• Breaking News

    Wednesday, December 6, 2017

    Accounting Grant Thornton Declares War on KPMG

    Accounting Grant Thornton Declares War on KPMG


    Grant Thornton Declares War on KPMG

    Posted: 06 Dec 2017 12:32 PM PST

    MRW I'm a tax guy stuck in an 8 hour audit CPE because the state says I have to.

    Posted: 06 Dec 2017 02:35 PM PST

    How many of you only went into accounting because you knew you would have good job security?

    Posted: 06 Dec 2017 07:34 PM PST

    I feel as a student that my accounting classes are mind numbingly boring. There's so much content and i'm treating like it's one of those dumb Art Gen ed classes. I only went this route because I knew accounting was safe, but I feel like that might end up hurting me down the road.

    Ultimately though, I guess accounting is just a means to earn income so I can pursue hobbies in my free time (insert work life balance joke here)

    Any of you have a similar mindset like this?

    submitted by /u/AncientWyvernShield
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    Why can't people in leadership positions just be honest?

    Posted: 06 Dec 2017 04:59 PM PST

    I have worked at this job for about a year with relatively little feedback on my work. I have a number of client accounts that I'm assigned to do the financials for every month. Originally they tell me that we amortize prepaid insurance using the straight line method, and we record insurance expense equal to the amount that is amortized each month. Makes sense to me.

    Then a few months later one of my co-workers looks at one of my accounts and freaks out. Apparently she records expense equal to what is budgeted regardless of how well or poorly it aligns to the actual policies they have paid for.

    To further complicate matters, we record prepaid insurance whenever we pay for insurance. It isn't always actually prepaid. Some clients are paying their insurance monthly, and my supervisor told me to just adjust the expense to whatever they paid that month. Cool, I'll do that.

    None of this has really worked out in practice for all sorts of reasons. One of them being that a particular client is apparently paying for a really expensive insurance policy they are currently covered for at the end of the year and so we are recording insurance expense for that client according to the budget even though that means they have a negative balance in prepaid insurance because, they haven't actually paid for the insurance. Another being that some clients prepay some policies but pay others every month, and they don't always do this in a consistent manner.

    So, a client has been paying monthly and then doesn't pay for a month. I tell my supervisor that they are going to have a negative balance. My supervisor responds telling me not to touch the prepaid insurance account anymore because apparently I have no idea what I'm doing and need training.

    I know good and well its not the case that I need training on this. I understand the directions I've been given, and they are problematic. The problem is that they basically had the same two people doing this job forever one of which I replaced, and because they had been there so long no one ever looked at their work. So now that they are actually looking at someones work, its raising all kinds of questions about how we should be doing this.

    If my boss knew what she wanted me to do, she would have just explained it to me. Instead she has to pretend that I've been given good clear instructions, rather than admit that all of this time they just let everyone do their own thing as far as recording prepaid insurance and insurance expense goes, and that now that its an issue she doesn't know what she wants me to do.

    And at the end of the day I'm not going to call her out on it. She's my supervisor, and it's not good to piss your supervisor off.

    submitted by /u/taxexemptionz
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    How do u avoid taxes on ur gainz durin bulking szn

    Posted: 06 Dec 2017 07:51 AM PST

    What are your year end strategies?

    submitted by /u/cnelzz
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    [CAN] Tax Module Exam

    Posted: 06 Dec 2017 07:25 PM PST

    The exam is in 2 weeks and I was wondering if anyone could provide some tips on how to study for it and what to focus on. I made one of these posts for the core 2 exam and it was very helpful so thank you to all the people that replied to my core 2 post. I've been busy at work so I haven't been able to study much yet. Is it doable with only a week off to study everything from the start?

    What should I focus on?

    What are some good things to throw in the case to get extra marks?

    Is Densmore good for tax? The Densmore questions and MC.

    submitted by /u/vouching
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    Senate Republicans Appear to Have Made a $289 Billion Mistake in Their Tax Bill

    Posted: 06 Dec 2017 09:03 AM PST

    I am a student who needs advice.

    Posted: 06 Dec 2017 07:35 PM PST

    My accounting professor is trying to convince me to change my major to accounting, I am currently in business. Accounting makes sense to me and I enjoy it I just have a few questions and concerns.

    1) I am worried about the lifestyle, what is the typical lifestyle of an accountant? The media portrays it as constant stress and work, I just want to learn more about it.

    2) If I do not pass the CPA exam what are the possible career moves?

    3) Why did you chose accounting / Why do you like accounting?

    Any extra advice or knowledge you have would be appreciated. Thank you!

    submitted by /u/bfree76
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    anyone took REG today? how did it go?

    Posted: 06 Dec 2017 03:23 PM PST

    Accepted a job offer well below market value, what now?

    Posted: 06 Dec 2017 04:57 PM PST

    Any advice for me? Took the job because I need the experience and $, still actively looking for better positions but recruiting season is long over. If I do get other opportunities how will I duck out for interviews? you know being a new staff and all. feel free to PM any comments or questions.

    TL;DR - No professional or internship experience, bachelors, enrolled in MSA program, first "real" job, need $ for bills and loans, small firm "staff accountant" title, pay just under $40k (don't laugh at me).

    submitted by /u/lilfiddycent
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    Is Mark Weinberger a celebrity

    Posted: 06 Dec 2017 02:09 PM PST

    Bumped into him on the elevator today and was a little starstruck

    submitted by /u/accountant1993
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    Mgmt group misappropriating funds [CAN]

    Posted: 06 Dec 2017 02:03 PM PST

    Throwaway. I work for a management group in Canada that oversees the bank accounts of multiple, distinct corporate entities, though there is some crossover in the shareholders of these corporations. I, the accountant (not designated and leaving the field in the next year) am aware that the controller under the direction of the owner of the management group transferred funds from one corporation to bail out another corporation (whose account was frozen due to unpaid GST). If I had been asked to do the transfer, I would have flat out refused as in my opinion this is misappropriating funds. Some questions I have: 1. Is this definitely a misappropriation of funds? Or does it depend on certain specifics such as the percentage of crossover between shareholders, or on documents such as a a Unanimous Shareholder's agreement? 2. What is my responsibility level since I know this happened? Am I complicit if I continue to work for the management group and not say anything? 3. If I feel forced to leave the company, how do I do this without forfeiting the right to collect employment insurance? (ie if I quit as opposed to being terminated involuntarily, it is my understanding that I would not qualify for EI). Thank you for your input.

    submitted by /u/cdn_throaway
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    can I go form internal audit to regular audit? are the skill sets transferable?

    Posted: 06 Dec 2017 03:27 PM PST

    Six Months to Finally Finish CPA-Most Effective Strategy for Success?

    Posted: 06 Dec 2017 08:54 PM PST

    Hey all!

    I graduated with an Accounting degree in May 2016. I haven't applied to many places because of my current position which is more entrepreneurial. With that said, my Roger CPA course expires July 2018, so I told myself that I'm going to get this shit done by June!

    I just need advice on how to actually grasp the material. I will take FAR first and am focusing on taking the practice questions from Roger vs watching the videos.

    I do not think this is enough though.

    Advice is much appreciated!

    submitted by /u/chicharoteLLP
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    [CAN] CPA Taxation Elective Exam Tips

    Posted: 06 Dec 2017 08:40 PM PST

    Hi all, I'm sure a few of us from r/accounting are writing the taxation exam in 2 weeks and it would be extremely appreciated if anyone who has passed the exam would be willing to share any tips for the case/mcqs. Thank you in advance!

    submitted by /u/shady226
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    Tax Fraud (Ethics Question)

    Posted: 06 Dec 2017 04:47 PM PST

    My father told me this afternoon that he found 1099's from my step-brother that contained fraudulent information. (Incorrect name, no SSN) and he has openly said he has never filed taxes. I am studying for FAR and wrapping up my education requirements. I am not a CPA right now. Outside of what was verbally told to me, I have no proof. I have not seen these documents in person. Even if I wanted to report this to the IRS, I don't have any way to verify this fraud. Is there any way I could be implicated for not reporting this? I think my father should report this, and my step-brother has openly talked about not paying taxes (but this was years ago that I heard it; before he made money so it didn't really matter.) I guess I'm just worried that this could come back to me somehow. Suggestions?

    submitted by /u/Claddaugh-naugh
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    how many attempts to pass cpa?

    Posted: 06 Dec 2017 08:10 PM PST

    Took my first retake for two sections and I'm feeling depressed already.

    How many attempts did it take per section for you to pass the whole exam? Any advice would be appreciated also.

    submitted by /u/sbnateGx59
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    BEC last minute tips? Also advice on the written section?

    Posted: 06 Dec 2017 07:37 PM PST

    Hi all,

    I'm taking BEC on Saturday and was wondering if anyone has any last minute advice/areas to focus on? Also any advice on the written parts: how many paragraphs, how do you word it/structure it (personal email vs a memo). Also can I use acronyms like A/R or SOX or would I need to write out accounts receivable and Sarbanes-Oxley?

    submitted by /u/Big4Q
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    Accountant and dark pasts?

    Posted: 06 Dec 2017 07:00 PM PST

    There was a recruiting event in my school and it became somewhat of a thing for some of the employees from firms to head to the bar after the event. Students can join in too. There was on "incident" where an employee had too much to drink and made a female student uncomfortable by getting too close or something.

    From what I heard.

    ANy dark past accounting stories?

    submitted by /u/Draccountant2
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    Went regional firm for "work-life" balance, and now I'm bored and living in a shit town. I realize now this is not what I wanted. When can I leave for B4 tax & do I apply as experienced or just out of school?

    Posted: 06 Dec 2017 06:58 PM PST

    Just finished my 1st year as an associate, and I am going into my 3rd full-time tax season (1 full time tax season as an intern w/ another firm, completed 1 full-time tax season as an associate at current).

    I am anticipating getting my final CPA exam score in February of next year.

    submitted by /u/PhoebeThrowAway
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    Internal audit to Senior accountant?

    Posted: 06 Dec 2017 06:37 PM PST

    Hello,

    Ever since I graduated I have been in internal audit (3years). Work is stressful however I make decent $ and I always get recruiters contacting me on LinkedIn.

    My friend Works at another company, and is offering me a senior accountant position. (I assume there will be pay bump, less travel, closer to my house, etc).

    -Should I make the jump?

    -Are accountants in demand like internal audit? (I get about 10 messages on LinkedIn per month)

    submitted by /u/furqan2
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    Hoping these LA fires somehow make it to downtown and burn down the office (with no casualties obviously..)

    Posted: 06 Dec 2017 06:11 PM PST

    CPA Ontario_Need advise to my game plan to pursue CPA

    Posted: 06 Dec 2017 05:58 PM PST

    Hi everyone, I am hoping for some advise/input as I am a student who was lucky to have CGA legacy transition status when merger happened. I went to Sheridan College with advance accounting diploma in 2004, and recently this month (Dec 2017) went back to complete my undergraduate degree online. Since, I have been away from accounting for more than 12 years, and have honestly dont remember alot of what i learned. However, have come to realization that CPA designation is crucial in business world to move up the corporate ladder. So, here is what I am planning and my fears: Fear to fail, because in the past I have not been a great student and tried to attempt CFA level 1 and failed like 3 times (pretty badly). Part of me says this was long time ago and you have matured mentally and will be able to focus and retain learned material much more than you did working full time. In my attempt to pursue this CPA I am taking a year off work use my saving and focus on getting my degree online and simultaneously completing CPA prep and PEP and attempting CFE. Please any advise at this point would really be helpful, especially I have alot in next 10 months before september CFE date. I thank all of you for your time.

    submitted by /u/Canada_CPA_Guy
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    OSAP Question - Interest Deduction

    Posted: 06 Dec 2017 05:27 PM PST

    I read that you are eligible to deduct interest paid on government of Canada student loans. Would this make OSAP an interest free loan? Is there any point of doing larger monthly payments or should I just do the minimum payment since interest is deductible?

    Source: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-319-interest-paid-on-your-student-loans.html

    submitted by /u/shady226
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