Call us snobs for being ignorant about regional firms but until our New Firm Name Challenge, we’d never heard of J.H. Cohn and we’ve definitely never heard of Charles Brucia.
Regardless, the two firms are copulating to form a new firm but there won’t be a new name, which is pretty boring. According to Web CPA, “The firm will operate as Charles Brucia & Co., a division of J.H. Cohn.” Vomit.
This current get together follows JHC’s mergers with Frederic Kantor last summer and Good Swartz Brown & Berns last spring.
So at this pace of mergers, we’re predicting JHC will start throwing around “Global 6 Accounting Organization” somewhere around the 24th and one half Century.
J.H. Cohn Combines with Charles Brucia [Web CPA]
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Codification Will Affect You Whether You Like It or Not
In case you’ve forgotten, the new FASB Accounting Standards Codification is all up in your shit since it is effective for all financial statements dated after 9/15/09. One source is already less than enthused about the whole thing:
[From] what I can see it requires you to go through your financials and any place you referenced something like FAS 142 you have to change it to reference one of the like 5,000 topics, subtopics, sections, paragraphs, and subparagraphs within the standard. I think Operating Leases (Lessee) will now be labeled as follows (I am serious): “840-20-a”
After we got the vomit out of our mouths, we realized that this new reference has an uncanny resemblance to IRC referencing but maybe that’s just us. This is especially disheartening for those partners who spent their entire careers committing SFASs, EITFs, and APBs to memory so that they could be the go-to technical accounting wonk. So if that’s you, consider your life’s work completely ruined.
And the PCAOB has kindly reminded you that you get NO SAY in this matter, so just accept it. On the bright side, new associates will be starting or have already so replacing all those references on workpapers should keep them busy chargeable in between making copies and calling/emailing India to check on the cash reconciliations.
This will probably give more than a few of you heartburn this season but some of you may remain clueless about it until the eleventh hour which will make for some excitement. Discuss your excitement/melancholy in the comments.
UPDATE: We had short chat with one Big 4 auditor who summed it up this way, “its fuckin retarded espcially if convergence is happening soon.” Very poignant. Convergence and soon are obviously subjective but the point is duly noted since any sort of global standards would no doubt torch the FASB’s codification.
Tchotchkes Submission Update and Reminder
In case some of you missed our request last week, or in the event that some of you chose to ignore the request, we are asking for your tchotchke submissions. So keep sending us your pics! You know you have pride in the frivolous junk with your firm’s name on it.
The gimmickyness of this exercise is obvious but if we are forced to discuss the trend of pessimism among CFO’s, a couple things may happen: A) Someone may fall asleep while reading and 2) the vitriol may reach critical mass. Either way, here’s a taste of the submissions we received so far:
That’s a KPMG magic 8 ball for those of you scoring at home.
Question: KPMG 8 ball, will Going Concern readers ridicule this post?
Answer: It is certain