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January 27, 2023

Monday Morning Accounting News Brief: Deloitte on Microtransactions; More EY Split Roadblocks; Have You Become Irritable? | 11.28.22

a dog wearing VR

Happy Monday! Here’s some stuff that’s going on.

Several US audit firms told the Financial Times that they had elevated some or all of their crypto-related clients to the status of “high risk”, triggering a more thorough audit that will take longer and lead to higher bills; some clients could ultimately be dropped altogether. KPMG UK has announced a £5.5 million investment in its flagship Manchester office, the 25,000sq foot “Ignition North” will be home to KPMG’s Ignition team: “As part of the Manchester office redesign, the company is also rethinking the traditional office layout to cater for new and developing ways of working. The space will be repurposed to prioritise meetings, presentations and informal get-togethers between colleagues, clients and the firm’s wider networks.” All four Big 4 firms issued a rare joint request for the Financial Accounting Standards Board to weigh in on questions about convertible debt instruments that allow the issuer to settle them partly or wholly in cash. Accounting OG Ed Mendlowitz celebrated nine years of Accounting Today columns and shared ten past columns he thinks are particularly helpful to colleagues, check ’em out. NYT wrote about SEC Chair Gary Gensler’s beef with crypto. A Deloitte report justifies overpriced Overwatch 2 skins *sigh*: Daryl Hanberry, partner & head of technology, media & telecommunications at Deloitte, said: “Even though two-in-three gamers have not spent money on digital content in the last two months, we know that these in-game purchases are driving significant revenue for companies like Activision Blizzard, especially purchases made in mobile games. Microsoft’s acquisition of Activision Blizzard and Sony’s plans for a dedicated PlayStation mobile gaming unit show that more traditional gaming companies are beginning to look towards revenue models that are increasingly driven by in-game purchases. It will be interesting to see if the habits of gamers change in response to this.” EY has created a new decision-making panel to resolve wrangling over who should get what following the planned split of its audit and consulting businesses, bosses at the Big Four firm have now agreed to form a “transaction committee” with an equal number of representatives from each business, as they face concerns from some current and former partners that the audit division could be harmed by the split.

Funny enough I was digging around for accounting news when this Mayo Clinic page on burnout ended up in my search results. It feels appropriate to share:

Job burnout symptoms

Ask yourself:

  • Have you become cynical or critical at work?
  • Do you drag yourself to work and have trouble getting started?
  • Have you become irritable or impatient with co-workers, customers or clients?
  • Do you lack the energy to be consistently productive?
  • Do you find it hard to concentrate?
  • Do you lack satisfaction from your achievements?
  • Do you feel disillusioned about your job?
  • Are you using food, drugs or alcohol to feel better or to simply not feel?
  • Have your sleep habits changed?
  • Are you troubled by unexplained headaches, stomach or bowel problems, or other physical complaints?

If you answered yes to any of these questions, you might be experiencing job burnout. Consider talking to a doctor or a mental health provider because these symptoms can also be related to health conditions, such as depression.

Possible causes of job burnout

Job burnout can result from various factors, including:

  • Lack of control. An inability to influence decisions that affect your job — such as your schedule, assignments or workload — could lead to job burnout. So could a lack of the resources you need to do your work.
  • Unclear job expectations. If you’re unclear about the degree of authority you have or what your supervisor or others expect from you, you’re not likely to feel comfortable at work.
  • Dysfunctional workplace dynamics. Perhaps you work with an office bully, or you feel undermined by colleagues or your boss micromanages your work. This can contribute to job stress.
  • Extremes of activity. When a job is monotonous or chaotic, you need constant energy to remain focused — which can lead to fatigue and job burnout.
  • Lack of social support. If you feel isolated at work and in your personal life, you might feel more stressed.
  • Work-life imbalance. If your work takes up so much of your time and effort that you don’t have the energy to spend time with your family and friends, you might burn out quickly.

On the topic of burnout, the Sunday Scaries claim another victim:

TikTok must be stopped!

A few things we’re working on this week:

  • A breakdown of the best-paying metros for accountants
  • Let’s talk about team building and how not to get overwhelmed by it
  • Intern salaries are through the roof, allegedly
  • Someone smarter than me discussed accounting education and why it needs to change with the times

For Cyber Monday, we’re running a special on the newsletter — 100% off! Pay absolutely nothing to get headlines delivered to your inbox twice a week. A steal! Sign up here. The newsletter is always free. 100% of 0 is still zero.

Anyone pick up a VR headset on Black Friday?

That’s all I’ve got. Hope everyone has a great week!

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