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Tag: Nobody panic

Will You Need New CPA Exam Materials In 2011?

As many of you know, some parts of the CPA exam are changing significantly in 2011 though don’t listen to the rumors that say everything is changing profoundly. If you sit for the exam before 2010 and sit again in early 2011, chances are you will recognize much of the content and format of the exam beyond the few changes. We’ve covered those here before, feel free to check out our previous CPA exam posts for more detail.

Anyway, a lot of you are wondering if you should purchase CPA exam review materials now and if you do how you will handle the new material in 2011.


If you’ve done your homework, you’ve found a CPA review course that offers updated material at no additional charge. This could be in the form of split shipments, updates to books or new books altogether depending on whose program you have sunk your hard-earned money into. If you are unsure whether your course offers these or if you are still shopping around for a review, be sure to ask before committing as some providers could end up charging you for new materials.

Keep in mind, however, that much of what is being tested currently will still be tested in 2011, even in areas like FAR and AUD that are getting a significant amount of new international material added to them. If you read too many misinformed forum posts, you might be under the impression that 2010 material is completely and totally irrelevant in 2011 and that studying from these materials will mean guaranteed failure on the exam. That is simply not true. Of course it is a good idea to also study from whatever updates you might receive to 2010 materials if you are sitting in 2011 but it is not worth panicking over nor delaying your studying because you are holding out for brand new 2011 information.

The AICPA Board of Examiners is not about to throw away their precious bank of tried and true CPA exam questions, even though they are anxious to add new international content to that mix. Much of what CPAs have been tested on for the last 6 years will still be relevant next year and there is no need to hold a giant 2010 CPA review book bonfire to eliminate old, outdated content.

You will definitely want to get access to any material updates if you are allowed them by your review course but please, don’t burn books or run out and get all new materials just because you are afraid of being left behind in 2011. Debits still go on the left, even under IFRS.

A Sign of Things to Come? Walgreen Outsourcing 150 Accounting Jobs

Apparently this is part of WAG’s ‘Rewiring for Growth’ initiative. And by ‘rewiring’ they mean cutting $1 billion in expenses by next year (no pressure).

As many as 150 accounting jobs could be eliminated at Walgreen Co.’s Deerfield headquarters within the next 10 months as the drugstore giant outsources the work.

The job losses result from Walgreen Co.’s agreement with process-outsourcing firm Genpact, based in India, to take over certain accounting work.

Genpact has agreed to acquire Walgreen’s accounting office in Danville, Ill., where 500 former Walgreen employees have become employees of Genpact.

Another 300 Walgreen jobs, including the 150 in Deerfield, will be affected by the move. The remaining 150 jobs are scattered among Walgreen accounting offices nationwide, a Walgreen spokeswoman said Monday.

An unspecified number of Walgreen accounting department employees who remain employed will be shifted to other jobs or see their positions changed drastically, the Walgreen spokeswoman said.

Problem is “positions changed drastically” could be anything from the mailroom to working the counter at your respective local store on Christmas Day.

Walgreen outsourcing deal to cut as many as 150 accounting jobs [Chicago Sun-Times]

Security Workers at an IRS Building in Atlanta Are Understandably Jumpy

If you’re working security at any building that houses IRS employees, your tendency to be extra cautious is warranted. For example, if you’re X-Raying a suspicious package that just so happens to contain a curiously shaped object that may resemble an explosive device, you may just order the entire evacuation of the building.

Fortunately, it sounds like it was just a fancy-schmancy decorative egg. While it’s comforting that security forces at the Peachtree Summit Federal Building are a vigilant (maybe too vigilant) bunch, anyone brave enough to bring any sensual devices to work might make for some awkward convos.

Deloitte, KPMG Will Make Out Okay on This Whole Dubai Thing

dubai-the-world.jpgIf you spent the last four days in a tryptophan-induced coma, you may have missed the news that there’s a bit of a problem in Dubai. A $59 billion problem.

Long/short: Dubai World, the state sponsored investment company, asked for a six month extension on repaying principal and interest maturities to its lenders.

While this spooked a lot of people, the latest reports indicate that Dubai is of the opinion that it’s NBD.


Despite the claims by DW that nothing is fucked, it’s being reported that at least two Big 4 firms will get to bill the hell out of the parties privy to this latest debt-related SNAFU.
Dubai World has hired Deloitte to help them restructure their house of cards debt while KPMG is representing banks that hold $30 billion of the Dubai World debt in the negotiations. Now while we’d like to imagine tense, smoked-filled rooms with fists being slammed on conferences tables and screaming into speaker phones, it’s likely that it will be a much more cordial affair but we remain hopeful.

As for the other two usual suspects, why E&Y has been left out of the proceedings altogether is a mystery but the PwC/Becks/Dubai World connection seems like a good enough reason to us to keep P. Dubs on the sidelines. Call it a hunch.

We’ll keep you updated on the Big 4 angle of this story as it continues long into 2010.

KPMG lined up in $30bn Dubai rescue mission [The Independent]
Also see: Duh, Dubai! [JDA]
Deloitte Versus KPMG in Dubai World Saga [The Big Four Blog]