Category: Uncategorized

SHOCKER: New Study Says Work Interferes with Life

ilovemyjob.jpgWe realize this is hard to believe — especially during this time of year — but yes, it’s true!
According to the University of Toronto’s new survey of 1,800 American workers, 50% of those surveyed take work home on a regular basis. Not a surprising result since the authors asked questions that easily solidified the “Americans live to work” mantra:
• How often does your job interfere with your home or family life?
• How often does your job interfere with your social or leisure activities?
• How often do you think about things going on at work when you are not working?
Scott Schiemen, one of the authors of the study, informs us of the grim but dead on conclusions:

Schieman says, “Nearly half of the population reports that these situations occur ‘sometimes’ or ‘frequently,’ which is particularly concerning given that the negative health impacts of an imbalance between work life and private life are well-documented.”


The study’s core findings indicate some things that may sound familiar to you:

• People with college or postgraduate degrees tend to report their work interferes with their personal life more than those with a high school degree;
• Professionals tend to report their work interferes with their home life more than people in all other occupational categories;
• Several job-related demands predict more work seeping into the home life: interpersonal conflict at work, job insecurity, noxious environments, and high-pressure situations; however, having control over the pace of one’s own work diminishes the negative effects of high-pressure situations;
• Several job-related resources also predict more work interference with home life: job authority, job skill level, decision-making latitude, and personal earnings;
• As predicted, working long hours (50-plus per week) is associated with more work interference at home — surprisingly, however, that relationship is stronger among people who have some or full control over the timing of their work;

Again, shout if this sounds familiar. The sorry thing is that 50+ hours a week is considered “long hours.” Most of you can do 50 standing on your head. Plus, those of you that are eating hours are doing yourself an even greater disservice. But that’s a whole other discussion.
Maybe we should just own up to it? We love working! To hell with family, friends, hobbies, etc. We’ve got work to do!
When Work Interferes With Life [Science Daily]
More Work/Life Balance:
Moss Adams Values ‘A Balanced Life’ over ‘Accountability’
Is the Era of Work/Life Balance Over?
Jack Welch is Not Buying the Whole Work-Life Balance Thing

Five Year Outlook: Will You Be an Accountant?

Thumbnail image for Thumbnail image for Thumbnail image for accountant.jpgStupid question you say? Okay but a recent survey done by E-conomic says a nearly half of our friends across the pond want to be doing something else in five years because the tax and financial reporting regulation will continue to be a nightmare.
The difference between wanting to do something else and actually doing something else is well, sorta big.
Accountancy Age:

Anders Bjornsbo, E-conomic’s operational director, said: “It’s alarming that half the accountants we spoke to said they were thinking of leaving the profession. While that’s unlikely to happen, it is perhaps illustrative of the dissatisfaction and disillusionment felt by accountants today.”

Dissatisfaction and disillusionment is something that has been discussed here in spades on our exodus post. But people getting out of the numbers game altogether? Bah. That just doesn’t strike us as a trend we’ll see soon. The survey indicates that most of you will seek advisory gigs as more compliance work moves offshore, “[T]hree quarters seeing themselves moving away from their traditional role to a more profitable consultant and business adviser position.”
That sounds about right. Despite the widespread misery, there are too many jobs out there that pay well. And let’s face it, you guys like money. You’re not going to leave it all behind to join the clergy or become philosophers.
Discuss your outlook and if you’re leaving the traditional accountant life behind for the advisory world or if you’re a lifer as tax/audit/financial reporting. And if you’re leaving all the glamor for the Peace Corps, let us know about that too.

Are Weiser and Mazars Making a Run for the Global 6?

As you’re aware, we’re obsessed with the notion of the ‘Global 6 Accounting Organization’ moniker. On the one hand it’s a little silly but on the other, many non-Big 4 firms are making a legitimate run to expand their international exposure.

The latest attempt at piercing the Global 6 comes courtesy of a possible merger between the firms Weiser and Mazars. According to Weiser’s website, the two firms currently have an affiliate relationship:

Mazars is an international, integrated, independent organization, ranked fifth largest in Europe. Weiser has established a joint venture with Mazars utilizing its 10,500 professionals in over 50 countries, as needed, to expand the firm’s global reach.


According to the FT, the combined firms will make a push a building their firm around providing IFRS adoption services:

Mazars and Weiser, which have had a joint venture agreement for a decade, decided to merge with the aim of building a new US practice focusing on the adoption of International Financial Reporting Standards by US companies, according to sources.

Weiser partners believe they will have an advantage in the US market working with European partners with extensive experience of IFRS.

We have a little secret to share with the Weiser partners: The Big 4 has European partners will extensive experience in IFRS too. They’re drooling for the IFRS adoption business just like you so hope you’re coming with super-secret plan that will give you a real advantage.

We contacted a Mazars spokesperson who confirmed that the talks were on-going but told us that the contract has yet to be finalized and that both partnerships will have to vote on the proposal. The vote is tentatively set for February or March.

Whether this is the “mega-merger” that was predicted back in August or not we don’t know but the combined firms would have total revenues of $1.3 billion, according to the FT. That’s just a fraction of the Big 4 revenues but it could put them in close competition with the likes of Grant Thornton, RSM International, and BDO.

We’ll continue to keep you updated on the progress of the talks as we learn them.

Mazars and Weiser merger talks point to revival of global practices [FT]

Your Client Dumps You Because…

Sometimes the reason for your firm getting the boot is pretty obvious and other times it isn’t. Fortunately for you, Tom Hood over at CPA Success lists the top seven reasons that your clients drop you like a sack of rocks and it sounds like the “It’s not you, it’s me” routine:

1. My accountant (CPA) doesn’t treat me right (two-thirds of the responses).
2. CPAs ignore their clients.
3. CPAs fail to cooperate.
4. CPAs let partner contact lapse.
5. CPAs do not keep clients informed.
6. CPAs assume clients are technicians.
7. CPAs use clients as training ground for new staff.

#1 seems a little vague (feel free to elaborate) to us but we’ve definitely seen 2 – 7 in action. We’d go so far to say that #4 and #7 are a little low on the list but that’s just our $0.02. Smaller clients, especially, want just a tiny bit of partner love every once in a while — lunch, bagels, anything! — but sometimes they’re lucky if they get a Christmas card.
Plus there are some clients that hate nothing more than an engagement team that turns over year after year. There’s nothing more annoying than answering the same questions every year by a different 22 year old accountant.
If you’ve got thoughts on, or additions to, the list drop them in the comments and discuss your client dissatisfaction experiences.

If You’re Bored at Work, It’s Because You’re Boring

bored.jpgAlthough we know that the bulk of you have never been bored at your jobs, there may be a handful of you that think your jobs are bit well, dull. Why is that, ya think?
Is it that you’re surrounded by rubes that can’t possibly appreciate your brilliant insight? Is it because the work you’re shuffling around is for amateurs and you should be promoted to the HMFIC to straighten the place out?
Or maybe it’s because you’re boring. Yes, yes, we realize that’s impossible but Bloomberg has something on it, so there must be something to it.
According to Susan Cramm, you’ve got only yourselves to blame for three reasons:
• You’re on autopilot – Staring at the same spreadsheets week after week, month after month, you’re bound to get bored.
• Your energy level is less than impressive – That Chipotle you inhale everyday doesn’t help.


• You’ve become a conformist – You’ve accepted the notion of “that’s the way things are done here”. Even it that “way” is done piss-poorly.
The solution? Cramm says you need to mentally fire yourself and act like you’re a newbie again. In other words, have a really awkward conversation with yourself (not a stretch for some of you), then observe the interns and take their lead. Apparently, nothing will improve your boring self more than embracing that go-getter attitude again. Great, that’s not annoying.
Vote on your boredom level below and if you just woke up from a nap, change thee ways.

Be Nice to the Interns

Thumbnail image for intern-where-is-my-report.jpgWord on the street is that the winter interns have arrived at KPMG which makes us think they’re out in force all over the country.
If you’ve got a new intern at your beck and call, tell them how much you appreciate them in the comments and then send them the link (telling them in person isn’t necessary).
If you’re a new intern, tell us how things are going. Is your SA sending sexually explicit emails to strangers from your computer yet? Is it everything BusinessWeek says it would be or are you getting the taste of busy season already?
Whatever your thoughts, do share and try to stay under control at the welcome happy hour.
Earlier:
Love Me, Love Me…Say That You Love Me…Critiquing The Positive Intern Hiring Trend

Grant Thornton Loses Its Fire in Letter to the SEC

Thumbnail image for Thumbnail image for Grant-thornton-logo.JPGDespite getting all bent out of shape in their earlier statement:

“The fraud was apparently conducted by a longtime, trusted senior financial executive who was hired and supervised by senior management,” a Grant Thornton spokeswoman said Tuesday. “The company (Koss) did not engage Grant Thornton LLP to conduct an audit or evaluation of internal controls over financial reporting. Establishing and maintaining effective internal control is management’s and the board’s responsibility.”

Grant Thornton is less enthused in their letter to the SEC:

We have read Item 4.01 of Form 8-K of Koss Corporation dated January 4, 2010, and agree with the statements concerning our Firm contained therein. We have no basis to agree or disagree with the statements and conclusions in Item 4.02(a), some of which were not disclosed to Grant Thornton LLP prior to receipt of this filing.

The only thing we read here that might be a dig at Koss is “some of which were not disclosed to Grant Thornton LLP prior to receipt of this filing.” If this is intended to be the firm’s version of the finger — straight up, at you Koss — the passive-aggressiveness is at a level that even impresses us.
At least in the Overstock letter the firm flat out called Pat Byrne and his company liars. This latest opportunity to lay the smackdown on a client in a regulatory filing seems to have been squandered.

BDO Seidman Waited to Change Their Name Because They Had a Really Special Birthday Coming Up

weisbaum_jpeg.jpgWhen we saw the BDO rebranding story this week we were perplexed because we told you about this new effort to popularize the Global 6 in OCTOBER.
Come to find out that 2010 will mark the 100th birthday of BDO Seidman so there was no rush to change the name back on October 1 with the less-special firms because A) all the firm’s clients were already calling them ‘BDO’ and the change wasn’t really ness, and B) they couldn’t cancel all the festivities they had planned:

“The adoption of the single ‘BDO’ brand name reinforces our commitment to the BDO international network, even as we celebrate our firm’s centennial here in the United States,” said BDO (U.S.) CEO Jack Weisbaum in a statement. He acknowledged that many of the firm’s clients have been referring to the firm as BDO for years anyway.
BDO plans to conduct a year-long celebration of the firm’s founding by Maximillian L. Seidman in 1910, including historical podcasts on the firm’s intranet, a centennial video tracking the firm’s progress over the past century, and celebrations at the BDO Biennial and BDO Partner Meetings in November.

Gosh that does sound fun. We totally get it now.
Plus, the American firm still has to figure out how to pay $521 million to Banco Espirito. Going out at an even 100 years would put a nice cap on things.
BDO Seidman Rebrands as ‘BDO’ [Web CPA]

Busy Season Outlook: Open Thread

overwhelmed.jpgYou may have noticed that the posting schedule here at GC has ran a bit longer the past few days. This is no accident. We were given a friendly reminder on Monday:

Caleb, this is busy season, I expect review comments an hour later for the next few months. That is all.

Well! Since we’re always with you in spirit, we’ll be happy to oblige this request.
We failed to mention it in our outlook on Tuesday since we figured it was understood that the new year marks the beginning of the end of your lives for the next 3ish months.
Then we remembered that it has been prophesied by many of you that this particular busy season will be the worst in recent memory due to layoffs and the ongoing (?) exodus.
So we present you with our busy season open thread. Discuss whatever you like. Will it indeed be the worst ever or will you dominate as usual? For some of you, it’s your first busy season. Are you soiling yourself from all the horror stories or have you found the right drug cocktail to keep you both focused on your work and oblivious to time passing? Go.

Nightmare Client of the Day: Lady Gaga

Lady Gaga.jpgAs you are all aware, there are some hella-suck clients out there for accountants. Demanding clients, unorganized clients, asshole clients, etc.
Then there are the clients that just don’t give a damn about how much money they may be throwing around.
Today’s example is none other than Lady Gaga and the nightly extravaganzas she puts on.
For some reason LG strikes as the sort of client that would show up with all her receipts in shoeboxes but in her case, there would be hundreds of shoeboxes and they’d all be fabulous.

The ‘Bad Romance’ singer – who describes her stage show as “ostentatious and over-the-top” – is making a heavy loss every night she performs on the North American leg of her ‘Monster Ball Tour , which has so far overspent by £2m (€2.2m) even though every concert is sold out.
The massive costs have been run up by her elaborate stage design, costumes and props, including the giant bath she used while making a promotional appearance on UK TV talent show ‘The X Factor’.
A source said: “The concerts are losing money hand over fist because they’ve spent a fortune on pricey costumes, technical equipment and elaborate set designs. She spent £500,000 (€550,000) on one stage alone.
“But Lady Gaga gets what Lady Gaga wants. Her wardrobe is huge and she wants to shock – and that costs serious money.”

There are many — including our friends at Fashionista — that say the woman is an “utter genius” and that genius simply cannot be denied.
Fair enough but accountants, being the practical creatures that they are, would not stand for such irresponsible behavior. From the sounds of it however LG’s accountant seems to accept the notion that the woman is an artist, bottom line be damned.
If you’ve got ideas on how to keep her spending under control, we’re all ears but personally, if she walked up to us (sans pants naturally) we’d have a helluva time saying no.

Just When You Thought You Were Out…

Return.jpgThere comes a time in every unemployed person’s stint as Costanza where you consider going back to the job you just quit. Or maybe you got canned but now they’re reaching out to you through the alumni network just to let you know how great you are nd dang, we sure miss ya.
The BBC was asking around about employment prospects in the new year and lo and behold, they interviewed Keith Dugdale, director of global recruitment at KPMG. Amongst other ramblings, Mr. Dugdale put it out there that KPMG is maybe thinking about asking you some of you to come back:

One thing KPMG is looking at is the notion of rehiring former workers to make use of their experience.
“We are putting a lot of effort into alumni activities,” Mr Dugdale says.

Oh sure, maybe the BBC is reading into it too much but it does make us wonder how many of you would consider going back to an employer that you left because of [insert reason]. Not because you’re desperate (well maybe you are) but perhaps you decided the grass wasn’t greener after all or you’ve got streak of forgiveness in you that you didn’t realize or you told them they had to beg — like get on your knees and beg and tell me you can’t live without me! And I want an iPhone. No! Two iPhones! — and…they did. Maybe we’re broaching the unthinkable but somehow we think some of you might miss the old digs and would jump at the shot to go back. Kindly satisfy our curiosity.

Our Attempt to Give an Outlook on 2010

Thumbnail image for 2010.jpgAs is the wont of many fine publications, we’ll take a moment of your otherwise 100% chargeable day to dispense our outlook for 2010.
Many stories that were big in 2009 will be again and some stuff will just come out of nowhere. Here’s our stab at what we think you’ll be reading about in this corner of the blogosphere:
• Layoffs – Will forced ranking continue or will we go back to the heyday when only new associates that ran naked through the hotel lobby at national training get let go?
• The return of raises? – We’ve already got one guarantee courtesy of Bob Moritz but what about the rest of usual suspects?


• The PCAOB’s fate – The SCOTUS decision could put an end to the Monday morning QBing.
• IFRS vs. U.S. GAAP – Despite our sincerest wishes, the debate about who will use what and when it will happen and who will overlook everything is far from figured out.
• Fraud – It’s a part of our lives. Accept it.
• The latest on the CPA Exam – Thanks to our resident expert, you will pass in 2010. Or maybe you won’t.
• Taxes – Whether it’s the IRS’s latest demonstration of efficiency or the latest attempt by Charlie Rangel to disqualify himself from his job, we’ll be sure you know everything worth knowing.
And of course we’ll be covering the latest rumors floating around your favorite firms. Whether it’s inappropriate use of email, the latest asinine cost-saving initiatives, the banishment of music, Tim Flynn’s whereabouts we’ll cover it.
Keep us updated by sending us tips and suggestions to tips@goingconcern.com and we’ll serve it up.