Accounting News Roundup: PCAOB’s Unanswerable Question; Your Revenue Recognition Cheat Sheet; No Selfies for KPMG CEO | 05.29.14

U.S. Economy Shrank for First Time Since 2011 [Bloomberg]
People who follow these things suggest there's nothing to worry about: "A pickup in receipts at retailers, stronger manufacturing and faster job growth indicate the first-quarter setback will prove temporary as pent-up demand is unleashed. Federal Reserve policy makers said at their April meeting that the economy has strengthened after adverse weather took its toll."

The PCAOB Asks the Auditors an Unanswerable Question: Do Company Controls “Work”? [Re:Balance]
Jim Peterson thinks PCAOB member Jay Hanson's poor choice of words could cause some problems: "So framed, the question is more than 'tough.' It is fundamentally unanswerable – presenting an existential problem and, unless revised, having potential for on-going regulatory mischief if enforced in those terms by the agency staff. That’s because whether a control actually “works” or not can only be referable to the past, and cannot speak to future conditions that may well be different.

At a Glance: New Accounting Rules on Revenue Recognition [WSJ]
Michael Rapoport sums everything up in 7 sentences.

New revenue guidance: Six things to consider [JofA]
In case you just can't get enough.

John Veihmeyer sides with Joe E. on the selfie vs. traditional photo op.

Accused of stealing $863,000, American Canyon accountant to stand trial [NVR]
Leslie Krzan allegedly used the funds to keep her credit card balance manageable. She made a crucial mistake, however: "The alleged thefts came to light in mid-July 2013 after Tulocay & Co. owner Richard Long discovered two company check stubs on Krzan’s desk for a Citibank AAdvantage business card. Long became suspicious because Tulocay did not have an account with Citibank, according to a search warrant."

CFOs Cash In Big with MBAs from Elite Schools [CFO]
FYI.

Sriracha Factory No Longer Considered a Public Nuisance [Gawker]
The Irwindale, CA city council changed its mind.

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