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Some Might Call it Revenge, Others May Call it Justice
In the fallout of the last weeks layoffs at KPMG, we’ve received many tips that tell stories of betrayal, shock, bitterness, etc. One particular story that we were tipped about however, tells us a story of sweet, sweet revenge in Palin-country:
Get details on the accountant equivalent to Charles Bronson, after the jump
In May KPMG fired a long time partner in its Anchorage office…In the course of a few months the fired partner convinced many of the offices major clients to request proposals from other firms…The three top revenue clients left for other firms. Two of the clients went to Grant Thornton Seattle where it now appears the fired KPMG partner has landed himself. Did I mention that was 30% of the offices revenue?
We’re not sure which of our readers are able to exert this type of influence over clients to get back at their former employers, so we’ll open it up to all stories of revenge for those of you getting the axe. Nothing is too petty so let’s hear it. Besides, isn’t vengeance part of the American way? We would ask that you keep your revenge tales of Kill Bill proportions to yourselves. Discuss in the comments or shoot us your cold dish at tips@goingconcern.com.
Congress Needs More Testimony on Accounting Stuff They Won’t Understand
We don’t know about you but we here at GC are relieved that Congress is back in session this week. For starters, we’re trying to find someone that will help Charlie Rangel keep track of all his money.
Also, we feel as though we’re a little overdue for some legislative nose-poking into accounting and auditing rules. Thankfully, the House Financial Services Committee is scheduled to revisit H.R. 2664 this week.
The Promoting Transparency in Financial Reporting Act would require annual testimony from the SEC, FASB, and PCAOB big wigs on accounting and auditing rules before the committee.
More legislative wisdom, after the jump
The testimony is supposedly going to enlighten the committee on progress of:
• Reassessing complex and outdated accounting standards;
• Improving the understandability, consistency, and overall usability of the existing accounting and auditing literature;
• Developing principles-based accounting standards;
• Encouraging the use and acceptance of interactive data; and
• Promoting disclosures in ”plain English”.
Excuse the cynicism, but since this particular bill’s title doesn’t include the words “patriot”, “American People”, or “anti-bonus”, there is virtually no opportunity for shameless grandstanding and most members of the committee will probably opt out of sitting in on the testimony.
That being said, the collective competence of the committee will increase exponentially if Maxine Waters is not in attendance so maybe our judgment is premature.
Promoting Transparency In Financial Reporting Act Up For Vote In Congress [FEI Blog]
Letter from the Editor – Welcome to Going Concern
Working in accounting or finance has a certain stigma associated with it. More times than not, when someone asks you the ubiquitous getting-to-know-you-at-a-party question, “What do you do?” and your response is, “I’m an [enter accounting/finance related position here]” the reaction is typically in some form of pity.
Whether it’s a look that says, “bor–ing” or the inquisitor having to go through your painful explanation of what it is you actually do, it’s rarely a gr��������������������n.
Unless you embrace the stigma of boring, nerdy, introverts that are constantly swimming in spreadsheets, and delve into some self-depreciating humor, bitterness and ranting.
That’s what Going Concern is all about. We’ve embraced everything that makes accounting and finance so painfully dull and we’re going to turn it on its green eyeshade-wearing head.
We’re going to mock, maim, gossip, chastise, rant, and yes, maybe a little advocating, of everything associated with crunching numbers. We will bring you all the latest happenings around the world of the largest and well known firms and our analysis will be anything but accountant-like.
Check out our reoccurring features after the jump
Here are some regular features we will have (and definitely check out our archives):
Tchotchke Contests – Accounting firms love to hand out tchotchkes. There doesn’t seem to be any discernable reason for it but inevitably, your cubicle ends up filled with stress balls, Rubik’s cubes, umbrellas, etc. Some of this stuff handed out is a downright mind job. We want you to send us pictures of your strangest firm schwag.
Guess What I Got Asked to Do Today? – Every number-cruncher, at some point in their career, has asked themselves, “What did he/she just ask me to do?” Whether it’s picking up late-night dinner, footing the phonebook, or cleaning out a closet, we want your stories. The bad, the demoralizing, the thing that made you flip out.
Guess What My Intern Did? – Because having your first job or internship can be nerve racking, staff and interns sometimes do hilarious things unwittingly. Did they run out of gas picking up dinner? Shred workpapers that were signed off on by a partner? Come in hung over and puke on the client’s super-secret, there’s-only-one-copy-of-these files? We know you have these stories and you know you want to share them.
Stupid Auditor Questions – Don’t worry non-public accountants, you won’t be left behind on Going Concern. We know you have to deal with auditors. We know that auditors ask stupid questions. We want to hear what those stupid questions are. Don’t hold back, we know you want to cut loose. This is the place to do it.
What Job Would You Rather Have? – It’s 10 pm, you’re sitting in your beige cubicle, staring at a spreadsheet that has thousands of rows that are starting to blend together and you think to yourself, “How did I get here? Should I be doing something else? Anything other than this?” We feel your pain. Tell us what you would rather be doing. Picking up elephant dung? Window-washer? Artificially inseminating farm animals? Tell us your dreams of what you would rather be doing than working with Excel.
This is just the beginning but we need your help. We need your gossip, rumors, and story ideas for what you want this blog to be, because it’s for you, our loyal Going Concern readers. Send all tips via email to tips@goingconcern.com. We’ll always keep you anonymous unless you want to be named and if you want to tell us something off the record, that’s cool too, just let us know.
Now get back to your spreadsheets!