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Friday Footnotes: FASB Foot-Dragging; Big 4 Babble; One Accountant’s Sweet Escape | 7.19.19

FASB to propose delaying effective dates for 4 major standards [Journal of Accountancy] FASB plans to propose delaying effective dates for four key standards for certain groups of financial statement preparers after a series of votes taken at a board meeting Wednesday. The plan to delay effective dates for certain companies for accounting for leases, credit losses, hedging, and long-duration insurance contracts is FASB’s response to the burden placed on preparers by the board’s ambitious standard-setting activities.

KPMG Awarded U.S. Patent For Technology To Monitor And Report Third Party Vulnerability [PRNewswire] I think their techy thesaurus is broken. “KPMG is driving innovation across our firm, and generating intellectual property as we create transformative solutions for our clients to address their most complex business challenges,” said Mike Nolan, KPMG Vice Chair, Innovation & Enterprise Solutions. “Technology-powered disruption is happening at unprecedented speed and rapidly reshaping industries. We look at disruption as an opportunity to strategically invest in our people, capabilities, and ideas that will put innovation at the core of everything we do. Our Third Party Intelligence solution is an example of that type of innovation at work.”

Deloitte Expands Global Catalyst Network to Help Accelerate Disruptive Solutions at Scale [PRNewswire] And here’s some more Big 4 corporate-speak gobbledegook. They must all use the same guy to write this crap. “Deloitte today announced the expansion of Deloitte Catalyst, a full suite of services that helps enterprises, governments and startups — from early stage to high growth — to innovate, scale and deliver transformative value using the power of an entire ecosystem. Deloitte Catalyst connects enterprises and co-develops solutions, with a global community of startups to help accelerate how innovation transforms their business strategies to drive growth and disrupt the competition.”

SEC freezes assets of alleged fraudsters targeting elderly [MarketWatch] Leave old people alone!

Sojka completes CPA testing [Laurinburg Exchange] The article says Joseph A. Sojka of Laurinburg, NC, was “one of 100 individuals in the state to successfully complete the Uniform CPA Examination during the April through July testing window.” Good for you, homie.

An audit has revealed that legal recreational weed in California isn’t the big payday the state had hoped for [KCRA] The initial budget forecast was for $200 million in revenue to be collected by June 30, 2019, according to the audit. However, as of Jan. 1, the bureau had collected only $2 million.

Time to tackle ‘Big Four’ auditors’ bad behaviour [Descrier] Dogpile line forms this way —–>

Accountant turned baker sees cake as “art” [Maple Valley Reporter] Well I suppose that’s one way to escape the rat race.