August 20, 2018

#TBT: That Time Jim Turley Used a World Cup Metaphor to Explain the Need for Global Accounting Standards

What can the World Cup teach us about accounting rules? (Other than rampant corruption is only real if you believe it is.)

That it would be chaos if participants showed up to a global contest with their own set of rules. That's sort of what we have going on in global financial reporting, if you can believe former EY CEO Jim Turley.

Here he is taking questions from students at the University of Texas at Austin McCombs School of Business in 2010:

When the floor was opened up for questions from the students, Turley touched on topics that span the gambit of his knowledge, insights and industry. From providing suggestions for which skills students should foster (an open view of the world and a desire to always ask questions), to encouraging the creation of a global set of accounting standards (which he likened to soccer teams showing up at the world cup and each having a different set of rules), Turley challenged his audience to think critically about the future.

Imagine all those guys running around the field having no idea what the other team's rules are. There'd be even less rhyme or reason to the game than there is now.

Turley's comparison may be apt, but the problem is that quest for "one global set of high quality standards" has more flops than all the World Cup tournaments combined.  

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Jim Turley Says E&Y Is Totally On Board with This Global Accounting Standards Thing

Thumbnail image for Thumbnail image for Jim Turley.jpgReally, he said that global standards were ‘imperative’ which carries a much more serious connotation and we’d hate to sell Big Jim short:
‘It is imperative that there is one set of financial reporting standards for the world if the quality and comparability of investor information is to be protected.’
And in an amazing coinkydink, that’s what everyone at the G-20 said too:
More, after the jump

In a statement the leaders said they: “call on our international accounting bodies to redouble their efforts to achieve a single set of high quality, global accounting standards within the context of their independent standard setting process, and complete their convergence project by June 2011.”

Since so many big shots were in the Burgh, last week, JT figured he’d just put it out there that his firm was FIRST! to say, “Yeah, we’re down for redoubling our efforts! Whatever that is, we’ll do anything! Don’t know about the rest of you slackers but we’re damn proud to get on this. June 2011? No problem. Am I right people?”
Ernsters? Ready to double down? It’s imperative, you know.
Big Four firm backs G20 accounting stance [Accountancy Age]

Layoff Watch ’10: Ernst & Young January Edition

Confused doesn’t even begin to describe what were feeling. We are hearing tons of rumors about layoffs in the Ernstiverse this week.

We’ve heard rumors from Denver to the East-Central (fka North-Central) and New York FSO. This includes both client serving professionals and support staff. We have already confirmed that two admins were let go earlier this week in New York.

The timing is especially strange since, you know, it’s January and in some offices the mandatory hours have already rolled out. Even if it were only support staff being let go, the timing is still unheard of. Why wait until January to let people go when having cuts in November? Maybe it’s just us but if we had survived that November cut, we would have thought that our job would be safe until at least the spring.
And since the roundtables seem to be SOP you wouldn’t think they would be anything to worry about but they definitely have people talking and wondering what will go down.

So far, Ernst & Young has not responded to our request for comment.
If you hear anything about your office get in touch in with us and discuss in the comments.