Going Concern

On Campus

Why Don’t More Accounting Professors Blog?

Adrienne Gonzalez
October 17, 2011

I’ll admit, I’ve trolled Tom Selling’s Accounting Onion. From what I hear, Tom doesn’t appreciate my potty mouth but that doesn’t mean I appreciate his salty opinion any less. He hates the idea of IFRS in the U.S., which immediately endears anyone to me, and I enjoy his candid (if slightly more boring than what you all are used to here on Going Concern) tone.

So when I was in full-on troll mode and saw Tom’s recent Why Do Accounting Academics Blog Less Than Other Academics? post, I had to tweet it. Short version of theeems like every bunch of academics except those in accounting seem to blog their bookish little butts off?

Well one blogging academic didn’t like that tweet (don’t shoot the messenger, bro, I am in enough trouble for my actual opinions, I don’t need heat on account of someone else’s *troll win*) and ended up writing an entire post in response *extra troll win*. Associate Professor and Chair of Accounting & Taxation at Seton Hall University’s Stillman School of Business, Mark Holtzman, wrote the following on his Accounting Ethicist blog:

Last night I read the Accounting Onion’s latest post, asking “why do accounting academics blog less than other academics?” The writer, Tom Selling, offers a novel, if implausible theory:

We (accounting professors) rely on the Big-4 oligopoly to hire our students:

There are certainly tradeoffs to blogging, but they all seem to be roughly the same across academic disciplines, except for the presence of the Big Four. For some reason, that appears to be a net negative in relation to blogging opportunities.

Could it be that blogging by accounting professors is detrimental to the career prospects of one’s accounting students? I’m just asking.

I immediately tweeted that this post was not nice or true. (I then added, in a second tweet, that “Accounting professors don’t blog much because we are too busy with teaching, research and service.” That was admittedly a poorly-thought-out answer – Accounting professors are just as busy as English profs or any other area.)

First of all, Accounting Onion’s theory would suggest that somehow the Big-4 fuel an atmosphere of fear. Here’s a narrative: Accounting academics are afraid to say what they really think for fear of upsetting Big-4 recruiters, and that Big-4 recruiters would viciously retaliate against these academics by refusing to hire their students. That’s ridiculous. I think I can speak for my colleagues when I say that we’re not willing to lie (or withhold the truth) in order to get prestigious employers to hire our students.

Furthermore, I’ve worked for the Big-4 (or I should say the Big-8 and Big-6 – scratch that! I haven’t worked for the Big-4, have I?). In my capacity as a Department Chair, I know many Big-4 recruiters and employees. And we accounting professors do have a lot of far-fetched opinions. But I don’t know any recruiters or partners who would retaliate against students because of their professors’ far-fetched opinions. The Big-4 firms are very systematic about who they recruit and wise enough to hire our students in spite of us and our wacky opinions.

That said, how do we answer Accounting Onion’s question? Where are all the accounting professor-bloggers?

Here goes: I’m sorry to say that accounting doesn’t make for very interesting blogging. See any interesting tax footnotes lately? How ’bout that new FASB proposal? IFRS is already a joke – how many bloggers do we need to point that out? Here comes “Little GAAP.” Is there anything interesting to say about “Little GAAP?” And while I’m at it, have you ever seen the list of topics at a AAA meeting? There could be more accounting professor blogs, yes, but who would want to read all that cr@p?

He goes on to point out that there are notable exceptions to the rule – Going Concern being one of them – but for the most part, the gist I got was that accounting is too fucking boring to warrant dedicating one’s time and effort to writing about it. Thanks for crushing my lofty career goals and any pride I had (if I ever did) in what I actually do for a living.

Pride isn’t the only thing that makes me take issue with that. I have somehow made writing about accounting my life for the last three years so I get that it’s boring. Trust me, I am the last person on the planet who would have ever thought accounting could be interesting but then I started following the adoption of IFRS in the U.S., SEC employees’ porn problems, massive frauds and interesting police blotters starring CPAs around the country. Know what? It’s not that fucking boring. And I don’t just say that to make myself feel better about my questionable career choices.

Who would want to read about that crap? A lot of people, actually. I am amazed by the amount of traffic I get on accounting-related posts on Jr Deputy Accountant that are months or even years old. Are accountants on top of the news cycle? Well no, there is no news cycle. Thank God I have the CPA exam to write about or else I might be out of a job for as little news we get in this industry. But accountants are just as interested in opinion and information as anyone, if not more.

So? What do you guys think? Would you actually read blogs by your accounting professors?

Here’s Another Accountant Feeling Sorry For Himself Because He Doesn’t Know What to Do with His Life

Caleb Newquist
October 14, 2011

Personally, I don’t know I have the energy for this shit today but here’s a sob story we’ve all heard before:

I was born to be a lot of things, but being an accountant isn’t one of them. In my heart of hearts I have always known this, but for some stupid subconscious reason, I have always ignored it.

Why? Well…um…err…I didn’t know what else to do.

Okay, I’ll jump in now – this just pisses me off. Why? Because I have the solution and it’s easy. Quit. Immediately. I don’t give a baker’s fuck if you don’t know what else to do; don’t wait, just quit your job. I spoke with a friend recently who has been with a Big 4 firm for over ten years. This person was in a similar situation as this guy, not sure what to do other than what they were doing right now (i.e. “auditing”). Then they decided that enough was enough. Forget the money. Forget not having a plan. They just up and quit without a plan. I was so thrilled to hear someone finally going with their gut rather than thinking about all the practical bullshit that ties people down. Speaking of, what’s this guy’s excuse?

You might be left asking, “If you hate it so much, then why don’t you just leave?”

I’m the first person to berate myself for sticking with it for so long. It never helped that accounting, and the financial sector for that matter, pays so well and instantaneously blindsides with dollar signs. I was always caught up chasing the next pay cheque, hanging around a few more months for a bonus and salary hike, and holding my breath for my well-deserved promotion.

The result always afforded me the trips overseas, a new car, the latest gadgets, elevation up the clothing-label food chain, gambling in a few shares here and there, and even a deposit on an investment property. Important things in a twenty-something year-old’s life, right?

It sounds like I’m making excuses. Well I am. It’s hard to walk away. But hey, if it pays well and the bills get paid, shouldn’t that be enough? And shouldn’t I just be grateful to even have a job in this economic climate?

First off, you’re using the money as the excuse. Money is a terrible excuse. Sell your car. Sell your investment property. For God sake, pull your money out of the casino that is the world’s financial markets. And the mantra “I should be grateful to have a job in this economy” is the biggest crock. Grateful for a job you hate? That’s like being grateful to be getting laid with a partner that’s lousy in bed and hates your guts. What’s the point? Go find something you want to do and never look back. Life is too short to be wasting it doing something you don’t want to do. This is not Earth-shattering advice but sometimes it bears repeating. Will your life change? You bet your ass it will and it’ll be better for it.

And that’s goes for anybody else. You know who you are. Don’t wait for this year’s busy season to come and go so you can see what the raise will be or to get another bonus. I assure you that you’ll still be miserable. Probably more so. There’s still time to save yourself. You’ll thank me. But you don’t have to.

The Fall Busy Season Has One Ernst & Young Team in Danger of Going into Diabetic Shock

Caleb Newquist
October 14, 2011

By way of the Ernst & Young Staff Twitter account, we learn that the young associates are quite fond of the snack drawer:

While I’m not one to condone such unhealthy life choices, I am not lost on the fact that these drawers of death are not uncommon. That said, if all of you out there in E&Y land insist on this type of sustenance, I suggest you get a pair and put down the whole drawer in a prescribed amount of time. The bankers and hedgies have been doing this for years and since many of you think yourselves worthy of their ilk, you should be able to hold your own in the mass consumption of factory produced crap. Anyone up for the challenge should provide a full inventory of the items to be consumed as well as the time limit and the prize to the winner should they emerge victorious. Additionally, I would need to be given a play by play in order to appropriately report the progress and results to the world at large.

We’re waiting. The gauntlet has been thrown.

Muddy Waters CEO: There Are Some Big 4 Partners in China Conspiring to Defraud Investors

Caleb Newquist
October 14, 2011

As you probably heard, the PCAOB officially put out a proposal earlier this week for audit partners to be named in the annual reports of public companies. It would also require “registered firms to disclose the name of the engagement partner for each audit report already requirethe form” and “disclosure in the audit report of other accounting firms and certain other participants that took part in the audit.”

While most Big 4 audit partners are probably feeling a little chapped by this whole proposal, there is at least one person going on record (by way of PCAOB comment letter) that feels that it doesn’t go far enough. That would be Carson Block, the CEO and founder of research firm Muddy Waters. In Block’s letter (in full on page 2) to the Board he writes that not only should the engagement partner be identified but that he or she should be putting their name on the audit opinion because “[it] will decrease investors’ future losses to fraud and gimmicky accounting by billions of dollars.”

That on it’s own is enough to get more than a few people riled up. But as we indicated, there are some conspiracy and fraud accusations as well:

Even the most reputable auditors in China seem to be in a race to the bottom. We believe that there are particularly egregious situations in which some Big Four partners in China offices have actually conspired with their clients to defraud investors. Further, it is a reasonable proposition that the conflict of interest inherent in the Chinese auditors’ business model also affects the quality of US company audits.

Now before your knickers in a twist, don’t forget that this is the guy who called Sino-Forest a “Ponzi Scheme for the 23rd Century” which more or less looks to be accurate. Further, if you consider all the trouble Big 4 firms have had with Chinese companies listed in the U.S. and elsewhere, it doesn’t seem to be that much of a stretch that some partners would just say fuck it and work with their clients to keep a lid on the shenanigans than go through the pain of actually doing their jobs.

Regardless, with these accusations the PCAOB may try to make another run at getting the Chinese to play ball.

Carson Block 102011

CPA Exam

New Jersey CPA Exam Candidates Get Incorrectly Rejected by CPAES

Adrienne Gonzalez
October 14, 2011

I’m sorry we missed this last week, I’ve been busy making arts and crafts and railing on misguided kids.

According to the NJSCPA, some New Jersey CPA exam candidates got disturbing news from CPAES when they were told they did not meet the state education requirements.

The New Jersey Society of CPAs was recently alerted that a number of CPA Exam candidates in New Jersey had their applications rejected by CPA Examination Services (CPAES) because they did not meet the education requirements. Upon further investigation, the NJSCPA learned that there has been some confusion about thNew Jersey’s regulations concerning education requirements.

The NJSCPA is currently working with the New Jersey State Board of Accountancy to bring about a resolution to this situation that is in the best interests of CPA Candidates and the public. We expect to have a more detailed announcement about that resolution following the State Board’s next meeting on October 20.

At the moment, here is where we stand:

CPA Exam candidates whose applications were rejected by CPAES are encouraged to request a waiver. CPAES will hold your waiver request until the State Board makes its announcement in late October.

CPA Exam candidates who have submitted applications, but have yet to receive any type of notice from CPAES, please be advised that CPAES is holding your application until the State Board makes its announcement in late October. Any applications received between now and that announcement will be held until further action by the State Board.

The lone comment on the NJSCPA post states:

Well, this explains a lot. I applied for the exam more than 3 months ago and still haven’t heard a word. My understanding, which was gained by reading the NJSCPA, NASBA, and AICPA websites, was that in NJ one only needs to complete a Bachelor’s degree to sit for the exam. The 150 hour credit-specific requirement was always referenced to in the licensure section. I, for one, will be pretty upset if they decide to reinterpret these guidelines.

New Jersey! Why didn’t you guys tell me this?! For the record, I think I Pass the CPA Exam has the most comprehensive state CPA exam requirement page outside of NASBA’s own Accountancy Licensing Library, so if you have questions about individual jurisdiction requirements, check there also.

SO. New Jersey requirements:

1. Education Requirements To Sit For The Exam:

• Bachelor degree or above with accounting concentration
• 120 semester units from an accredited university or educational institution
• Note to international candidate: NJ State Board only recognizes ECE as the only foreign credential evaluation agency for their state.

2. Additional Requirements To Get CPA License:

Education:

• Fulfill 150 semester hours AND any of the following:
• Graduate degree in accounting
• MBA with
• Any graduate degree with 30 hours in accounting class

Work Experience:

• 1 year of public accounting experience supervised and verified by a licensed CPA

Ethics Qualification:

• There is no need to take the CPA Ethics Exam by AICPA. Instead, you’ll need to take an ethics course offered by these providers

3. Residency & Age Requirements:

• US citizenship not required
• NJ residency not required
• Minimum age: 18

Now this might not be a big deal to anyone else in the country but I’m sure anxious NJ candidates on a deadline did not appreciate this fubar snafu. This might be an appropriate time to analyze what else CPAES “administers” on behalf of the state boards of accountancy that choose to use their services:

• Process and evaluate requests from candidates seeking special accommodations under the Americans with Disabilities Act (ADA). This involves an individual negotiation process with each candidate, including receipt of a signed agreement from the candidate
• Notify National Candidate Database (and/or candidate) of candidate’s eligibility to take the examination
• Remit portion of fees to boards, if requested
• Remit portion of fees to National Candidate Database for distribution to NASBA, AICPA and Prometric
• Assist boards of accountancy in acquiring necessary hardware and software to communicate individual candidate credit status • Hold scores of candidates with deficiencies after obtaining board approval electronically with the National Candidate Database (transmitting both data and funds) and, if necessary, AICPA and Prometric
• Assist boards in addressing and resolving any electronic communication issues involving CPAES and the National Candidate Database
• Track candidate progress from scheduling through CBT examination delivery
• Receive candidate scores from National Candidate Database
• Analyze scores and post appropriate credit to candidate records, including expiration dates
• Provide boards with score reports, including
• Print and distribute score notices to candidates after board approval
• Provide passing candidates with licensure and other information
• Answer candidate questions about score results and diagnostics
• Maintain permanent electronic files for all candidates
• Issue written, oral and electronic reports to boards
• Prepare statistical reports of candidate performance

Put into perspective, that’s a pretty big snafu if, in fact, CPAES bumbled CPA exam candidate applications. That’s a big if until we hear the final word from NJSCPA.

Accounting News Roundup: 9-9-9 > Optimal Tax; Businesses Hit By Tanning Tax Pales to Projections; PwC’s Lehman Haul | 10.14.11

Caleb Newquist
October 14, 2011

How the Taxpayer Protection Pledge helps push tax reform [WaPo]
Red rover, red rover, send Grover right over: “The 238 members of the House of Representatives and the 41 senators who have signed the Taxpayer Protection Pledge to their constituents stand ready to vote for pro-growth, revenue-neutral tax reform that simplifies the tax code and brings rates down for all citizens and businesses. The pledge is a barrier to tax increases. And that protection makes real tax reform possible today, just as it did in 1986.”

Cain Plan’s Reagan-Era Roots [WSJ]
Herman Cain’s “9-9-9” plan might have been called the “Optimal Tax.” The Republican presidential candidate’s economic adviser, Rich Lowrie, thought the plan’s broad sweep and ultra-low 9% rates made it an ideal tool to revamp the tax code and encourage growth. Mr. Cain liked the idea, but not the name Mr Lowrie came up with. “We can’t call it that,” Mr. Cain said during a cab ride through Nashville in July, according to Mr. Lowrie. Instead, the former pizza-chain executive, tapping his instinct for marketing, concluded: “We’re just going to call it what it is: 9-9-9.” (“What kind of nerd am I?” Mr. Lowrie says now.)

Can Tax Cuts Pay for Themselves? [NYT]
Can tax cuts “pay for themselves,” inducing so much additional economic growth that government revenue actually increases, rather than decreases? The evidence clearly says no. Nevertheless, a version of this idea, under the guise of “dynamic scoring,” has apparently surfaced in the supercommittee charged with deficit reduction — the joint Congressional committee with 12 members. Dynamic scoring sounds technical or perhaps even scientific, but here the argument means simply that any pro-growth effect of tax cuts should be stressed when assessing potential policy changes (e.g., reforming the tax code). For anyone seriously concerned with fiscal responsibility, this is a dangerous notion.

Bethenny Frankel’s $120 Million Skinnygirl Lie That Wasn’t [Fraud Files]
Tracy Coenen debunks a HuffPo wannabe debunker.

TIGTA: 10,300 Businesses (Not Projected 25,000) Paid 10% ObamaCare Tanning Tax [TaxProf]
New Jersey, rejoice!

Tax Holiday Backers Emphasize Big Picture [Bloomberg]
Faced with criticism that companies didn’t use proceeds of a 2004 tax holiday to create jobs directly, advocates for repeating the policy are emphasizing the indirect economic effects of repatriating more than $1 trillion. Whether the money is used for hiring or stock buybacks, “I would much rather have their foreign earnings here rather than in, say, France,” said Kenneth Kies, a tax lobbyist at the Federal Policy Group in Washington whose clients include Microsoft Corp. (MSFT) and Pfizer Inc. Those companies, along with Apple Inc., Google Inc., and Qualcomm Inc., are part of a coalition urging Congress to temporarily reduce the tax rate on profits held overseas. They want a repeat of a 2004 law that let companies pay 5.25 percent, instead of 35 percent, when they bring that cash to the U.S.

PwC has earned £400m from Lehman Brothers so far [Telegraph]
In total, the accountancy firm has billed Lehman Brothers International (Europe) £403m and still has about 250 staff working on the complex resolution of the bank. This fee does not take into account the cost of continuing to pay 495 former Lehman Brothers staff as well as contractors who are helping with the winding up work. In the six months to the end of June alone the payroll bill came to £33m. Completing the work is expected to take at least 10 years, though the costs are expected to fall as the main parts of the administration are completed and the number of staff required to work on the project falls. An application will be made to the UK High Court next month to extend the administration period for a further five years.

ICAEW: Pass/fail audit report is best [Accountancy Age]
Auditors’ Reporting model should not be extended to disclose company information that is not already in the public domain, the ICAEW has argued. US regulator the PCAOB has proposed extending the audit report template to offer investors more detail on risks and business models, but the ICAEW has warned if management has not disclosed the information, the auditor should not do so.

Thankfully, Dillard’s Disputes with Audit Firms Haven’t Resulted in Anyone Disappearing into Thin Air

Caleb Newquist
October 14, 2011

Your mother’s third favorite department store, Dillard’s, has fired PwC as their auditor over a dispute related to the timing of a “tax benefit related to its new real estate investment trust.” The Little Rock-based company replaced P. Dubs with KPMG (who will take every chance they can get to stick it to Team Autumn). Basically the two didn’t see eye on this matter (here’s the 8-K that explains it), Dillard’s asked the IRS for their opinion, who said the treatment was kosher and next thing you know, the audit committee was on the hunt for a replacement.

Anyway, this isn’t really news until you consider the fact that PwC had only become Dillard’s auditor in 2009. Deloitte had been the auditor of the company for 20 years and in many auditor-client relationships, that’s just the honeymoon phase. So that seems a little odd. And couple that with the most recent firing of PwC and you’ve got to wonder what’s the scoop is over at DDS. But all that pales in comparison to this:

In 2008, [Dillard’s] had a dispute with CDI Contractors LLC’s chief financial officer [Ed. note: Link is broken], John Glasgow.

At the time, Dillard’s owned half of CDI. It has since bought the half that it didn’t own.

Glasgow objected the way Dillard’s CFO James Freeman was conducting an audit of CDI. Glasgow disappeared during the dispute and was declared dead [Ed. note: Ditto] more than three years later, although no trace of him has been found.

After Glasgow’s disappearance, Dillard’s restated earnings for several previous years, blaming an accounting error by CDI.

The last thing we want to see are pictures of auditors on milk cartons.

Dillard’s Fires PWC After Accounting Dispute, Hires KPMG As Auditor [AB]

Anxious Accounting Student Needs Advice for a PwC “Superday”

Daniel Braddock
October 13, 2011

Ed. note: Have a question for the career advice brain trust? Email us at advice@goingconcern.com.

Caleb,

I’m an avid reader of Going Concern and I was wondering if you could help ease my anxiety on my Superday coming up fairly soon. I’m currently a senior in a master’s program and I am looking for an internship this Winter. I’ve interviewed with all Big 4 and only managed to score a second round with PwC for a Northeast location. I do have a couple back up offers but really want PwC. Do you have any tips or other insights on these superdays? I often read that the majority of people attending superdays get an offer but I don’t wident. Any insights you can provide would be greatly appreciated.

Thanks,
Anxious Student

Dear Anxious,

I’ll do my best to give you some honest insight on Superdays, although I don’t know if it will quiet your fears.

Your biggest competition at the Superday will be yourself and your choice to pursue a winter internship (presumably tax?). Everyone knows that the summer internship programs are the bees’ knees: barely 40 hours a week; summer outings; awesome schwag. Winter internships, on the other hand, have been traditionally limited in numbers but extensive in experience. This is changing a bit this year, as firms are looking for a small uptick in winter interns to help offset the turnover in staff. The firms’ practices have higher standards for the students they hire for this time of year because they’ll be doing actual work (relative to the summer class). But should you land one of the spots on the winter intern bench, you’ll be poised to rake in a lot of overtime $$$. So, what do you need to do at the Superday to best position yourself for one of the internship spots? Keep your cool. Keep your confidence.

Be flexible. Winter interns are oftentimes from local universities, since many students balance a light credit schedule while putting in long hours at 300 Madison Avenue (or 345 Park, or…okay you get it). If you’re in this position, oversell your availability to work. Think you’re taking 15 credits? Say your’e taking 12. Available on weekends? You bet! They’re looking to hire workhorses, not show ponies. If you’re taking the semester off, that’s great; make sure the recruiter knows this. Talk about your willingness to work long hours and do “what’s best for the team” even if that means working weekends. The goal is to land an offer, not sound like someone with a grasp on reality. “Work the entire month of February and sleep under my desk?!?! Sign me up!!!”

Now, then. General advice for Superdays:

You’re always being watched. Think that the teambuilding event is trivial? Think again. The recruiters will be watching how you interact with the team members. One comment of “this is the dumbest thing I’ve ever done” will get you dinged. Sit down, shut up, and BE REALLY EXCITED TO PLAY WITH MARKERS.

Careful with the booze. Every firm’s 2nd round interview program is different, but be sure to take it easy if there is booze involved. Take a page out of my BFF Patti Stanger’s book: keep it to two drinks. You’ll loosen up, it’ll taste GREAT after the long day, but you won’t get too loose lipped. Just because the evening’s atmosphere is casual, doesn’t mean the office managing partner should know what you’re getting your boyfriend for Christmas.

Shoot for the middle of the fairway. Every in-office interview program has the same cast of characters. The Funny Guy. The Guy Who Thinks He’s Funny But Isn’t. The Girl Who’s Skirt is Questionably Short. The Guy Who is Wearing His Father’s Suit. The Sit in the Corner Special. The Candidate with Too Much School Pride. The Leader Who Doesn’t Know How to Be a Team Player.

Umm, yeah. Don’t be any of those.

Easy on the cellphones. Silence it, turn it off, and only look at it on breaks. Nothing pisses off an over-the-hill recruiter more than watching a room full of Millennials texting and tweeting over their morning fruit salads.

Good luck.

Deloitte

Chinese Gold Company ‘Respects’ Deloitte’s Decision to Kick Them to the Curb

Caleb Newquist
October 13, 2011

Your auditor-of-a-Chinese-company-resignation news du jour:

Deloitte Touche Tohmatsu Ltd , the world’s largest accounting and consulting firm, has resigned as auditors of Hong Kong-listed Real Gold Mining , more than four months after the Inner Mongolian miner was reported to have filed conflicting accouting [sic] reports.

Real Gold, which halted trading in its shares on May 27. is under investigation by the Securities and Futures Commission for corporate governance breaches. The miner’s announcement to the Hong Kong stock exchange late on Thursday said it was looking for a replacement for Deloitte, which resigned on October 12.

“The company is disappointed that Deloitte has decided to resign at this time but respects its decision,” the firm said.

Deloitte resigns as auditors of China gold firm [Reuters]

Will JK Harris and TaxMasters Join the Tax Lady in the Late-Night-Tax-Problem-Solver Body Count?

Joe Kristan
October 13, 2011

“Pennies on the dollar” may be a great pitch on cable television, but it’s not a surefire business plan. Desperate taxpayers who have paid money up front to JK Harris to resolve their tax debts at a discount are joining the IRS as potential “pennies on the dollar” creditors now that this leader in the tax settlement industry is filing for bankruptcy protection.

This is the second major blow this year to cable TV ad revenues. Earlier this year “Tax Lady” Roni Deutch gave up her law license in the face of charges that she took fees up front to resolve tax debts and failed to follow through.

Tax nerds see the late night ads when we get home and wonder how these outfits manage to get such great deals out of the IRS when getting the Service to actually forgive tax debts is like pulling teeth from a grumpy rhino for the rest of us.

TaxMasters now stands as the biggest remaining player in the TV tax settlement business, but they have their own problems. They were de-listed last month from the OTC Bulletin Board to the pink sheets for failing to file their 10-Q due August 15. The last reported trade for Taxs.pk is at 13 cents. They have also been sued by the Minnesota Attorney General for allegedly deceptive practices. ABC News reported on the suit:

The Minnesota attorney general says many of the company’s employees are skilled tele-marketers who have little knowledge of the complicated tax issues faced by people who have fallen behind in filing their returns or making tax payments. “When you call, you think you’re talking to a tax professional,” said Swanson. “You’re really talking to just a salesperson who’s trying to get you to sign up.”

So maybe the secret is that the late night settlement outfits are staffed by telemarketers who just happen to be awesome at selling pennies-on-the-dollar deals to the IRS. If that’s true, though, they seem to be having a lot of trouble turning what would truly be a remarkable and valuable skill into profits.

Here’s a Friendly Reminder to Tune into “Let’s Talk CPA Exam” Tonight

Caleb Newquist
October 13, 2011

This is just a friendly reminder that I’ll appearing on the Yaeger CPA Review weekly radio show to talk about the CPA exam. This particular chat will focus on balancing your study life and work life (i.e. you have no life). If you’re having trouble pulling it together, you can call in and I’ll motivate you like some sort of CPA exam drill sergeant.

Of course if you don’t have questions about that, you can simply call in to gripe about NASBA, BEC, or whatever else grinds your gears about this whole process.

Click here if you’d like an email reminder for this week’s show. Adrienne has promised to call in simply to heckle me so it should be pretty fun.

UPDATE: If you missed it last night, here’s last night’s show for your listening enjoyment:

Listen to internet radio with Yaeger on Blog Talk Radio

IFRS

Retired IASB Member Calls IFRS Compliance “A Must” for G20 Nations

Adrienne Gonzalez
October 13, 2011

Now, let’s keep in mind he said this at an “IFRS and Emerging Market” meeting in Lagos, and meant it in regards to African companies.

Retired IASB board member Bob Garnett said for any country seeking membership of G20, becoming IFRS compliant is a must. He also said African companies will need to work together in regional groups to have more weight as they will not gain necessary influence on their own because they do not have the IFRS track record yet.

The pre-workshop meeting at which Garnett made these comments was organized by Ernst and Young (“a leading voice in IFRS converstion,” according to Nigerian publication The Nation).

Remember it was only days ago that the IASB’s fearless fish-loving leader Hans Hoogervorst was in Boston assuring U.S. regulators they’d have a say in IFRS rules if they’d just hurry up and adopt already. No mention was made about kicking us out of G20 if we don’t embrace IFRS fully and soon.

Anyone else smelling the distinct aroma of desperation?

Also last week at the Boston conference, AICPA CEO Barry Melancon said the SEC should allow U.S. companies to use IFRS if they want “to level the playing field with their international competitors.”

IFRS cheerleading sessions are taking place all around the world at this point, and it’s only a matter of time before the SEC will finally be forced to commit to a plan and adopt. Or else?

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