Bess and Greg are getting entrepreneurial over at DB and are probably going to need someone help them count the asston of cash they’re going to rake in as a result.
Those of you thinking about forming your own firm to pick up the ganja engagement probably have the best shot.
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This Should Catch You Up On 2009
What a great year, amiright? Okaaay, it sucked. Well, let’s just take a moment to get sentimental.
Typically we leave that to the JDA but the least we could do is present you with some of the more popular posts that graced these pages (?) since our launch back in July. This will allow you to get caught up on conversations that you may have missed and add your own dash of wisdom.
• Big 4 Salaries: Open Thread – Surprise, surprise. Our thread about what you’re making from two weeks ago on salaries is the most popular to date.
• IRS Doesn’t Care for Kirk Herbstreit Burning Down His Own House – Back from the launch week, Herbie sued the IRS for disallowing his donation of his home as a charitable deduction. Michigan fans finally have something to cheer.
• Are We Experiencing a Big 4 Exodus? – There was no parting of the Red Sea, just a lot of unhappy people.
• Life After Big 4: Open Thread – It does exist.
• Eating Hours: Are You in Denial? – Well. Are you?
• Is David Beckham PwC’s Answer to Natalie Gulbis? – We came up with the best idea ever to be presented to a Big 4 firm and it remains out there for the taking. On a side note, what qualifies as an athlete seems to be a matter of debate.
• PwC is Thinking About Your Health – For reasons that remain completely unclear, soda — and its side effects — got some people fired up.
• Layoff Watch 2009 – E&Y (November), KPMG (September), KPMG (August), PwC (November).
• The Year of the Freeze (and maybe 2010?) – KPMG; E&Y; PwC but not if Bob Moritz has anything to say about it; Deloitte.
• And the Award for Deloitte Analyst Most Likely to Sleep His Way to the Top Goes To… & Does This Mean We Aren’t Going to Find Out Who’s Sleeping Their Way to Partner? – The awards that could have been…
If we missed something that you enjoyed, feel free to let us know and keep us updated with whatever anything and everything. Thanks for a great 2009 and we’ll see you in 2010.
Footnotes: Trouble in Bitcoin Land; A Date With ATR; PwC’s Long-Standing Headache Still an Ache | 01.27.14
Feds charge Bitcoin start-up founder with money laundering [The Switch via WaPo] The woman who […]
Score One for U.S. GAAP
U.S. GAAP just got a little boost in its image versus its sexy rival, IFRS, courtesy of Audit Integrity, a research services firm.
Audit Integrity studied filings by European companies from 2001 to 2008, looking at filings both pre and post IFRS adoption. The objectives were, “to determine whether IFRS has been implemented consistently across Europe, whether it has resulted in a common method of reporting financial data, and how the depth and comparability of data under IFRS compares to U.S. GAAP.”
At first glance, one might think that with all the bashing of U.S. GAAP in recent years that this was IFRS chance to prove once and for all that it was the new cock of the walk.
Well, not so fast GAAP haters:
“Based on our analysis, we are not seeing a significant improvement in financial reporting when companies shift to IFRS,” said Jack Zwingli, CEO of Audit Integrity. “We found that IFRS is a common standard, but there are significant variances in IFRS reporting, in the completeness of information, the timeliness and the filing frequency.”
Sounds like IFRS ain’t all that does it? You want more?
The firm says overall there are indications that financial reporting is more consistent and more comparable under IFRS than before IFRS adoption in Europe, but it’s not clear that IFRS represents an improvement over U.S. GAAP. In fact, the firm’s report says GAAP filers may have an edge over IFRS filing in terms of the timeliness, depth and breadth of financial data provided to investors.
Ouch, IASB. You want the best part? The Europeans disclose less on executive compensation than we do here in America. You’re all familiar with how popular corporate executives are. To wit:
[Jack] Zwingli [Audit Integrity CEO] said he was also surprised that the analysis revealed IFRS generally provides less information about executive compensation. “It’s not good in the United States, but it’s better than it is in Europe,” he said. “There is more consistency in reporting and deeper coverage of data under GAAP than under IFRS.”
Seems like IFRS has got work to do…IASB, you can call us when you want to get serious.
Study Pokes Holes in IFRS Reporting Quality, Consistency [Accounting & Auditing Update/Compliance Week]