Accounting News Roundup: See? Fair Value for Loans Isn't So Hard; Stock Options on Life Support; How Capital Gains Fight Figure in Tax Reform | 08.28.13
Las Vegas Sands casino to pay $47.4 million to end federal probe [Reuters]
The Las Vegas Sands Corp (LVS.N) agreed to return $47.4 million to the U.S. Treasury to end a probe into the casino's failure to alert authorities to suspicious deposits by a high-rolling gambler, federal officials said on Tuesday. Sands, the operator of the Venetian and Palazzo hotel complex in Las Vegas, accepted wire transfers and cashier's checks between 2005 and 2007 from Zhenli Ye Gon and should have reported the transactions as suspicious, said the U.S. Attorney's Office in Los Angeles. By the end of 2006 or early 2007, Ye Gon was "the largest all-cash, up-front gambler the Venetian-Palazzo had ever had to that point," according to the non-prosecution agreement.
Last Gasp for Stock Options? [CFOJ]
The once-popular form of pay, which for decades enriched senior executives and sometimes turned secretaries into millionaires, is almost disappearing as companies gravitate toward restricted stock awards. The trend has accelerated in the past couple of years, in response to shareholder demands, tax-law changes and the financial crisis, which left executives and employees at many companies holding worthless options. At their peak in 1999, stock options accounted for about 78% of the average executive’s long-term incentive packages. Last year, they represented just 31%, and are expected to shrink to 25% in the next two years, based on grant values so far this year, according to an analysis of the 200 largest U.S. public companies by compensation consulting firm James F. Reda & Associates.
How Washington Will Use the Coming Budget Wars To Duck Hard Choices [TaxVox]
A dwindling few see this depressing confluence of fiscal deadlines as an opportunity to reach the long-awaited Grand Bargain. But in reality it is just the opposite, an excuse to avoid the tough choices of tax and entitlement reform. After all, it is easier for Washington to battle over self-made, short-term crises than resolve structural tax and spending challenges.
Look how well Grover stayed within the lines! [@GroverNorquist]
— Grover Norquist (@GroverNorquist) August 27, 2013Report: Capital gains rates could play crucial role in tax reform [The Hill] The Committee for a Responsible Federal Budget (CRFB) says in its report that fiddling with the current top capital gains rate of 20 percent could help bring in more revenue for the Treasury, keep the code at least progressive as it already is and raise revenue for reducing individual tax rates. CRFB does note that there are many skeptics of raising the capital gains rate, who argue that, among other things, raising capital gains rates just encourages investors to hold on to their assets and would be a strong deterrent to investors. “Lawmakers will have to carefully consider impacts on saving and investment, but taking the capital gains preference off the table would make the rest of tax reform that much harder,” the report said.
A Holiday From Taxes, and Often From the Strings Attached [DealBook]
Tax policy experts are suspicious of tax holidays, and most experts question the effectiveness of attaching strings to such legislation. Because cash is fungible, companies might be expected to use the repatriated money for permitted domestic activities that they would have conducted anyway, freeing up other cash to be used for dividends and stock buybacks. If companies merely reshuffle the use of cash without changing behavior, then the tax holiday amounts to a windfall to shareholders, not an effective economic stimulus. The 2004 tax holiday brought back $312 billion in extraordinary cash dividends from foreign subsidiaries. How much of that cash was used for permitted activities, and how much for impermissible dividends and stock buybacks? A 2011 paper by Dhammika Dharmapala, C. Fritz Foley and Kristen J. Forbes, published in The Journal of Finance, estimated that 60 cents to 92 cents of every repatriated dollar was spent on shareholder payouts in 2005. The paper is Exhibit A in the case against future tax holidays.
McDonald's Will Start Serving Chicken Wings Next Month [Gawker]
“It's like the Colonel adding a cheeseburger.”
Footnotes: Don't Try to Scam a CPA; Life at Deloitte Is Missing a Life; Ten Great Cities If You Want a Job | 08.27.13
Accounting Principals named the top 10 cities for finance jobs. HOLLA, RVA! [AccountingWEB]
What's Michael Jackson's face worth? No, we're not talking what he paid his plastic surgeon to change it, we mean the actual value of his image. His estate says $2,105 but the IRS doth contest, estimating its value closer to, oh, $434 million. I'm no mathlete but looks like those numbers are a little off. [NBC]
Meanwhile, in Canada... [Financial Post]
KPMG report urges radical new look at long-term care [The Guardian]
A Montana CPA tried to sell a violin on Craigslist, got death threats from a scammer instead. [Missoulian]
OH NOES the Democrats want to tax the powder out of guns and ammo! [Fox News]
Brazil, UBS in dispute over $38 million in back taxes [Reuters]
Life at Deloitte is still doing a great job at reminding us there is no such thing as work/life balance. [Twitter]
While we're all still talking about Miley Cyrus and confusing awkward butt-shaking with actual twerking, maybe some of you can get together and show this kid how it's done by starting an "accountants twerking" video trend. Just suggesting. [Gawker]
It's the week before Labor Day so that means everyone checked out yesterday around 8:30 am. This seems like the perfect excuse to dish out some lightning round advice, so I dug through the mailbag to see what's what in the lives of the GC readership. If you have a career question, hit us up at firstname.lastname@example.org, but, for the love of the Old Gods and the New Gods, try to keep things brief. Some of you people have words for days. We don't need your life story, just tell us what the problem is and we'll answer it in the best way we know how. Are we clear? Great. On to your letters:
Curious of what you guys at GC think about getting a CMA? I already have my CPA and a month before before my start date. I will be an auditor at a big 4 and wondering if this will beneficially impact my career once I'm ready to get out or a waste of time. I figure I could get the first part done before work and have 3 years before I have to pass the second.
To answer your question directly -- Generally speaking, I'm a fan of obtaining a CMA. Ninety percent-ish of you won't be in public accounting forever and there are plenty of budgeting, financial analysis, cost accounting, forecasting, etc. etc. jobs out there that you'll have little exposure to as a Big 4 auditor but are perfectly suited for someone with your analytical chops. Some people turn up their nose at the CMA, suggesting it has no value, that employers overlook it, but if you market yourself as someone who has committed to obtaining both a CPA and a CMA, that will serve you well long term.
As for the rest of your message, I love nothing more than a well-laid plan. Why? Let me tell you why. It's because I love hearing the story of how it went to complete shit and yet you reached your end goal anyway. Email us the tale once you're a proud CMA.
Jon:Hey Caleb, So I am in a bit of a predicament. I just joined a growing company in the finance industry (3 months) in the Internal Audit department and have quickly found out that it is not my cup of tea. I report to one person, and he is super nice and highly invested in me and the position I am in. How do I tell him that this isn't right for me and that I am looking for other places? I have taken one interview for an accounting position in the same level as I am in now. Should I keep looking? Thanks You wrote the answer yourself: Tell him that this isn't right for me and that I am looking for other places. It's strange that you've figured this out in such a short period of time, although it does happen. Maybe you were sold a bill of goods; maybe you were desperate for a job; maybe the hiring manager was hypnotically hot and you were simply nodding at everything (s)he said, I don't know. Be honest with your boss and keep looking for a new gig. This way you can both move on quickly. Michelle: I have been interviewing with small to regional firms. At one of the interviews I was informed that things have changed and CPA firms as well as industry positions no longer offer health insurance for spouses and dependants. I was told that if I checked the internet I would find support for this claim. Benefits at firms appear to be a closely guarded secret. Also, the new hire threads don't care about health insurance for family and the promotion/raise threads are all about money. People don't seem interested in the rest of the package. I can't find anything that supports this change in practice. I did find information on surcharges etc, however my spouse is a stay at home parent. Have things changed? Is it typical to pay full premiums for family out of your own pocket? I have spent more than 7 hours browsing the internet, please help! Your advice is appreciated!
First of all, you can find support for ANY claim on the Internet. Cruise the Daily Caller or National Review for a few minutes and you'll find people stating in earnest that Obama will be impeached by Christmas.
Whoever told you that employers are no longer offering health insurance for families is essentially saying, "Good luck finding something better than us because we're on top of the trends in this business."
Firms that keep their benefits "closely guarded secrets" are doing so because their benefits suck. Many of these small and regional accounting firms are run by shrewd pricks. If they dance around your specific inquiries about the health benefits, cross them off the list. A good business will pay some portion of a health insurance because they know it will attract good employees. And remember, you're an accountant, you have lots of options.
Marshal Mathers:Dearest GoingConcern Overlord, When I started at Big 4 in August I heard about all the wonderful vacation time I'd accrue and be able to use. Soon I realized this expectation, like many expectations I had going in, was completely wrong. It was a long January through June busy season, but here I am in the middle of summer; I've got a bunch of vacation time accrued and by golly I'm gonna use it. I've already booked a week to travel to California, and I've got a few more vacation days booked that effectively give me a good line-up of 3 and 4 day weekends in the months ahead. But now I find myself in unchartered territory. The managers on my jobs want their coaching notes responded to and the seniors want to be able to get in touch with me with any questions. All I want is to make like Slim Shady and drop my computer like he can drop a mic and disappear for my week off / long weekends. However I get this sneaking suspicion that those above me feel that using vacation time means I'll still be available to pop open my laptop and jump on a call/finish some work whenever they need me to. So here's my question: do I really have a responsibility to be available for my seniors/managers when I'm on vacation? How about on weekends that are book-ended with vacation days? While I do care about what I do, I (fortunately or unfortunately) don't care enough to want to devote every precious waking hour to it, especially not when I'm taking a roadtrip to hit some beaches and do things in the great big world outside the doors of our clients. I want to draw a few lines in the sand that spell out "NO" but I have a feeling thats going to be easier said than done. Please don't tell me I need to start being responsible. Here's the thing -- once upon a time, associates and senior associates didn't get smartphones and therefore, could escape questions from superiors while trying to get some R&R. For whatever reason, at some point associates and seniors cried about not having shiny work toys like managers and partners so the firms caved to their wishes. BUT NOW the expectation is that you will be available because you have this fancy phone provided by your EMPLOYER. and people are crying about how they can't get away from work. The lesson: Be careful what you bitch for. Anyway, the trick in this game is to get ahead of everyone and everything. Before your longer vacations, answer the coaching notes and have sit-downs with your seniors so there are no misunderstandings about where things stand. For those three and four-day weekends, it's not as crucial to meticulously prepare the team for your absence; you'll be back soon enough, so you can get away with blowing them off. In both cases, be sure to set up your auto-out of office email because people REALLY hate it when you don't and like to send snipey emails back to you about why you haven't responded.
Fahad:Hi Going Concern, I am in big 4 advisory group since last july, and my job is to test General IT Controls for the audit teams. Coming in from Accounting background with a Masters and Bachelor's in Accounting, I had no clue about IT. I tried my best to learn and worked hard on the engagements I was assigned to, I got 3 rating on all my projects except for the very last one before the year-end. On the last project before my year-end rating, although I was officially given a '3', a document was attached which basically said I didn't meet expectations for the whole year. What happened on that engagement was that I went over-budget and charged hours spent on closing open notes. I was also given more work than my originally assigned budget, but all the variance was added as being my fault. My manager also asked me to do testing different than last year and when the review time came, he did a flip flop and said why had I done things different than last year. Not to mention there were 2 people who left the firm during the project and I had to work on some of their open items. At the initial close of the engagement, they gave me a 3, but when the manager reviewed again, he added that document. So, at my year-end discussion, I ended up getting a 4 (did not meet expectations). I was put on performance improvement plan and basically they said I could be fired. Now I am confused as to what should I do, I don't like this work (controls testing) to begin with. I like working with numbers and I am not really good at writing narratives. I am trying to switch to audit, but I don't know if that will be better for me or worse. I live in a state where there is not much opportunities than to work with the same senior and manager, who were on the year end project. I am depressed, and every day feels like I am going to be fired, so I don't even feel like going to work each day. I have passed the cpa exam though, should I stay with the firm or should I quit and start looking elsewhere? I love it when people write in things like this, "I'm depressed. I dread going to work. I haven't been performing too well. Should I stay at this job?" Not because I enjoy the misery of others, mind you; I love it because my advice is simple: Quit. And do it sooner rather than later. Listen, friend -- if you stay with this firm you'll be let go for performance-related reasons. It sounds like things didn't break your way and it's not personal (or maybe it is), but it happens to all kinds of people so it's time to shake this experience off and find something else. Simple as that. Patrice: Hi, I'm got a slightly odd question and I apologize if you've covered it before. I currently don't own a car and really can't afford to buy one until I'm out of school. In every summer internship position I've seen, on of the qualifications usually involves having the ability to travel to a client's location. The one thing that concerns me is whether or not not having a car would prevent me from getting a summer internship much less a job. What are the odds of be loosing out on an opportunity because I don't have personal transportation? Thank you for taking to time out to read this.
I'm not much of a handicapper, but I suggest figuring out some options for transportation. Here's an imaginaryconversation:
Dude #1: Hey, dude. You get that internship?
Dude #2: Dude. No.
Dude #1: That sucks, dude. What happened?
Dude #2: I don't have a car and I told them I couldn't travel to the client's location.
Dude #1: Why'd you do that?
Dude #2: [shrugs]
Sounds silly, doesn't it? Don't let it be you.
Have a friend give you a lift, ride a bike, take the bus, use Zipcar, carpool, WALK, whatever you can do to get yourself to the client's location, do it. There are plenty of ways to get from Point A to Point B that don't involve a car. Cars are dumb anyway. Why do you think I stayed out of this conversation?
Good luck, everyone.
Accounting News Roundup: Peregrine Auditor Banned; the Phillipines' Chief Tax Collector Packs Heat; Grover Norquist's Feelings on Miley Cyrus | 08.27.13
Peregrine accountant barred from working for firms overseen by CFTC [Reuters]
The U.S. futures regulator on Monday barred Jeannie Veraja-Snelling from working as an accountant for firms it oversees after she failed to detect the massive fraud at failed brokerage Peregrine Financial Group. Peregrine's longtime auditor Veraja-Snelling, who ran her tiny accounting firm from a Chicago suburb, lacked the expertise to audit a futures brokerage, the Commodity Futures Trading Commission said in an order. "There is no place ... for below-standard audits or auditors who do not have a sufficient understanding of the futures industry," David Meister, the CFTC's top enforcement official, said in a statement.
The Charitable Deduction, Continued [Economix/NYT]
[T]o the extent that contributions are tax-motivated, the higher the tax rate, the more contributions there should be. Conversely, reductions in marginal tax rates should, all other things being equal, reduce charitable giving. With the top federal income tax rate close to half what it was in 1980, we should have seen a sharp drop in giving by the wealthy if tax considerations were paramount. In fact, charitable giving by the wealthy has not fallen. This shows that the growth of income is the dominant factor in charitable giving; when people have more money to give, they give more. The general state of the economy is more important than the tax structure in determining aggregate giving.
Gun-Toting Woman Leads Philippines Tax Evasion Battle [Bloomberg]
Kim Henares began carrying a gun eight months after becoming the Philippines’ chief tax collector. Her shooting instructor was the country’s president. Since she took over the century-old Bureau of Internal Revenue three years ago, Henares has attacked one of the most common forms of corruption in the country: Not paying taxes. She’s filed more than 180 tax-evasion complaints, investigated former world boxing champion Manny Pacquiao and boosted collection by 14.5 percent in 2012 -- more than double that year’s economic growth rate. “I didn’t take this job to become popular,” said Henares, 53, who has a master’s degree in law from Georgetown University in Washington and often carries a semi-automatic pistol. “My job is to implement the tax code and collect revenue that must be collected. If people don’t like me, that’s fine.”
IRS brings back retired executive for top job [The Hill]
John Dalrymple, who already has three decades of experience at the IRS, will start as deputy commissioner for services and enforcement on Sept. 16 – a slot where he will have direct oversight of the tax-exempt division currently at the center of the IRS targeting controversy. Dalrymple previously served in the other deputy commissioner slot, operations support, at the IRS, and the agency’s interim chief, Danny Werfel, said that Dalrymple’s experience would come in handy.
Say what you will about Grover Norquist, dude is funny. [@GroverNorquist]
Miley Cyrus is mildly annoying. The politicized corruption of the IRS is obscene.
— Grover Norquist (@GroverNorquist) August 27, 2013
The Die Harder States [WSJ]
States with high estate taxes.
The Center for American Progress Rethinks Retirement Savings [TaxVox]
In a paper with the rather understated title “American Retirement Savings Could Be Much Better,” the authors attempt to stitch together the best of defined contribution plans and defined benefit pensions. Their preferred vehicle is what’s known as a collective defined contribution plan (they call their version the Secure, Accessible, Flexible, and Efficient (SAFE) plan). Today, workers in 401(k) plans bear full investment risk and often struggle with how to allocate their retirement savings and what to do with their assets when they change jobs or retire. With SAFE, those risks would be mitigated. Enrollment would be automatic, savings fully portable, and investment funds pooled and professionally managed. Accounts would be automatically annuitized as in traditional DB plans.
Stock Compensation Accounting: A Drop in the Ocean Against a Tide of Management Greed [Accounting Onion]
Tom Selling digs into Blackberry's stock options.
Your non-GAAP does not impress [@AuditAnalytics]
4.7% of 2013 SEC Comment Letters have addressed companies' use of non-GAAP measures in public disclosures.
— Audit Analytics (@AuditAnalytics) August 27, 2013
Here's Video Footage of Colin Powell Dork-Dancing To Daft Punk [Gawker]
This makes me slightly uncomfortable.
Footnotes: Trump Confuses Alleged Fraud with Scandal; Who Needs a Debt Ceiling Anyway?; Deloitte Meets Call of Duty | 08.26.13
Peregrine Financial's "auditor" will probably never do another "audit" again. [Reuters]
Now that the rugrats are heading back to school, here's what you can and can't deduct on your taxes. [1800Accountant]
Donald Trump is convinced he's got his own "mini IRS scandal" brewing and it's all President Obama's fault. [CBS]
IRS Picks Former Executive for Post Overseeing Tax Audits [Bloomberg]
Here are 16 things you should do at the start of every work day. [Forbes]
The CFO of Zurich Insurance - a former KPMGer - has been found dead in his home *sadface* [CNBC]
We're talking about the debt ceiling again. Let's just raise it to infinity x infinity and be done, yay! [CNNMoney]
Activision's Call of Duty Endowment Joins With Deloitte to Create Annual Call of Duty Endowment 'Seal of Distinction' Award The Call of Duty Endowment today announced it has joined with Deloitte to create a unique annual Call of Duty Endowment 'Seal of Distinction' award program that will highlight nonprofit organizations that have proven to be the most effective and efficient at placing veterans into high quality careers. The Call of Duty Endowment is a private nonprofit foundation that supports groups placing former service members into high quality careers and raises awareness of the value veterans bring to the civilian workplace. [BWW Geeks]
Pic credit: Zombie Accountant, an Xbox indie game that apparently comes highly recommended: The game is one never ending level which sees your zombie constantly running. Collecting tax returns without hitting any obstacles leads to your score multiplier increasing but also leads to your zombie running quicker and quicker. On the brains front if you eat more than 3 workers brains it is game over, a screen shows your notice of termination with the reason being 'eating brains after being specifically asked to stop'.
Twitter wasn't the only place to air your expletive-filled grievances on Friday.
Even though all CPA exam score release dates are target dates (meaning shit can and does happen and the AICPA makes no promises you'll actually see your score on the date they announce), apparently a few people were upset by the delay in score releases last week. Really upset. Mad as hell and not going to take it anymore upset. And their anger was completely deserved, really, so we're not passing judgment there.
Naturally, social media is a great outlet for your frustration. By great I mean probably not the best if you're going to swear and throw a tantrum under your own name. We get it, you are upset. But next time, think before you type, or hit one of those fancy CPA exam forums with a funny screen name to complain maybe?
Apparently "an asinine amount of money" starts at around $1000. Who knew?
This exchange was particularly mature:
I especially appreciated the creativity and irony of this one:
Asterisks don't make it any less hostile, really:
Some people, however, practiced zen-like patience and levelheadedness that reflects the profession well:
Who wants to bet behind the scenes Colin was screaming, cursing and making NASBA voodoo dolls? Nothing wrong with that.
Remember kids: while your rage may be warranted, outbursts are not.
Partners Hate Nothing More Than Employees Skipping Training Because They're Working, Nursing a Hangover
At Long Last, the Second Batch of CPA Exam Scores for the July/August Testing Window Have Been Released
For those of you that have been holding your breath since Thursday, the suspense officially ceased on Saturday morning.
— NASBA (@NASBA) August 24, 2013
— Karl Not Malone (@reallyusa) August 23, 2013
@NASBA must've been that government sequester, huh?
— Randy Babb (@RandyBabb) August 24, 2013
Now that the worst has passed,if you're happy with your CPA exam score and you know it, comment below.
And if you're not, well, keep doing what you've been doing.
Accounting News Roundup: Tax Reform's Memory Lane; U.S., U.K. Auditor Regulators Make a Deal; Not Even Swim Club's Funds Are Safe | 08.26.13
Lessons of 1986 Show IRS Code Revision Tougher This Time [Bloomberg]
Like today’s effort to cut rates, eliminate deductions and simplify the code, the deal under Ronald Reagan faltered again and again, Bloomberg BNA reported. Ultimately, lawmakers lowered the top rate to 28 percent from 50 percent, scrapping loopholes and increasing corporate taxes in a revenue-neutral fashion. The goal today is much the same: to rewrite the tax code to cut back on breaks and simplify the code. Lawmakers, lobbyists and tax professionals who worked on the 1986 rules say the past offers insight into the odds for another compromise. Looking back, they see several differences that lawmakers are having trouble resolving before any legislation can succeed, including items as central as whether the nation’s tax bill should go up at all. “The zero-sum game that may be part of this year’s process will make it harder than 1986,” said David Kautter, managing director of the Kogod Tax Center at American University.
FRC and PCAOB agree to joint audit supervision [Accountancy Age]
US and UK accountancy regulators the PCAOB and FRC have agreed to continue cooperating on the cross-border supervision of audit firms, after the European Commission decided to allow such agreements to run until July 2016.
U.S. agency says Michael Jackson estate owes $702 million in taxes [Reuters]
The estate of pop music legend Michael Jackson owes $702 million in federal taxes and penalties, the Internal Revenue Service charged in U.S. Tax Court, accusing the estate of undervaluing some of the star's assets by hundreds of millions of dollars. The dollar amounts in dispute had not been previously disclosed in the court challenge that the Jackson estate filed in July to a bill from the IRS, the U.S. tax-collecting agency. At issue is the wide difference between what the estate said Jackson's legacy was worth versus what the IRS determined was its taxable value.
Accountant charged with stealing from swim club [FWJG]
Dana LaMaster stole $60k from May 2009 to October 2012.
City Settles $100,000 Parking Ticket Case: 'It was a Nightmare' [DNAInfo]
The City of Chicago recently agreed to drop more than $100,000 in parking ticket fines on a car registered in Fitzgerald's name that racked up a record 678 tickets, said Law Department spokesman Roderick Drew. The agreement to reduce the final parking ticket bill to $4,470 was signed just more than a week ago. Robin Omahana, the attorney representing Fitzgerald, said his client is happy with the resolution. "She's very grateful it's all over," Omahana said. "She's pleased we got the city down to just 4 percent of their total claim." Fitzgerald rose to the top spot on Chicago's parking ticket scofflaw list after her ex-boyfriend, Brandon Preveau, abandoned a car registered in her name in an O'Hare Airport parking lot in 2009.
Footnotes: Consultants are Happier Than Accountants; Accounting For the Fiscal Gap; Is There Still an IRS Scandal? | 08.23.13
IRS has basis to recognize same-sex marriages nationwide Shout out to Maryland whoop whoop! [Don't Mess With Taxes]
Rivkin and Casey weigh in on the IRS scandal (or lack thereof, depending on which side of the political line you plant your pretty little feet): "The IRS scandal is a moment of reckoning. It offers the country a unique opportunity to free a substantial portion of political speech from government regulation." [WSJ]
Federal grand jury indicts PA Cyber Charter School founder Nicholas Trombetta and his accountant [Pittsburgh Post-Gazette]
Sure you CAN get an accountant off a popular freelance website but the real question is SHOULD you? [BIT]
Consultants are happier than accountants (go figure). [eFinancialCareers]
There is a bipartisan solution to our fiscal "issues" and all we have to do is count. "The Inform Act would require government agencies to prepare not only a measure of the fiscal gap, but also a generational accounting, which says how much future generations would have to be squeezed (through higher taxes and/or lower spending) to close the gap. Congress could also ask the executive branch to use the methods to evaluate the fiscal impact of proposed legislation. Kotlikoff says Norway and the Netherlands already measure their fiscal gap. The fiscal gap is much bigger than the debt the federal government owes to the public, which is around $11 trillion, because it includes more things. Technically, it’s the value in today’s dollars of all projected future expenditures, including debt payments, minus all projected future taxes and other receipts, into the indefinite future." [Bloomberg Businessweek]
Oh and if you didn't hear, your CPA exam scores will be late(r). As I said earlier today, have a drink. Or 12. [NASBA]
Apparently the Deloitte Luxembourg summer interns had a "tie photo contest" (yes, as in neckties) and of all the entries, we have to say this young lady NAILED IT.
Unfortunately, she did not win but please, Deloitte, give this person an offer now. Clearly she is well-prepared for a life in public accounting.
You can almost hear the frustrated clacking of F5 keys everywhere. Rest assured candidates who took the exam from July 21-Aug 14 will likely not be getting much work done today.
— Adam Panella (@AdamPanella) August 22, 2013
Apparently NASBA assures everyone scores will still be out today (unless you're in a non-NASBA state, of course, which is going to totally ruin your weekend but you knew that):
— Toogie (@ETG_83) August 23, 2013
We can only imagine NASBA must have a billion Twitter notifications right now as anxious candidates everywhere bite down their fingernails and start hurling staplers across their cubes in frustration.
Oh and California candidates? Just forget it, you're likely not going to see anything until Monday. IT'S FINE. Drink yourself into a coma this weekend and let it go.
Whether you see scores today, tomorrow or Monday, remember obsessing over it in the meantime isn't going to change anything. Now, cue old codgers in the comments reminding you kids back in their day scores were delivered by the Pony Express and they had to walk barefoot uphill in the snow both ways to get to the testing center.
Update: no scores yet as of 2:30pm Eastern but boy the natives are getting restless:
— Sam Strobe (@Strobocop907) August 23, 2013
Update (3:45pm): I reached out to the AICPA this afternoon to find out what's going on. Per an AICPA spokesperson: "There is no midnight timeframe on our end – sounds like a rumor. As soon as the scores are ready to send to NASBA, we send them." A little vague but it's something. I suggest everyone plan for the worst, just start drinking now and not worry until Monday but I'm not the one who has to bite all my fingernails off waiting for a score.
Call me crazy but if this is meant to show how flexible the firm is, maybe they shouldn't have mentioned that it was the one nice day Seattle has seen in 15 years and that it happened to be a weekend at that. Now had this been a Tuesday and Colin got to pull out both monitors poolside to work on his tan while getting much-needed work done, you might have an argument, Moss Adams.
This poor bastard. But bonus points for the double monitors!
Once again the time in the week has come where you can discuss anything you like. It's called Open Items.
If we missed a story from this week, if you want to solicit or offer some advice, or discuss a topic you haven't seen in these pages in a while, you may do so at this time.
Don't keep us waiting. Play nice and enjoy.