We’ve finally got a few details to share with you on last week’s layoffs at Grant Thornton.
According to a tip we received, ten professionals in Southern California were laid off, nine in the audit practice and one in the advisory practice. If you’ve got more details on these cuts on GT, get in touch with us and discuss in the comments.
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GC Weekend: Fill Has Broken the Mold
Round 3 has come and gone for the Radio Station billboard and it’s nothing but more disappointment.
After two straight rounds of +2, Fill is in the clubhouse at +6, after shooting +4 today. Obviously, he has not bounced back as many Klynveldians had hoped he would.
With this latest performance, we’re thinking that Fill has all but solidified his slot in the upcoming current RIF. This simply means that he’ll have to continue to slum it for the likes of Barclays, ExxonMobil, and Rolex.
This latest poor performance forced us to get a little creative with the rating system.
Check out our latest 9 box, after the jump
As you can see, we decided that it was appropriate to modify the traditional 9 box for this special occasion. It’s no longer at NI9 for Fill, he has his own special box: the Fill NI9. This rating will now represent the most disappointing performances for Radio Station employees.
Check in with us tomorrow Monday to get the final round Fill coverage.
Codification Will Affect You Whether You Like It or Not
In case you’ve forgotten, the new FASB Accounting Standards Codification is all up in your shit since it is effective for all financial statements dated after 9/15/09. One source is already less than enthused about the whole thing:
[From] what I can see it requires you to go through your financials and any place you referenced something like FAS 142 you have to change it to reference one of the like 5,000 topics, subtopics, sections, paragraphs, and subparagraphs within the standard. I think Operating Leases (Lessee) will now be labeled as follows (I am serious): “840-20-a”
After we got the vomit out of our mouths, we realized that this new reference has an uncanny resemblance to IRC referencing but maybe that’s just us. This is especially disheartening for those partners who spent their entire careers committing SFASs, EITFs, and APBs to memory so that they could be the go-to technical accounting wonk. So if that’s you, consider your life’s work completely ruined.
And the PCAOB has kindly reminded you that you get NO SAY in this matter, so just accept it. On the bright side, new associates will be starting or have already so replacing all those references on workpapers should keep them busy chargeable in between making copies and calling/emailing India to check on the cash reconciliations.
This will probably give more than a few of you heartburn this season but some of you may remain clueless about it until the eleventh hour which will make for some excitement. Discuss your excitement/melancholy in the comments.
UPDATE: We had short chat with one Big 4 auditor who summed it up this way, “its fuckin retarded espcially if convergence is happening soon.” Very poignant. Convergence and soon are obviously subjective but the point is duly noted since any sort of global standards would no doubt torch the FASB’s codification.