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A Special Holiday Open Items, With a Few Items Of Our Own

Posted on by Adrienne Gonzalez

As you've gathered by now, I'm far more "hands on" than Colin ever could be, maybe because I never learned to respect others' personal space and he's just, well, anti-social. In the spirit of my need to constantly check in with all of you because I care, before we get into this special holiday edition of Open Items (if you haven't gathered yet, we're getting the heck out of here early today and will not return until Monday), I have a few items of my own to put out there.

First: I am working on a list of the "worst" items you auditors have had to count at year-end. Fittingly, I plan to post this — wait for it — near year-end. So there is still time for you to weigh in. So far, I've determined that just about everyone knows someone who knows someone who had to count animal semen so I'm counting that one as an auditor urban legend unless someone gives me some real documentation/proof otherwise (although I'm sure I will regret asking for it). Jump into the conversation on Reddit or Facebook, and for the shy folk, you can always email in your inventory nightmares anonymously through the tip box.

Second: There was some hostility in the comments this week and by hostility I mean immature dick measuring contests. I remind you all that A) this is the Internet and B) this is the accounting section of the Internet so put it back into your pants and please take that elsewhere. Personal attacks are not only lame but uncalled for. Remember when you guys are complaining about our lack of a forum this right here is why we can't have nice things. Until I have time to draft an official comment policy for GC (and yes, it's coming), know that mommy doesn't have time to babysit children who are supposed to be professional adults. We should all have a good time here but let's watch it with the personal attacks, this isn't Yahoo.

Lastly, things are still a little crazy around here what with me trying to fire Colin the second he promoted me and all that comes with that reorganization, plus the holiday and none of you embezzling millions from clients but I'll say one more time: my door is always open.

Going into this holiday, obviously don't expect to hear much from us but if you need to dodge awkward interactions with your family and the like, know we are always with you in spirit. And possibly on Twitter.

Now, go ahead and get busy in the comments and feel free to air your concerns and worries — no matter how small — and any questions you may have for your fellow capital market servants. Happy Thanksgiving!

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Analysts, Journalists, and Short Sellers Are Out to Get Overstock.com

iStock_000006509640XSmall.jpgProbably not. But the Company has been subpoenaed by the SEC again regarding its restatement of its financial statements for 2006 and 2008.
Patrick Byrne, the Overstock head honcho isn’t crazy about all the attention:
Bad numbers, after the jump

“All of the matters that are the subject of the subpoena have been thoroughly disclosed and we are disappointed, given the extensive public disclosures Overstock has previously made, that the SEC, given all of the challenges it faces, has apparently chosen to expend time and resources on another investigation of Overstock,”

The SEC’s problems are certainly a matter of record. However, we wouldn’t call Overstock financial reporting history stellar. Restatements occurred in 2006 for “freight costs” which, we’re pretty sure is covered in the first month of Intermediate Accounting. In addition, Audit Integrity has given the company a a ‘very agressive’ rating for Accounting and Governance for 9 of the last 11 quarters.
Regardless of this lack of basic accounting knowledge or borderline reckless financial reporting treatment, Byrne has no qualms about giving the whole sitch the Maxine Waters conspiracy treatment, “Byrne has accused some financial analysts and journalists of working with short-sellers to drive down his company’s stock price.”
This claim is made in addition to the company blaming its upgrade of its Oracle accounting system. Apparently this upgrade caused revenue to be overstated by over $12 mil and understated its loss by over $10 mil back in 2005.
So if wasn’t for Oracle, analysts, the media, and some hedge funds, we’re assuming Overstock would be turning a profit by now.
Overstock.com Hit with Another SEC Subpoena [Web CPA]

Sir David Tweedie’s New Promise: To Retire in 2011

Every knight lays down his sword at some point and Tweeds is no exception. The IASB Chairman will hang up his 10-key when his current term ends in June 2011.

According to Emily Chasan at Reuters, DT thought about calling it quits last year after the pols torpedoed mark-to-market in the name of bank lobbyists. Sensing that the true Holy Grail was within reach, Tweedie stayed on:

[H]e has said he stayed because he wanted to continue the convergence process, which is beginning to reach its goal of having a single set of high quality accounting standards used around the globe. The U.S. Financial Accounting Standards Board and the IASB have redoubled efforts to complete their major convergence projects by a June 2011 deadline set by the G20 group of leading countries.

Now the International Accounting Standards Committee Foundation, which oversees the board, is on the search for the next bean counter in shining armor. Since Tweeds gave plenty of notice, it won’t likely be the shitshow search like Bank of America has on its hands (until very recently perhaps) but the IASCF is searching all the corners of the world for the replacement and they need to come up with somebody good.
If they put some empty suit in there, the likes of Silvio Berlusconi will be writing the revised contingent liabilities standard. Lord knows we don’t need that. We need someone that doesn’t mind telling pols to BTFO of accounting biznass. Pols like Eddy “If you had just involved us in the monitoring of the IASB we wouldn’t be in this mess” Wymeersch, who probably couldn’t tell the difference between his ass and the basic accounting equation. Feel me, IASCF?
Now since that’s clear, if you’ve got any suggestions or purely want to speculate on who you will be in the big chair next (Tim Flynn? Mary Schapiro? Phil Mickelson? that smug guy in the cube next to you that got a 98 on FARE?) drop them in the comments.
IASB’s Tweedie to retire when term ends in 2011 [Emily Chasan/Reuters]
Trustees seek nominations for Chairman of the IASB from 2011 [Press Release]
See also: Kroeker Stresses Importance of Investors in IFRS Decision; Search Is On For Next Chairman Of IASB When Tweedie Retires in 2011 [FEI Financial Reporting Blog]