Author: Adrienne Gonzalez

Adrienne is a 15-year veteran of the accounting industry, if by "veteran" you mean "vulture prowling the periphery of the profession waiting for something exciting to happen." She has been spewing vitriol on Going Concern since the site was founded in 2009. A former CPA review employee, she has sat through more FAR classes than any CPA exam candidate ever could -- even one who has failed FAR seven times -- and can still recall most of the mnemonics all these years later.

Accounting Airman Called, You Answered

I’m not saying it never happens; the best is when one of you makes me laugh so hard I spray Racer 5 from my nose.

But better than that, when a bunch of you come together to help someone trying to break into the industry.

Some may take issue with the self-regulation of the accounting industry: its glass ceilings, elusive “work-life” balance, sexism, narcissism and general malfeasance. “Big 4 isn’t rocket science,” the comments read. Right. I don’t think anyone here would argue that it is but there is a sense of having earned one’s position in the glass ceilinged, work-life fucked, sexist, narcissistic sludge puddle.

That said, I feel like most of the regular readers of this site have of what works and what doesn’t. When I see someone get slaughtered in the comment section, first I laugh, then I think about what would prompt a majority of you to descend on this person like a pack of rabid pit bulls. This happens more often than not but I can’t help but think you all do this out of love and affection for your industry. Right.

Every now and then, you impress me. Sometimes it’s really subtle, like someone giving someone else a reality smackdown without making them cry. Other times, it’s an obvious rallying together to help a really useful individual thrive in this industry.

When DWB tried to give this 10 year military veteran some advice on breaking into public, he offered personalized assistance in pursuing this. No one called the guy old, made dick jokes, or said “I’d hit it.” Instead, he got advice like “Do a little reading on consulting careers at places like Bain, McKinsey, Boston Consulting, etc. Pay makes Big4 look like peanuts, and exit opportunities are way better (McKinsey is referred to as a CEO factory). Or, if your interest is finance, you can look at investment banking, private equity, asset management, etc. In the long run, all of those pay multiples of what public accounting does.”

Then the OP chimes in:

Hi everyone… original poster here. Thanks so much for the feedback! One thing I should note: I recently (as in 2 weeks ago) finished my BSAcc, so the 15 years out of school thing is not an issue. I have IFRS and SOX accounting training. I am fresh off of the degree and looking for more. Hope this helps with the feedback.

As far as the top 7 MBA program comments: thank you so much for the encouragement, but the primary setback to those options is the fact that I must find a job that pays similar to support my family, and I am not sure that I can make a move to one of those areas. Should I look into sacrificing some pay early on and make a stab for top 7 MBA? (I currently make about $50k per year, and dipping much below that could strain the family as my wife has not worked in years and may have trouble stepping into the door as a medical assistant). I also prefer the flexibility of online programs. I was curious: with programs like FSU doing online degrees, is this a viable option, or am I better off with brick and mortar? Also, is it even possible to get a 1 year MAcc from a big name university with my credentials? If so, where would I want to start looking? I am open to either an MBA (most like finance focused) or a MAcc, and I definitely prefer a prestigious college.

This forum has been wonderful and I appreciate everyone’s feedback and the support you show for the military. You are really a set of class act people!

Fuck. IFRS and SOX. My thought here is that you guys recognize talent when you see it, which I don’t think counts as narcissism when you recognize it in someone else. This person could be a real asset to the profession and it’s endearing to see you all try to help him make the most of that. Instead of hating on him. Or talking shit about the school he went to.

Apparently he didn’t see the “military to b4 eh? heres a tip…remove stick from ass, then insert much larger stick” comment or maybe he found that useful too. Anyway, he follows up later:

Hi everyone! Accounting Airman here again! I wanted to let you know that I am processing the wealth of information that has been provided to me. I have received several direct contacts and also the posts here. I am out of town for the next few days on military related duty, so I may be slow in responding to everyone. I will get my resume out to those who requested (assuming you have a proper e-mail account) when I return.

Thanks again for all of the support and direction. I am amazed and honored by the responses.

v/r

Accounting Airman

I don’t expect to see this often and frankly am glad I don’t but good job. It’s rare that I’m not ashamed to be associated with this website and, subsequently, a lot of you. I’m sure that’s mutual.

Well done. If the partners had any doubt about your collective abilities to pull this shit off, I hope a performance like this encourages them to show a little faith in you assholes. I have it after this.

AICPA Announces Winner Of the Beta Alpha Psi Medal of Inspiration Award

For once, we have a heartwarming story of a person who set her mind to accomplishing a goal in spite of more than her fair share of adversity and challenge. This should shame all of you C students into at least pretending like you are grateful for what you have, at least until next semester.

Last week, the American Institute of Certified Public Accountants announced that Ms. Hefgine G. Fils-Aime, a spring 2011 graduate of the University of South Florida, has been awarded Beta Alpha Psi’s Medal of Inspiration Award. The award, sponsored by the AICPA, is bestowed upon a student who has experienced extreme hardships in his or her life and who has demonstrated an unusually high level of success dy. The award includes a $5,000 cash stipend, which Ms. Fils-Aime plans to use to help continue her education by pursuing a Master’s of Science degree in accountancy at Wake Forest University.

Ms. Fils-Aime’s story is one of overcoming persistent obstacles. In the mid-2000s, her parents sent Fils-Aime and her sister to Florida to live with relatives, fearful that their young daughters were in danger if they remained in Haiti. Then 14-year-old Fils-Amie, a native French and Creole speaker, had to learn English immediately and was enrolled as a junior in high school due to having skipped a grade in Haiti and the differences between the Haitian and American school systems. Fils-Aime graduated high school at age 16 and enrolled in the University of South Florida.

While the other 18 year-olds in the dorms were partying and trying to get her to take that route with them, she chose to remain focused on her education. As if that weren’t challenging enough, her biggest challenge arrived on Jan. 10, 2010, when Haiti was hit with a 7.0 earthquake. It would be days before she knew what happened to her parents and younger brother. Her mother did not survive the earthquake, buried in the rubble of their home when it collapsed. Port-au-Prince was so damaged that she could not fly in to attend her own mother’s funeral. Somehow during all this, she stuck to school and her extra-curricular activities, which included serving as student project support assistant at the Business Systems Reengineering Department, a candidate for Beta Alpha Psi and the Brothers Points coordinator for Alpha Kappa Psi. She attended PwC’s Florida Leadership Adventure in the summer of 2010.

“The winner of this year’s Beta Alpha Psi Medal of Inspiration Award, Hefgine G. Fils-Aime, is a shining example of a person who overcame extreme hardship, and a language barrier in a foreign country, to achieve success,” said Jeannie Patton, AICPA’s vice president of academic and career awareness. “Her dedication, motivation and courage to continue offers inspiration and hope to every one of us who has thought about quitting when the going got tough.”

Fils-Aime was presented the award on Friday at Beta Alpha Psi’s 2011 annual meeting in Denver.

“Hefgine Fils-Aime’s life story is an inspiring one for everyone who is part of Beta Alpha Psi,” said Mary Stone, president, Beta Alpha Psi. “For members, it is a story to remember when life seems overwhelming or unfair. For faculty advisors, forum members, and staff, it is a story to remember when confronted by the media stereotype that today’s students don’t work hard. For all of us, it is reminder that great challenges can be overcome with hard work, perseverance and good humor.”

Fils-Aime graduated with a bachelor’s degree in accounting with an overall GPA of 3.89 in May of 2011 and received a full-time offer from PwC. She was recognized on the College of Business’ top 25 under 25 and had been active in Beta Alpha Psi, Alpha Kappa Psi and Beta Gamma Sigma.

Current BAP students may vote for either themselves or another BAP student who they feel meets the criteria for this award, which is given out annually. There are two criteria whereby students can win. First, they may have experienced extreme hardships in their lives in pursuing their education, and demonstrated an unusually high level of success in spite of that adversity. Or, second, they may have done something particularly inspirational in the course of their young lives that had tremendous impact on someone else’s life. Either path is acceptable. Students are encouraged to participate in the program, not to bring honor or glory to themselves, but to inspire students to want to affect on the world around them in a positive way.

Kiwi Accountants Aren’t That Different From Americans, Rank Work-Life High on the Happiness Scale

According to a new survey by leading finance and accounting recruiter Robert Half, 79 percent of New Zealand finance and accounting professionals rank work-life balance as a number one priority in the workplace. Of those, 86 percent of women rank work-life #1, versus 72 percent of men.

Based on a survey of 426 finance, accounting and banking professionals and hiring managers across New Zealand, the Robert Half Financial Employment Report provides invaluable insights into the hiring intentions, staff retention rates and business confidence of organizations for the second half of 2011.

Two thirds of those surveyed (77 percent) valued “working in an enjoyable environment,” while slightly fewer (69 percent) ranked having a manager they can respect and learn from in the top three benefits most valued to them in the workplace.

Other important benefits were working for a stable company (58 percent) and job security (47 percent).

Only 28 percent of respondents cared about working for a socially responsible company (you don’t say!) while a mere 38 percent valued a short commuting distance and just 40 percent valued access to technology as important in the workplace.

Interestingly, 84% of hiring managers said that they find it challenging to find skilled finance, accounting and banking professionals. The functional area in which they are experiencing the most difficulty in finding skilled staff is accounting which has increased by 22% year on year. To help attract and retain staff, hiring managers indicated they are offering or planning to offer perks such as flexible hours/telecommuting (46%), subsidized training (52%) and additional bonus/loyalty leave (41%).

Now, back to that elusive “work-life” balance. Nearly two thirds (62%) of New Zealand professionals stay connected to work or do work-related tasks when they are on holiday. Nearly two thirds (61%) of New Zealand hiring managers expect their employees to be available to some degree while on annual leave or out of office hours. About half are only expected to be available in the case of an emergency (49%). Of the employers that expect their staff to be available when they are out of the office, over three quarters (79%) expect their senior managers to be ‘on call’, while 60% expect this of their middle management team.

Read the rest of The Robert Half Financial Employment Report here if you’re into surveys.

“The Packer Franchise Has Such a Deep History,” The Email Begins

If this doesn’t convince you accountants are important, nothing will:

I noticed this article during a visit back to my hometown of Green Bay. Now this is something I think we all can aspire to. The Packer franchise has such a deep history, and especially interesting as the Packers are the only publicly-owned professional football franchise in the NFL (and maybe the only sports franchise in the US) where you can purchase shares of its stock. Go Pack.

Enjoy:

“Green Bay Packers likely owe existence to treasurer Frank Jonet”

The Green Bay Press-Gazette shares the story of guys with money who stepped up to save a team they loved:

Even casual students of Green Bay Packers history might recognize the names of the local businessmen who played the key roles in keeping the franchise afloat through its economically turbulent first 30 years.

There’s the legendary Curly Lambeau, whose statue sits in front of the Lambeau Field Atrium, and the rest of the “Hungry Five” who made sure the team stayed solvent in its most dire days: Andrew Turnbull, the former Green Bay Press-Gazette publisher and first team president; Lee Joannes, a local grocery wholesaler and team president from 1930-47; Dr. W.W. Kelly, another original franchise officer who doubled as the team’s first physician; and Gerald Clifford, the Packers’ long-time attorney who in 1923 drew up the papers for their one-of-a-kind incorporation.

And what’s early Packers history without mention of George Calhoun, the irascible Press-Gazette sports editor who relentlessly promoted the team after a chance meeting with Lambeau on a Green Bay street corner in 1919 spurred the idea for a local professional football club?

But even experts on the Packers’ early years might not have heard of Frank Jonet, the taciturn, civic-minded accountant who helped steer the franchise through bankruptcy receivership in the mid-1930s and played a key role in the desperate stock sales of 1935 and 1950 that kept the franchise alive.

“I find it strange that (Jonet) wasn’t better known, particularly because he was the financial receiver of the franchise at a time when this team was very, very close to going out of business,” said Bob Harlan, the Packers’ chairman emeritus, who will present Jonet into the team’s hall of fame on Saturday. “The Circuit Court really threatened him, either pay these bills or close up your shop. He was one of the leaders who saw to it that this team continued to exist.”

The entire thing is too long to read even for me and that’s my team but you’re welcome to.

The short version is that the team suffered through multiple financial crises and survived somehow.

DeVry Responds To the Keller Guy With “Useless Degree”

I have to give them credit here for monitoring the conversation about their “product” and reacting accordingly by emailing me. DeVry representatives did not demand I remove (especially “Big 4 Veteran”‘s) negative comments about Keller degrees, instead they told me about a program they’ve launched with CareerBuilder to help their graduates find jobs. As far as marketing tactics go, I have to say that’s the adult way to do it.

We’d like to see Hopelessly Frustrated get in touch with them, see what they can offer and then turn around to give us a detailed report of his experience and, more importantly, tell us if he actually gets a job.

Here’s what they had to say:

In March 2011, DeVry University and its Keller Graduate School of Management took competitive job searching to the next level and launched a first-of-its-kind, personalized career services program for its students in conjunction with CareerBuilder, the global leader in human capital solutions. Through the Keller Career Services program, eligible Keller students have access to a dedicated team of career experts – strategists, writers and coaches – for a high-level, personalized approach to career development. This underscores our mission of helping students unlock their full potential and reach their career and life goals.

Eligible Keller students are individually assigned a Career Strategist to mentor them through an intense 90-day career search that encompasses assisting with establishing goals and expectations to customizing a personalized job search strategy. Participating Keller students have access to a Certified Career Coach for live mentorship on various topics such as interviewing techniques, career path planning, networking and workplace etiquette. Additionally, a CareerBuilder professional writer assists these students in the creation of career-related materials, such as keyword-rich resumes and cover letters to help them stand out among job applicants. The new Keller Career Services program also offers eligible Keller students access to a comprehensive online portal with relevant articles, resources and webinars.

I hope we are able to get “Hopelessly Frustrated” signed up for the personalized CareerBuilder coaching. It’s a unique program that we believe will help put our students on the path of career success.

Read more about their career services here.

Former Big 4 Auditor Who Took a Break Needs To Get Back In the Game

Sometimes, life is more important than work. For this former Big 4 auditor, a little life situation forced him out of the game before he got his 2 years and now he’s trying to elbow his way back in.

Hi Adrienne,

I worked in big4 audit for just over a year, but I had to leave the firm soon after that for family reasons (to care for a loved one). It’s been 2 years since then, and I haven’t worked at all (my choice). The good news is that I just passed 3 of 4 sections of the CPA, and I expect to finish it up this month.

The thing is – I need help getting back into the work world now. Do you have any tips for getting back “in the game,” so to speak?

If it helps, I’m really looking for a huge change of pace from big4 auditing – something where there’s little travel, and that’s not nearly as stressful as Big4. I think I would like something where there’s only a one or a few persons I’m reporting to, and where the nature of my work is much more technical/specialized. Something that involves technology would be a big plus (I love Info Tech, and I’m good with it). I’ve looked at private accounting/finance-type positions, but it seems many of them want a minimum of 2 years of working experience. Having Big 4 is great experience, of course, but is 1 year worth much? I also worry about what they will think of a 2 year gap on my resume.

I know a few small mom&pop-type tax CPA firms I could work for, but I worry the work-life balance in these jobs isn’t going to be too much different than Big4. I am also considering government positions.

Do you have any tips for someone like me?

Thanks very much.

~ newbie/CPA2be w/ ONLY 1 year of entry-level big4 audit experience

First off, it depends on where you are. If you’re in the middle of bumfuck nowhere, your options are limited (as I’m sure you’re aware) but if you’re in a major market, you’ve got the option to start networking. Like we’ve advised other folks, you can do this by hitting events held by your state society of CPAs, the AICPA, or other professional organizations.

Second, you’ve got a great excuse if anyone actually asks what you’ve been up to lately. Be honest but not too upfront about this; meaning you don’t have to badger HR about it but have a good explanation ready if you are asked.

You are correct that smaller firms aren’t much different than Big 4 in terms of the amount of work you’re going to be doing, the only difference might be travel. It sounds to me like you have some options, so I’d start by exercising those. Depending on how long you took off to care for your sick family member, you may not have to put in a full two years to get your license.

Based on what you’re looking for, I would suggest seeking out a small (not mid-tier) firm with a couple partners, not some multi-national with tons of clients. If you love IT, try to find someone already in this area willing to take you under their wing, or at least give you some good guidance from their perspective.

I’m not too worried about you, sounds like you have it figured it out and just wanted us to confirm that you aren’t completely fucked. You aren’t.

The Greatest Farewell Email We’ve Seen…EVER

Subject: And When I Leave Come Together Like Butt Cheeks

You can figure out where this is going to go based on that alone, I’m sure.

Predictably, this email has been making the rounds since it was sent. If the OP was shocked it went viral in public accounting inboxes up until this point, wait until he sees it here. Names have been changed to protect the innocent, including the OP, who isn’t innocent at all but still deserves that. I think.

Hey Motherfuckers!

Guess who just got the fuck outta Dodge?! This guy! How many people had Craig Douchenozzlestein lasting until August 4, 2011 in the YMP pool?

But seriously, it is NOT easy to get out of these contracts. Im pretty sure it would have been easier to escape from Auschwitz th knew from the second week I start here that this wasn’t going to work out. I mean, working past 7pm cuts significantly into my drinking and foundling women time. So therefore, since October 28, 2008 when I was forced to work until 10pm on my fucking 23rd birthday, these wheels have been in motion.

I feel like it is probably appropriate to go over what got me to this point of release, in case anyone wants to take a similar approach and not have to pay back any tuition money and get a severance package.

The first breaking point for EY was during my staff 2 year when I lost an inventory count and the bitch of a senior manager WOULD NOT stop hassling me about it. Dude, I told you I lost it. No matter how many emails or sametimes you sent me, that sheet isn’t coming back. Get over it. Rose cried less when the Titanic sank. Needless to say, he personally wrote my review. Didn’t go over too well during roundtables.

The next “occurrence” happened in February 2009 during busy season. It was a Friday night and I was newly broken up with [the girlfriend] for the 24th time. That Saturday I had to work on [rando client] in the office because we just received their 10K. However, this was a minor inconvenience because 2 buddies from college were in town and I had a kitchen full of liquor waiting for them. During that night at the bars, I hit it off with one of the girls in our party and, as any guy knows, the first lay after a break up is as necessary as oxygen. So we leave to go back to my apartment only to realize I had given my buddy from college my keys so he could get in later. In a crime of passion and lack of forethought, I punched through our glass window to get into the lobby, only to realize the door to my apartment was still locked. Not letting this stop my teenage sex drive, we hopped a 30 minute cab to her place. The next morning I awoke at 11am realizing I should have been at work 2 hours ago. By the time I got to work it was 1pm, I reeked of booze and was bleeding all over the place because of my hand. AND I had forgotten my badge so called the senior manager to come let me in who greeted me with a “what the hell happened to you?” I also found out I had texted my senior the prior night while in the cab saying “Getting laid in West Randombury, Ill be at work ASAP” at 3am. Needless to say, my year end review mentioned something about “unprofessional” and “this is a career, not some part time job”

Those 2 situations resulted in me being held back for my staff 2 year. After that, there was not much anyone could do that would prevent me from doing what I wanted to do. I worked from home, ignored deadlines, and pretty much didn’t give a shit. I even made up some bullshit excuse that I was stuck travelling back from the Kentucky Derby in Pennsylvania during a 3/31 year-end just so I could catch up on the DVR I missed while away for the weekend.

The final straw that broke Camel Craig’s back resulted from a year-end job at the beginning of January. The Manager was a complete bitch and I spent most of my day exchanging texts with a girl I had met the prior weekend at the bar. She did not take kindly to this. But the breaking point for her was definitely when I didn’t show up til 2pm on that Friday because it was my roommates birthday the night before. Everyone knows Roommates birthday=Your Birthday, right?!?! That’s another thing that gets me about this place, everyone is so caught up in work they forget about enjoying life. Shit, life is so short (especially if you are a raging alcoholic) and is way too short to spend stressing over excel sheets all damn day. Every once in a while enjoy it! Take a sick day to go to the beach. Get hammered on your roommates birthday and come in late, have unprotected se…. well, maybe not too much enjoyment. But you get the message!

But I digress, I truly enjoyed my summers with you guys and the shit we got away with. I hope I was able to have a positive effect on your lives in some way, even if it was just “damn, at least Im not as bad as Craig . Did you see him lick the Backer pole last night?!” I hope you all keep in touch and wish you the best down the road.

If you guys are ever in the Random City area, Im always down to meet up. Just no rioting like we did when Joey and Dan were here.

One Love,

Craig

Good luck to you in your future endeavors, “Craig,” you’ll need it.

Please note, we’re pretty sure this guy is a one-off and not at all reflective of the overall quality of his colleagues. Therefore let’s reserve any judgments for Craig and Craig alone. Judge away, my darlings.

The CPA Exam Goes International Without a Hitch

The AICPA, NASBA and Prometric yesterday announced the successful launch of the U.S, CPA Examination in international locations – the first time in history it has been administered outside of the United States and its territories.

On August 1, the first candidates took the exam in Japan, Bahrain, Kuwait, Lebanon and the United Arab Emirates. Throughout the remainder of the month, 1,165 candidates will sit for 2,065 examination sections. Future month-long testing windows will take place in November, February, May, and every third month thereafter.

The U.S. CPA exam is offered internationally as a service to foreign nationals in response to escalating international demand for U.S. CPA licensure. In 2010, more than 10,000 international candidates traveled to the U.S. to take the U.S. CPA exam, a 22 percent increase from 2009. Nearly one-third of international candidates came from Japan.

The international exam, offered in English, is the same as the U.S. exam administered by the AICPA, NASBA, and Prometric in the United States. Licensure requirements for international candidates are the same as for U.S. CPA candidates, meaning candidates must meet the qualifications of the jurisdiction in which they apply.. Along with passing the Uniform CPA Examination, international candidates must meet educational and experience requirements as mandated by U.S. state boards of accountancy.

In the United States, state boards have the governmental legal authority to award the U.S. CPA license. Applications may be made through certain U.S. state boards of accountancy offering eligibility for international candidates. A list of participating state boards and information about fees is posted on the NASBA website at www.nasba.org.

Testing in the new international locations is open to citizens and long-term residents of the countries in which the exam is being administered. In the Middle East, citizens of Egypt, Jordan, Oman, Qatar and Saudi Arabia may take the exam in one of the Middle East locations. U.S. citizens living abroad are eligible to test at any location.

Help the NJ Society of CPAs Win $10,000 For Its Scholarship Fund

Contrary to what some might claim, we actually enjoy helping when we can, especially if it means money not out of our own pockets for future capital market servants. Therefore, we’re asking you to take two seconds out of your day to help the NJSCPA win a contest.

From NJSCPA Director of Communications Don Meyer:

In our never-ending effort to convince the world that CPAs aren’t dull, and hopefully to win $10,000, the NJSCPA entered a photo in the “Great Event Photo Contest” on Facebook – http://bit.ly/rkJPdE.

If our photo (a Society member salsa dancing at the 2011 NJSCPA Convention & Expo in Atlantic City) gets enough votes we could win $10,000 for the NJSCPA Scholarship Fund, which provides scholarships to high school and college students.

We’ll be encouraging (or nagging if you prefer) our members to vote for us by promoting the contest on Facebook, Twitter, NJSCPA Connect (www.njscpa.org/Connect), through email and by whatever other means we can think of.

We’re up against some big competition so we’re looking for whatever exposure we can get (hint, hint). Thanks.

Who says CPAs are dull?

You have until August 22nd to vote and can vote once a day using your Facebook profile.

Get on it!

Royal Caribbean Sued Over “False and Misleading Statements”

Last month, Royal Caribbean revealed a pretty significant accounting error related to its amortization of some financing fees (interest expense) that forced it to revise its earlier financial statements. This drove second quarter EPS of 47 cents to 43 cents. As a result, Royal Caribbean shares fell 13% on the day it made the “boo boo” announcement to below $31 a share on high volume of over 11.32 million shares.

As a result, Royal Caribbean and certain of its officers and directors are charged with making a series of materially false and misleading statements related to the Company’s business and operations in violation of the Securities Exchange Act of 1934.

RC Chairman Richard Fain said last week he was “embarrassed” by the error, which was made  in 2009 and discovered by the company’s internal accounting team. The company said though it revised its past financial statements, it did not restate its prior earnings, and claimed the statements could still be relied upon. Uh huh.

Law firm Kahn Swick & Foti, LLC has filed the class action suit against Royal Caribbean on behalf of purchasers of the securities of Royal Caribbean between January 27, 2011 and July 28, 2011 in a Miami court as of last week.

Young, Soon-To-Be CPA (Or HR Spy) Wants To Know What Your Recruiting Events Are Like

Call me crazy but this feels more like an email from a curious recruiter researching the competition than a junior trying to find out what other firms are up to. But hey, that’s just paranoid ole me.

If you have a question for our crack team of snark distributors, feel free to get in touch.

Hi GC,

I’m a young, aspiring CPA entering my junior year of undergrad. As a new target age group of recruiting, I recently attended a leadership conference with one of the Big 4. Sadly, I only applied for one such event, only to meet other students my age attending multiple events held by different firms. In an effort to always compare firms, I was wondering if you could open this up for discussion. Who had the lamest activities? Who had the most people? Which company threw it together at the last minute and had no clue what they were doing?

Thanks so much,

Bi(g 4) curious

Just wondering, did you try to talk to any of these “students your age” about the multiple events they were heading to? What did they have to say?

Why do you care? If you are interested in a particular firm, have you tried searching their tag on this website to see who gets the most “hoo-rah!” staff on here telling other firms’ employees how much they suck? I’m not 100% sure what it is you’re trying to glean from hearing about the recruiting events that you didn’t sign up for but let me save you a whole bunch of research: all recruiting events are pretty much the same. A bunch of awkward people stand around telling bad stories, sometimes crappy snacks are served, every now and then there are cocktails and at the end of it, some people come out of it with a job. End. These events have been going on for thousands of years (well, OK, maybe only the last several decades) and they’ve all pretty much ended the same.

But hey, let’s just say you are for real and just curious how other events went down… have you considered senior year? You have plenty of time to figure out what everyone else is doing.

That said, if anyone has some great stories to share (I’m talking drunk recruiters, moron accounting students making fools of themselves, hot chicks getting hit on by sleazy managers… whatever you kids got), by all means, please let us know.

Groupon Will File a New S-1 to Pretend Like ACSOI Never Existed

All Things D has reported that Groupon will amend its S-1 public offering filing to remove references to its controversial ACSOI accounting treatment, which we discussed previously here.

In a June 2, 2011 SEC filing, Groupon admitted the metric was creative to say the least. “Our use of Adjusted CSOI has limitations as an analytical tool, and you should not consider this measure in isolation or as a substitute for analysis of our results as reported under GAAP,” they said. Some of the die-hard tin foil hat anti-IFRS brigade (I count myself as one of them) might feel the same way about other “alternative,” non-GAAP accounting methods but I digress.

ACSOI did wonders for Groupon’s numbers. It turned a 2010 operating loss of $420,344,000 into a positive $60,553,000, turning Groupon’s luck in its favor to the tune of $481 million. All well and good if investors can actually rely on those statements but didn’t the very idea of ACSOI self-proclaim that it was not to be relied upon? So how the hell did it end up in Groupon’s S-1?

All Things D elaborates on Groupon’s trouble since introducing the idea of ACSOI:

Hence, a furious debate — along with much internal tension — within Groupon about what to do. At first, in another S-1 amendment, the company backed away from using ACSOI as a “valuation metric.”

But that was apparently not enough for the SEC or anyone else, so Groupon’s top managers finally thought it best to rid itself of the term entirely. That will happen next week, sources said.

And, in coming weeks, sources added, the company will be filing additional financial information about both its growth and costs, which will undoubtedly also be put under a microscope by the media, investors and regulators.

Probably good for everyone involved. Things are complicated enough using metrics we all pretty much agree upon, no reason to start pulling accounting tricks out of our hats.