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September 28, 2023

When accounting goes unaccounted for

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Longtime PCAOB Veteran and Skepticism Enthusiast George Botic to Sit on the Actual Board Top Remote Accounting Candidates of the Week: September 28 EY’s Work on This One Bank Project Was So Bad They Had to Refund the Client CPA Exam Candidates: You Better Hurry Up and Apply For BEC Before It’s Gone Forever AICPA Unveils Its Most Desperate Pipeline Initiative Yet

patience or lack thereof

CPA Exam

Your Final CPA Exam Scores for Q2 Are Bursting Forth

by Adrienne Gonzalez

Apparently the excitement started this weekend, a few days ahead of schedule. I received this email Saturday: Hi Adrienne, The latest batch scores have dropped for TN. The tweet has not posted from NASBA yet, but that bright, shining 77 doesn't lie. I thought I would pass along the information! Not wanting to work on […]

CPA Exam

Would Anyone Else Like To Freak Out About BEC Scores Taking So Long?

by Adrienne Gonzalez

Here's your daily dose of CPA exam candidate freak out: Hi Going Concern, I just called the CPA Exam Services to ask why my BEC score was not released on September 11th.  I was told my exam is still being graded and I should expect my score within one week. Although I understand that BEC […]

CPA Exam

Here’s Your CPA Exam Score Release Timeline For Q3 and Q4 2012

by Adrienne Gonzalez

If 2012 is the first year you've had the pleasure of taking the CPA exam, you probably have no idea just how torturous waiting for your scores used to be. You'd either refresh on your state board's website incessantly for several weeks or stalk the CPA exam forums hoping some almost-accurate psychic would know the […]

CPA Exam

Anyone Want to Talk About the Improved CPA Exam Score Release Timeline?

by Adrienne Gonzalez

I should know better than to bring up this touchy subject but I'm only going there due to this email suggestion: I'm amazed that the AICPA kept its promise and released scores on time. Perhaps that could make for good convo on GC. You could also talk about the new anticipated timeline for score releases. […]

KPMG

KPMG Is Sorry for Not Sorting Through This Giant Charlie Foxtrot (aka MF Global) a Little Faster

by Caleb Newquist

Initially the House of Klynveld wasn’t worried about any MF Global clients getting their money back. Then yesterday we learned that plenty of people were pretty cranky, including one trader who thought the firm’s efforts so far were hilarious. Now, after a number of cranky phone calls and thousands of sternly-worded emails, KPMG is apologi[z]ing for all the “disruption” since they’ve been appointed as the administrator of MF Global:

“We are working with the companies’ staff to transfer client positions wherever possible. Where exchanges and counterparties have defaulted the company under their own rules, we have worked closely with them to try to optimise the outcome,” said Richard Fleming, UK head of restructuring at KPMG. “We understand the frustration among clients and market participants at the disruption that is currently being experienced and are sorry for the inconvenience this is causing. In relation to client assets and monies held by the company we are actively working to reconcile holdings and accounts in order to enable assets to be released as soon as possible.”

So, c’mon guys; I know it’s been over 72 hours but please bear with them.

KPMG apologises over MF Global disruption [FT]

News

AICPA Practically Begging the Financial Accounting Foundation to Develop Private Company GAAP

by Caleb Newquist

Were you aware that over 2,500 letters have been sent to the Financial Accounting Foundation “demanding” the development of private company GAAP as well as a separate independent board to oversee the standards? If no, why not? If yes, why aren’t you feigning rage, issuing press releases with impatient statements by various bigwigs? If you’re the AICPA, that’s exactly what you’re doing:

For almost 40 years, the pleas of private companies to set standards for financial reporting that are more relevant too often have been ignored. The American Institute of Certified Public Accountants (AICPA) believes that it is time for the Financial Accounting Foundation (FAF) to listen to the constituents who have written to FAF demanding differential financial reporting standards for private companies and a separate independent board to oversee those standards. There are approximately 28 million privately held U.S. companies, accounting for more than 50 percent of our economy.

“Ninety nine percent of the letters from the privately held company constituency demanded that the Financial Accounting Foundation create differential standards for privately held companies,” said Barry Melancon, AICPA president and CEO. “We’ve studied this problem for far too long.”

Pick up the pace, FAF. People are getting antsy.

[via AICPA]