“I believe the votes are there whether I like it or not.”
~ Barney Frank, on the House provision that would exempt small and midsized businesses from complying with Section 404.
Tag: Quote of the Day
A Freakishly Good Memory Isn’t Necessary to Succeed in Public Accounting
“I know that some people might not have the same kind of memory that I have, but if you have enough passion about wanting to help people and you’re willing to work hard, you’ll go very far in the world of public accounting.”
~ Steven M. Braunstein, President of Snyder Cohn
The PCAOB Has a Plan B if the Supreme Court Manages to Make a Huge Mistake
“In the event that the PCAOB does not prevail – and the decision requires a legislative change – I would urge Congress to act quickly to fix whatever structural problems the Court identifies.”
~ Interim PCAOB Chairman Dan Goelzer, in testimony today.
At Which Point the SEC Will Announce That “Things Are Progressing” on IFRS
“As we move forward, we are committed to providing public progress reports beginning no later than October 2010 and frequently thereafter until the work is complete.”
~ SEC Chief Accountant James Kroeker’s testimony for tomorrow’s hearing before the House Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises.
The IFRS Foot Dragging Talk Is Just Your Opinion
“This…is wrong. To be clear, while I strongly believe in our commitment to high-quality accounting standards, I believe just as strongly that this commitment is only the beginning of the discussion, not the end.”
~ SEC Chair Mary Schaprio, on the Commission’s approach to IFRS.
The IRS Outreach to Nonprofits Didn’t Go So Hot
“The IRS has conducted an unprecedented outreach effort in the tax-exempt sector on the 2006 law’s new filing requirements, but many of these smaller organizations are just now learning of the May 17 deadline.”
~ Doug Shulman, IRS Commissioner
In Other Words, Senator Levin, It’s Another Sh—y Deal?
“Transfer pricing is the corporate equivalent of the secret offshore accounts of individual tax dodgers.”
~ Senator Carl Levin (D-MI), in a less colorful manner.
Does Father Know Best About Restatements?
“My father brings tremendous wisdom and experience, which will help Overstock continue to grow and mature as a company. I am pleased that the Board of Directors nominated him, grateful that he was elected by the stockholders, and look forward to working with him again.”
~ Patrick Byrne, on his Dad, Jack Byrne, rejoining the OSTK board of directors.
Spreading the Good SaaS Word
“How dare Sage criticise anyone else! They exist because clients and accountants don’t want to change. If only clients could see what SAAS would give them (provided they had the right accountants). Perhaps I need to become an evangelist!”
~ Unnamed accountant, commenting on Sage’s tepid position on SaaS.
Memo to Big 4 Partners
“Overtime-induced work stress might contribute to a substantial proportion of cardiovascular disease.”
~ Gordon McInnes, professor of clinical pharmacology at the University of Glasgow’s Western Infirmary.
Amateur Accountants Need Not Apply
“It is the last part of the business I would hand over to someone who is less than qualified.”
~ Barbara Taylor, co-founder of Synergy Business Services, on the accounting function.
Maybe Asking Tax Preparers to Post Grades in Their Windows Would Work?
“Taxpayers need to be able to distinguish between the professional capabilities and education of the different groups of tax preparers.”
~ Patricia Thompson, vice chair of the AICPA’s Tax Executive Committee