company And it only cost them $7.2 million CAD. Good thing they can afford it. [WSJ] What to Do When the Wrong Answer Seems Right An ethical dilemma [NASBA Center for the Public Trust] And then this happened [Twitter] Deloitte people just walked into a […]

Footnotes: Can I Get That in $20s?; Picking a Niche; A Tacky KPMG Party | 09.29.14

The secret to being a good manager is to get your hands dirty [HBR] The 8 Questions to Picking a Niche [AccountingWEB] The life of Grover [Twitter] Taped film today where for first time I discussed "rhino urine." Shall see if this makes it past the censors. — Grover Norquist (@GroverNorquist) September 29, 2014 Judge […]

Footnotes: Even Aliens Pay Taxes; Hazing Tim Ryan; Government Accounting is Broke(n) | 09.26.14

The Federal Reserve's Artful Compassion for Households in 'Sobering' Condition [HuffPo] Court Rules Alien Needs to Formally Abandon Status to Avoid Tax [Accounting Today] Why the Fed Is So Wimpy Spoiler alert: it may be a feature, not a bug [HBR] Here's how to make excuses at work and not be a tool about it […]

To Whom It May Going Concern: You are Company Uncultured, Bro

This is the latest edition of our infrequent feature, To Whom It May Going Concern. Here we share some of the more, shall we say, interesting messages that come across the wire that just don't fit anywhere else. If you get the urge to tell us what you think about this here website, email [email protected] […]

Footnotes: IRS Letting Preparers Slip; Disrupt This, Salzberg; Accountant’s Porn Ponzi | 09.25.14

IRS missing referrals on preparers Too busy getting nasty emails from the AICPA and shredding Lois Lerner's BlackBerry, obvs: "IRS staffers didn’t evaluate roughly a third of referrals dealing with potentially fraudulent tax return preparers, according to a new federal report." [The Hill] Gibberish quote of the day [Twitter] "We continue to stay ahead of […]

Footnotes: Drop It Like It’s European; Your Next Exciting Career; Merger Mania | 09.24.14

Euro Drops to 14-Month Low Amid Stimulus Speculation [Bloomberg] Maryland accounting firm to merge with CohnReznick Who could it be? Someone you've never heard of, probs [The Baltimore Sun] Imagine if your coworkers could read your thoughts through Sametime? [Fast Co] Amazon tax collection begins Oct. 1 in Maryland & Minnesota [Don't Mess With Taxes] […]

Footnotes: Lehman’s Legacy; Have You Bullied a Partner Today?; The NFL Is Fine | 09.23.14

SEC Charges Barclays Capital with Systemic Compliance Failures After Acquiring Lehman’s Advisory Business [SEC] Same thing happens to me for "toolbag" [Twitter] Made the mistake of searching my inbox for "capital gains." Turns out that phrase comes up a lot. #taxnerd — Richard Rubin (@RichardRubinDC) September 23, 2014 Stop Bullying The Partners You Work For […]

Why Your Firm Needs a Bring Your Dog to Work Policy

Look out, interns! We found someone who’ll fetch the tick marks for free! When I first started working in public accounting, I gave away my beloved eight-year old dog to a family friend. A veterinarian once told me “neglect is the most profound form of cruelty.” Leaving my dog locked up for hours and hours […]

Footnotes: Deloitte to Tesco’s Rescue; Endorse This; Cleveland in the House | 09.22.14

Tesco’s execs suspended in $409m profit probe Seems legit, it's not like PwC should have caught this or anything: "Tesco's usual auditor is PricewaterhouseCoopers (PwC), who have held the job since 1983. PwC declined to comment on Monday. Tesco confirmed that PwC would be retained as auditors for this year's annual results." [CNBC] Tesco suspends […]

Footnotes: A Bad Accountant With Promise; New IRS Troubles; Stop Working | 09.18.14

Penn West Jumps as Goals Kept After Accounting Review Restatements are magic! [Bloomberg] TODAY [Twitter] Find out why you should be a CGMA Today: http://t.co/BK7aM3jeIz — CGMA (@CGMA) September 18, 2014 A 22-year-old accountant in the UK got three years jail time for stealing from his government employer The employer said the kid "initially showed […]

#TBT: That Time PwC Consulting Named Themselves After Everyone’s Least Favorite Day

From The Wall Street Journal June 9, 2002: PwC Consulting became the latest consultancy to flee headlong from the tarnish on the once-sterling accounting profession, announcing it will change its name to Monday when it completes its separation from accounting company PricewaterhouseCoopers LLP. PwC Consulting, a management-consulting and technology-services business, announced in March that it […]

The 20 Most Overrated Things in Accounting

You may have noticed several lists floating around your corner of the Internets these days; 33 Top People Under 33, 1000 Most Influential People in Expat Tax, 15 Failed CPA Exam Candidates Who Will Change the World. You get it. Well as great as those lists are for stroking egos and producing blurbs for self-congratulatory […]

Footnotes: Liar Liar; Life at the Kool-aid Dispensary; Deloitte Defends Mandatory Retirement | 09.17.14

Sometimes lying is a good thing [Fast Company] 75% of accountants say real-time view of client’s finances would yield better financial advice [St Louis Business Journal] Kool-aid is a helluva drug [Twitter] The primary result of my reflection is immense pride in @DeloitteUS, and recognition of how lucky I am to be a part of […]

Avon Just Broke Off From Its Trade Group, Would CPAs Ever Follow Suit?

Earlier today, Colin and I were talking about things within the profession that are overrated. The billable hour, Excel, Big 4 firms… you know what we mean. Someone threw the CGMA out there and we all had a long laugh about the failed XYZ credential, which we recently called the CGMA of its day. Even […]

Public Accounting Positions, Ranked

In the spirit of Internet lists, we humbly present public accounting positions, ranked from best to worst.

Footnotes: What the Consultants Are Doing; Worst Taxes in the World; Your Politics Stink | 09.16.14

Forget Zimbabwe, U.S. Tax System Ranks At Bottom, Just Better Than Portugal [Forbes] AICPA Urges Immediate Congressional Action on Tax Extenders [AICPA] The latest on Scotland [Twitter] The 'No' vote is all KPMG/EY/PwC/Deloitte consultants mouthing talking points written by crooks. The 'Yes' vote are real people. #indyref — Max Keiser (@maxkeiser) September 16, 2014 The […]

Footnotes: The Punishment For Bad Auditing; No Side Work for Deloitte; Ding Dong It’s the IRS | 09.15.14

Ed. note: In case you don't religiously follow my every move on Twitter, I should tell you we're in Boston this week brainstorming on how to make Going Concern an even better virtual watercooler than it already is. So if things get a little quiet around these parts, it's because we are busy little bees […]

Footnotes: An Uncharitable Accountant; Get Deloitte-d; A Do Nothing Doesn’t Get Done | 09.12.14

Accountant gets 3 years in prison for stealing more than $250,000 from Urban League The non-profit was already "struggling" [Providence Journal] Cargill Sues Syngenta Over Corn Seed Trait Sent to China [BBW] A rugby team gets Deloitte-d [economia] Emails: IRS Worker Got $138,000 To Do 'Nothing' — And Union Saved Her Job [Fox Nation] Grover […]

Footnotes: Breitbart Claims IRS Targeting; California’s Pension System Screwed By Accounting Tricks; Disruptions | 09.11.14

M&T Bank unit to pay $18.5 mln to settle SEC accounting violations [Reuters] Breitbart News says IRS targeted company for audit Poking the hornet's nest: "'The Obama administration's timing on this is exquisite, but try as they might through various methods to silence us, we will only get more emboldened,' Stephen K. Bannon, executive chairman […]

Footnotes: PwC to Face Colonial Bank Music; Seniors and Student Loans; Life After KPMG | 09.10.14

PwC to face U.S. lawsuit over Colonial Bank collapse – court ruling [Reuters] Some preliminary thoughts on the Enhancing Audit Quality initiative and some Peer Review implications [Attestation Update] Senior citizens owe $18 billion in student loans Between 2005 and 2013, student loan debt among seniors 65 and older rose by more than 600% from […]

Footnotes: A Lesson in Grant Thornton History; Are You ExIm Or ExOut?; What the Kids Are Doing | 09.09.14

Lawmakers Press Regulators to Lessen Risks Banks Pose to Financial System [WSJ] Overall auto loans are up, as are delinquency rates on those loans [AP] House Republicans near accord on short-term extension of Ex-Im Bank House Speaker John Boehner said after a meeting with Republican lawmakers that he was working with Representative Jeb Hensarling, a […]

Footnotes: It Pays to Be Stupid; The IRS’ Latest Pain in the PTIN; The NASBA Sitch Escalates | 09.08.14

Investors expect lower rates for longer than Fed itself: Fed study [Reuters] The CEO of Hertz has stepped down, citing personal reasons It definitely didn't have anything to do with major accounting errors [Reuters] You Missed $1 Trillion Return Agreeing With Fed Naysayers Shill harder, why dontcha? "If you agreed with all the academics, billionaires […]

Footnotes: Who Saved the Economy; The IRS Needs a Good Geek; You Are Not Evil | 09.05.14

Portland's top accountant, Jane Kingston, says city retaliated against her, takes severance instead of suing [The Oregonian] He's been waiting for 20 years, FYI [Twitter] @NASBA I want the scores NOW! Not tomorrow. Not Monday. NOW!!! #releasethescoresalready — Big4Veteran (@Big4Veteran) September 5, 2014 A South Jersey accountant went a little too far to provide exceptional […]

Footnotes: Howe You Like that Corporate Tax Debate; Audit Sans Report; Snitches | 09.04.14

Students Who Exercise Regularly Have Higher GPAs Get off your ass [TaxProf] What's an accounting puzzle like Alibaba (really) worth? Where's a good accountant when you need one… [Fortune] Thank you for the clarification [Twitter] That's taxpayer snitches, not IRS ones RT @IRSnews: #IRS Commissioner Koskinen committed to the whistleblower program http://t.co/IAnKBYs04q — Joe Kristan […]

Footnotes: No Extra Bonus For You; Rates on the Rise; You and Your Do-Gooder Taxes | 09.03.14

Headline of the day goes to: IRS Shows Serious Meatspace Prejudice [Forbes] H&R Block Announces Fiscal 2015 First Quarter Results [MW] That seems an unfortunate photo choice [Facebook]   Post by California Board of Accountancy.   Ex-Goldman Trader Loses in Bid for $5 Million More in Bonus [Bloomberg] Fed's Fisher says gradual rate rises won't […]

Footnotes: Cantor Goes Investment Banker; Lease Accounting is a Ticking Time Bomb; Adding Up the Numbers | 09.02.14

What Can a House Majority Leader Do for a Bank? What exactly is that smarmy fox Eric Cantor up to, anyway? [Bloomberg View] Top 10 U.S. colleges for an accounting degree This is shilling, obvs [USA Today] A touching tribute to legend Debra Hopkins, CPA, CIA who tragically died in a car accident yesterday [Illinois […]

Footnotes: Accountant Murderer Gets Sentenced; Tax Avoidance; Let’s Not Labor | 08.29.14

Ed. note: we're cutting out early for the long weekend in case you didn't notice. As usual, we're lurking around, so give us a holla if you need anything. Otherwise, we'll meet you back here on Tuesday. Have a wonderful Labor Day, you laborious little capital market servants. ~AG Man sentenced for murder of West […]

Footnotes: Accounting for Intangibles; You Remind Me of Crazy Eddie; Deloitte Digital’s New Offering | 08.28.14

Accounting for brands: Untouchable intangibles Accountants seem content to live with such quantum weirdness. Brand values can “swing wildly”, says Alan Teixeira of the International Accounting Standards Board. Standard-setters worry that auditors would be quick to recognise rises but slow to acknowledge declines. Brands are unique, so it is hard to figure out what their […]

Footnotes: Deloitte Gets Permission From Deloitte; Dirty Accounting; Where Half of Experienced Hires Come From | 08.27.14

Deloitte can never be too careful [Twitter] @lifeatdeloitte we love this! @ reply with #IApprove if we can use it – you can read our terms at http://t.co/jgaCWo08If — Life at Deloitte (@lifeatdeloitte) August 27, 2014 SEC Adopts Asset-Backed Securities Reform Rules This matters to the people betting you'll default on your car loan [SEC] […]

Footnotes: Leopard Pants at the Office; Accounting Barbie; Bad Insider Trading | 08.26.14

Some advice on avoiding fashion faux pas [AICPA] SEC Charges Investor Relations Firm Executive With Insider Trading Ahead of News Announcements By Clients Fail: "An SEC investigation and ongoing forensic analysis of Lucarelli’s work computers uncovered that he repeatedly accessed clients’ draft press releases stored on his firm’s computer network prior to public announcements. The […]

Footnotes: HP to Sue Deloitte; Future King of Accounting Makes Plans; Very Bad Accountants | 08.25.14

This Irish lad has high hopes of striking it rich in accounting He might consider slumming it for PwC if he must: "My preferences are KPMG, Deloitte and Accenture," said Peter, who would also consider working for Ernst and Young and PricewaterhouseCoopers. [Irish Independent] HP is going to sue Deloitte over Autonomy Hewlett-Packard plans to […]

Footnotes: Deloitte’s Foot Fetish; The PCAOB’s Struggle; Getting Productive | 08.21.14

Regulators Struggle With Conflicts in Credit Ratings and Audits Floyd Norris uses air quotes: "Few businesses have more obvious conflicts of interest than those that involve the issuing of 'objective' and 'independent' reports and opinions about companies that pay for those reports and opinions." [NYT] Did you people not learn your lesson the first time? […]

Extra-Marital Affairs Site Claims Accountants are Kings of Romance Because Their Jobs are Boring

Well this ought to brighten up your day: A dating website that specialises in organising affairs for married people has said that accountants and those who work in the financial sectors are the most exciting people to go on dates with. According to Illicitencounters.com, accountants are most likely to find an interesting topic of conversation […]

Footnotes: H&R Block’s New Biz; PwC Likes Its Bad Clients; SEC Teed Off | 08.18.14

H&R Block launches small business accounting services [Kansas City Business Journal] McDonnell defense emphasizes his openness to accountant Former Virginia Gov. Bob McDonnell's lawyers called their first witness this morning as they opened their case. First up for the defense: Brenda Chamberlain, a Suffolk-based accountant who kept the books for the Sandbridge real estate company […]

Footnotes: PwC Gets Into the Law Business; The Bongs’ Great Idea; Post This | 08.14.14

Diversity of services key in changing accounting industry This will definitely end well [WCBJ] Atlanta accountant and three others charged with insider trading Four men were charged with insider trading, including an Atlanta accountant who allegedly learned of a pending takeover while giving tax advice to a member of the O’Charley’s restaurant chain’s board of […]

#TBT: The XYZ Credential Was the CGMA of Its Day

I don't know about you but back in 2001, the last thing I cared about was the AICPA as I was too busy trying to squeeze the last bit of free-flowing money out of the spectacularly collapsed dot com bubble in San Francisco at the time. A large majority of you weren't paying attention to […]

Footnotes: Portland’s Top Accountant Is MIA; Deloitte Feeling Ideal; PCAOB Ready to Name and Shame | 08.13.14

City of Portland's top accountant placed on administrative leave Why? Who knows. [Oregonian] Sam Antar isn't the only one who likes to mess with IRS scammers [Fox 4 DFW] Craft beer: Tastes great, fewer taxes Targeted tax breaks are a favorite tool for states looking to capitalize on a growing industry, and states from California […]

Footnotes: Surprise Accounting; Liar Liar; Booz Is Just Bitter at Deloitte | 08.12.14

White House loosens restrictions on lobbyists Wait, they had restrictions before? [Reuters] U.S. Government Bonds Pull Back on Looming Supply [WSJ] Proposed Accounting Change Could Catch Lenders Unprepared A proposed accounting change expected to force banks to boost the amount of reserves they hold against soured loans could catch many small and midsize lenders unprepared, […]

Footnotes: Dewey Get to See the Books?; EY Snags an Ex-Booz Hire; Benihana in This What? | 08.11.14

SEC Charges Kansas for Understating Municipal Bond Exposure to Unfunded Pension Liability [SEC] U.S. Postal Service posts $1.96 billion loss No thanks to Grant Thornton's attempt to help 'em out with some business [MW] How the hell does a single accountant owe over $400 million in taxes? The installment plan is $1000 a week [The […]

Footnotes: More Mergers You Don’t Care About; The Accountant Never Knows; Mad Pot Money | 08.08.14

SEC Charges Bahamas-Based Brokerage Firm and President With Facilitating Fraudulent Scheme by Hedge Fund Manager [SEC] Accounting firms merge to form Coosa Valley Financial Group More firms you have never heard of merging news [Rome News Tribune] Fannie Mae And Freddie Mac Pay $5.6B Dividends [Banker & Tradesman] Accountant denies knowing of alleged TelexFree fraud […]

Footnotes: Diversity or Bust; Chicago Bears Tax Bust; An IRS Win | 08.07.14

If the profession will not diversify itself, perhaps this diversity task force will [Journal of Accountancy] The Fed says one fourth of families are barely scraping by. So we should probably keep lending more dollars to banks at 0% to help them, amiright? [CBS] Jobless Claims in U.S. Have Dropped About as Much as They […]

Footnotes: A Robot Will Be Bitter Like You; Albany the Place to Be; Who Wants to Buy a Consulting Firm? | 08.06.14

Are our jobs doomed? Report shows the potentially devastating effects of robots on the job market One day, robots will make all your bitchy GC comments [Salon] Abolish the IRS! And then what? [Forbes] Accountant sentenced to 57 months in prison for mortgage fraud scheme A California accountant was sentenced Tuesday to 57 months in […]

Footnotes: Walgreens Doesn’t Want to Not Be Taxed; CVS and Smokes; H&R Block on Attracting | 08.05.14

Ed. note: Here's a short FN because we have been working all afternoon on sourcing details on the EY/Ventas thing for you guys. You're welcome. Reports: Walgreens won't tap lucrative tax loophole [USA Today] CVS Suffers After Quitting Cigarettes, But Pharamacy Saves The Day cough cough [Forbes] H&R Block Reaches out to Attract Accounting Firms […]

Footnotes: KPMG Gets Blowed; We Love Confetti Drops; The Future of Audit | 08.04.14

LinkedIn Pays $6M in Unpaid Wages, Damages Guess that isn't going on the ole profile, eh? [AP] Court Deals Blow to KPMG, Others Marketing Bond-Linked Tax Shelters Bond Linked Issue Premium Structure (BLIPS) investment products marketed by KPMG LLP and multiple other investment funds lacked economic substance, a federal court ruled, granting the IRS summary […]

Decode This Statement on Diversity and We Will Give You a Cookie

A virtual cookie, anyway: PwC is well known for embracing and celebrating different viewpoints and is a leading champion for diversity. We have found that diverse perspectives improve problem solving, cultural dexterity, strategic thinking, and ultimately (because we produce a stronger product) our bottom line. The statement comes from "Different Perspectives Benefit the Bottom-line," written […]

Footnotes: Accountant Nearly Dies Due to Love Triangle; Deloitte’s Cyber Warfare; KPMG Shuns Windows 8 | 08.01.14

Argentine Bonds Decline as Default Triggers $1 Billion of Swaps [Bloomberg] 'Put one in his scotch egg': Cockney accused of conspiring to murder accountant uses rhyming slang to admit he suggested shooting victim in the leg Actually, he only meant to break the guy's legs [Daily Mail] Philly Fedhead Chuck Plosser thinks there's no reason […]

Footnotes: Robbing Pearl to Pay Yourself; School Rankings Are a Crock; Life After Accounting | 07.31.14

SEC Charges Virginia-Based Broker With Stealing Funds From Elderly Customers [SEC] It was an employee who blew the whistle on L-3 Communications' accounting misconduct [Reuters] What official rankings don’t tell you about where to go to university Prominent schools like Tulane’s Freeman School of Business in New Orleans and Emory University in Atlanta have been […]

Actually, Collaborative Workspaces are Not Innovative Nor New at All

Yesterday, we talked about a recent PwC report on the future of work, which may or may not include flexible work hours and lots of collaborative workspaces. We hear about collaborative workspaces all the time; they are supposed to change the way we work in the future and allow for, well, collaboration but really all […]

Footnotes: Lerner’s Thoughts on Crazies; Mad Scientists or Auditors?; Bank of America Hustled Itself | 07.30.14

Fed offers a dual message on health of US economy They are harder to understand than your wife when she's upset [WaPo] Argentina is in "selective default," here's what that means [BBW] Emails show ex-IRS official Lerner using derogatory terms for Republicans Terms like "assholes" and "crazies" [Fox] Can you believe Greg gives away this […]

Footnotes: Interested in Interest Rates; Save the Ex-Im Bank; Deloite’s Trippy New Digs | 07.29.14

Don’t Kill the Export-Import Bank Note: this is an opinion piece [NYT] A Michigan CPA who stole from clients is off to prison for a few months [The Blade] Interest rate rise could cut global growth, says IMF "Markets may reassess growth prospects in emerging markets if there are renewed bouts of financial turbulence as […]

Footnotes: Confidence Not So Confident; The XBRL Robocop; CPA Grandpa Blocks Tax Refund | 07.28.14

Report: Finance and accounting employee confidence drops [Charlotte Business Journal] Here's what happens when your grandpa is a tax accountant and the state erroneously sends you a tax refund [Contra Costa Times] The SEC’s Accounting Quality Model and Your XBRL Filing "Robocop" LOL [FEI] After IRS scandal, GOP rejects tax crackdown [POLITICO] Question of the […]

Footnotes: Hashtag Fraud Hashtag Scam; Gene Simmons Is No Tax Expert; Congressional Wikipedia Trolling | 07.25.14

Ed. note: I dunno about you guys but I couldn't be happier this week is over. Thanks for helping out with some good tips this week, meet you right back here first thing Monday morning! Holla if you need us… Investor Alert: Social Media and Investing — Stock Rumors While social media can provide many […]

Footnotes: Xero’s Future Plans; Bosses From Hell; EY Looks to Grow | 07.24.14

SEC Announces Additional Charges in Football-Related Boiler Room Scheme [SEC] Xero is eyeing a U.S. IPO [AT] Inside The Complicated Mess Of Discrimination And Diversity In Hiring A spate of recent studies delivered some troubling findings related to how race, religion, sexual orientation, and even your name can determine whether you get that call for […]

#TBT: That Time Mustang Was Marketed to Harried Public Accountants

Should a harried Public Accountant drive a relaxed private fun car like Mustang? The California Board of Accountancy tells us the average yearly salary for a CPA in 1964 was $6,708.42. A 1966 Mustang, like the one the "frazzled figure-wrestler" in the photo above is driving, started at $2500 base.

Footnotes: CEOs Get Optimistic; Rich People Love New York; Life at Deloitte Is One Long Meeting | 07.23.14

CEOs are mostly optimistic about the future, says KPMG study [KPMG] Tale of the Tapes: IRS head confirms investigators have found backup tapes in Lerner probe IRS Commissioner John Koskinen, testifying before a House oversight subcommittee, stressed that he does not know "how they found them" or "whether there's anything on them or not." But […]

Footnotes: Herbalife Takes a Blow; NY Fed Deutsche Bags; Mishandled Meat | 07.22.14

Ackman fails to land Herbalife 'death blow' punch, shares surge Better luck next time, bro. [USA Today] The NY Fed has some concerns about Deutsche Bank [WSJ] Banks trade barbs with U.S. Senate panel in tax avoidance probe Deutsche Bank and Barclays on Tuesday locked horns with a U.S. Senate committee that has accused them […]

Footnotes: Not a Big Variance; Deloitte’s New iLab; An Intern’s Lament | 07.21.14

$340,000 accounting error is small 'variance,' Civil District Court clerk says Immaterial. [The Times-Picayune] Someone actually considered whether or not zombies have to pay taxes [ATL Redline] Deloitte looks to Atlanta to headquarter its new "iLab" [WABE] Former Sino-Forest CFO settles fraud case The former chief financial officer of Sino-Forest Corp. has agreed to pay […]

Footnotes: No Choice For Rules; More Tax Avoidance; A Sexless Spreadsheet Jockey | 07.17.14

Lawmakers urge SEC chair not to allow choice of accounting rules A bipartisan group of U.S. lawmakers is urging Securities and Exchange Commission Chair Mary Jo White not to allow companies to choose between U.S. and global accounting standards, a move they said could confuse investors and lead to legal challenges. [Reuters] The internet tax […]

Crony Links: Maintain Your CPA; Making Time for a Start-up Firm; Career Plans Are Worthless

Thank God it's link day.  Open Items Continue to Maintain CPA License? AccountingWEB Hiring Forecast Has Good News for Accountants AWEB Forums Qualities of a Great Accountant The Queen's AccountingWEB Freeing up time to build a start-up practice BusinessZone Inside the mind of a small business investor HRZone Career plans are worthless, but flexible planning is everything MyCustomer Should we treat unprofitable […]

Footnotes: EY Chairman Thinks of the Kids; Legislating Bitcoin; Your Mom’s Basement | 07.17.14

Big jump in number of millennials living with parents reported More Americans than ever live in multigenerational households, and the number of millennials who live with their parents is rising sharply, according to a study released Thursday. A record 57 million Americans, or 18.1% of the population, lived in multigenerational arrangements in 2012, according to […]

Footnotes: The Best Professor; Grant Thornton Gets Personal; When Price Waterhouse People Kill | 07.16.14

Have another glass of that delicious 'Aid [Twitter] “Everything about GT creates a personal, friendly environment.” http://t.co/xEZWmayIwY + 6 reasons our #intern Grace Harvey chose us — GrantThorntonCareers (@GTCareersUS) July 16, 2014 McDonnells hope accountant can testify there was no financial hardship Don't look at me, I didn't vote for him [WTVR] Sometimes lawyers forget […]

Footnotes: Deloitte’s Costly Negligence; CIA Tax Trouble; PwC Conflict-Free | 07.15.14

National debt will exceed entire annual US output by 2039, CBO projects [CSM] Singer Brian McKnight has settled with his former accountants [tJB] Madoff Sons Deleted E-Mails, Hindered Probe, Trustee Says In an amended complaint filed today in U.S. Bankruptcy Court in Manhattan, the trustee said he uncovered evidence that Andrew Madoff and Mark Madoff […]

Footnotes: Bogus Depreciation; IRS Has Just Given Up; When Crime Pays | 07.14.14

House Poised to Throw $276 Billion "Bonus" at Businesses Not everyone is happy with this bonus depreciation stuff [Center for Tax Justice] Hiring Forecast Has Good News for Accountants [AWeb] Americans for Tax Reform wants you to tell Congress not to tax Internet access [ATR] IRS Surrenders, Won't Check Whether Political Nonprofits Are Breaking The […]

Footnotes: SEC Bugs CFOs; Inclusion Solutions; The Cost of Compliance | 07.10.14

SEC’s ‘Dear CFO’ Letter on XBRL Calculation Requirements The U.S. Securities and Exchange Commission’s latest “Letter to Industry” – aka "Dear CFO Letter" – provides a not-so-gentle reminder that issuers must include required “calculation relationships” pertaining to eXtensible Business Reporting Language (XBRL) provided in their Form 10-Q quarterly reports. [FEI] So, this exists [Twitter] #AICPA […]

Just How Many CPA Roommates Can You Fit In a Single Apartment?

Ed. note: alert the sharks, there's new blood in the water! Awhile back, we put out a call for writers. Leona answered the call, was loved in Open Items and ambitious to get started on ruining her professional reputation by associating with us. Please give her a warm GC welcome, we'll have a proper bio […]

Footnotes: Independence or Lack Thereof; KPMG to Defend Again; WTF Is FICA IDK | 07.09.14

Danville accountant drowns on vacation in South Carolina [GDR] Parsippany memory-stick maker PNY accuses California accountant of fraud A suit filed by PNY in U.S. District Court in Newark claims that accounting firm Miller, Kaplan, Arase & Co. LLP falsely claimed that it could act as an "independent third party auditor" that was able to […]