Nineteen individuals have proven their passion for the business of accounting (as well as an intrepid attitude towards liability) as G to the T admitted new partners and directors effective August 1.
The press release is your standard trite lexicon but we can’t help but notice GT taking the opportunity to slip in their favorite moniker, “Global 6 accounting organization” or a derivative of such. GT is bound and determined to get this to catch fire even though no one outside of the GT press team has probably uttered the phrase.
Grant Thornton LLP admits 19 new partners and principals to the firm [Press Release]
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What’s the Move When You Get Fired for Looking at Porn?
Okay number-crunchers, we realize you don’t have the most exciting jobs in the world and sometimes you need a little distraction from Excel. Totally natch. Checking out ESPN, Perez Hilton, Going Concern, Facebook is even encouraged in some circles.
Some of you might even be so bold to see what the latest uploads on YouPorn, XTube, et al. are. Fine. We get that. It’s just your biology running wild right? We totally understand. What we can’t understand is those of you that are blatantly watching two girls, one guy, and a Clydesdale reenact the Kama Sutra in your cubicle.
Of course, when somebody catches you drooling on your keyboard, you have to act completely dumbfounded about how such a graphic display of human and equine love could have ended up on your screen. Somehow your superiors don’t buy your stammered out explanation and you’re out on your ass. Time to find to new job that’s not so uptight anyway, right?
So when you’re sitting in the interview with the potential new boss and he/she asks you why you left your last job, how do you explain your penchant for bestiality in a way that gets you hired? The Journal seems to think honesty is the best policy. Just admit what you did and swear that you’ll never, never, never do it again. We’re not convinced this would go over well but whatevs.
Anyone been fired for “inappropriate” Internet use? Did you cover it up in your next interview with “management and I had differences”? Or did you do your damnedest to find a workplace with a less stringent web use policy? Discuss.
Getting Fired for Inappropriate Web Use [WSJ]
Codification Will Affect You Whether You Like It or Not
In case you’ve forgotten, the new FASB Accounting Standards Codification is all up in your shit since it is effective for all financial statements dated after 9/15/09. One source is already less than enthused about the whole thing:
[From] what I can see it requires you to go through your financials and any place you referenced something like FAS 142 you have to change it to reference one of the like 5,000 topics, subtopics, sections, paragraphs, and subparagraphs within the standard. I think Operating Leases (Lessee) will now be labeled as follows (I am serious): “840-20-a”
After we got the vomit out of our mouths, we realized that this new reference has an uncanny resemblance to IRC referencing but maybe that’s just us. This is especially disheartening for those partners who spent their entire careers committing SFASs, EITFs, and APBs to memory so that they could be the go-to technical accounting wonk. So if that’s you, consider your life’s work completely ruined.
And the PCAOB has kindly reminded you that you get NO SAY in this matter, so just accept it. On the bright side, new associates will be starting or have already so replacing all those references on workpapers should keep them busy chargeable in between making copies and calling/emailing India to check on the cash reconciliations.
This will probably give more than a few of you heartburn this season but some of you may remain clueless about it until the eleventh hour which will make for some excitement. Discuss your excitement/melancholy in the comments.
UPDATE: We had short chat with one Big 4 auditor who summed it up this way, “its fuckin retarded espcially if convergence is happening soon.” Very poignant. Convergence and soon are obviously subjective but the point is duly noted since any sort of global standards would no doubt torch the FASB’s codification.