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    Accounting Accountants after April

    May 01, 2019

    Accounting Accountants after April

    Accountants after April

    Posted: 01 May 2019 06:58 AM PDT

    When the IRS starts questioning the Denali for farm use

    Posted: 01 May 2019 07:21 AM PDT

    It finally happened, I had a panic attack at work

    Posted: 01 May 2019 06:39 PM PDT

    There's just been too much shit in my life to want to deal with that I really need people to leave me alone and let me go get some help. I don't know how to deal with the stigma from work or from my Asian family in trying to see a therapist or take mental health days.

    I don't even think time off from work alone is the problem, I feel like I need time off from life. Busy season #4 of the past 12 months has not been helpful for sure, I'm just hoping it ends and doesn't get extended any longer than it has.

    No questions or anything here just need to get it off my chest. Thanks r/accounting for quality memes and relatable content for the times when I feel like I have no one

    submitted by /u/logitechmouse101
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    Accouting tests make me sad

    Posted: 01 May 2019 09:39 AM PDT

    PBCs

    Posted: 01 May 2019 06:50 PM PDT

    Got a tattoo of my favorite tic mark to remind myself not to sweat the small stuff

    Posted: 01 May 2019 09:16 AM PDT

    Chicago Compensation Thread - Industry and Public

    Posted: 01 May 2019 04:29 PM PDT

    What is compensation looking like for everyone in Chicago and the surrounding suburbs?

    ​

    - Years of experience

    - Firm

    - Role & trajectory

    - Pay and raises

    - Benefits

    - Hours worked

    - Happiness?

    submitted by /u/naisy92_
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    Unemployed/unemployable CPA after "blowing the whistle" - Need Advice/Help

    Posted: 01 May 2019 02:59 PM PDT

    Hi Folks,

    ​

    Sometime reader, first time poster. Username was randomly suggested by Reddit during signup and I like it. Plus, it saved me having to come up with something clever.

    ​

    I need help.

    ​

    About 11 months ago, I resigned from my position as a tax accountant at a large (~$18B in assets) privately held bank after the CFO acted unethically with respect to financial reporting in two consecutive reporting periods. Although the bank is not publicly traded, it is audited annually by PwC and is subject to FDIC quarterly reporting with financials in accordance with US GAAP and is subject to regulation by various government entities based on those reported financials.

    Essentially, while working on tax reform in the first few days of January 2018, I discovered that a material liability was completely omitted from the financials. By material, I mean that it was material as PwC defined materiality as opposed to some uber material amount that would break the world if not booked. You know, basic material. The liability was also not subject to significant accounting judgement, or any judgment at all really. It's something that accrues over a two week period and then is settled 10 days later year-round like clock work. The liability is a function of time. Time passed. The bank owed money it paid the money after period end. Simple. A basic liability.

    The CFO refused to book the liability for year-end because there were profit based incentives on the line and the expense hadn't been budgeted. People (not the little people mind you) expected fat bonuses. PwC, obviously, was not informed. On January 30th, the CFO filed a year-end FDIC Call Report that she knew to contain this material misstatement and induced however many officers you need to countersign a Call Report to sign the Call Report without telling them about the known material misstatement. At the last minute, in late March the CFO's boss forced her to book the liability for the audit after I told my boss repeatedly that if PwC issued a clean audit report when I knew the financials to contain a material misstatement that I would immediately resign and blow all the whistles. The original FDIC Call Report was subsequently amended to match the audit report.

    Come April, just a couple weeks later, it was time to start working on Q1 reporting. During this time, the state banking department was reviewing an acquisition and things weren't working out as planned. Approval had drug on for months longer than anticipated. Apparently, the regulators were concerned about the bank's capital ratios post acquisition. The CFO needed Q1 to be a good quarter to help those ratios. It wasn't. So, she decided that she was going to just reverse that material accrual from year-end into income because obviously expense was now overstated in the current year. And she's right about that. It was a little over stated, but not materially. By reversing the accrued liability fully, she created a material misstatement. She did this solely because she needed to deceive the regulators who were scrutinizing hard. Before Q1 Call Report was filed, hell was raised and the CFO was once again forced to book a correcting entry to correct the material misstatement. Because the numbers weren't good, the bank's ownership was forced to infuse several hundred million dollars of capital in order to get the acquisition approved.

    Within a few days to a week afterwards I told my boss that this crap was too shady for me and I was going to resign based on the AICPA Code of Professional Conduct guidance that says CPAs working in industry can't be associated with this kind of crap. I gave formal written notice probably about 2 weeks after that in early May 2018. My hope was that I wouldn't actually have to leave, that by the time I'd served out my 2 week notice that management would have woken up to the fact that their CFO was doing shady crap and that it wasn't ok. Instead, they hired an attorney who didn't know anything about accounting to conduct an "investigation" and sweep the whole matter into a privileged attorney-client file. After 3 days of investigating, the attorney's conclusion was that the CFO hadn't done anything wrong because the liability hadn't been budgeted so obviously there wasn't a reason to book it. That weekend he announced his candidacy for mayor of the largest city in the state, so he was clearly 100% committed to the investigation for those 3 days he was "investigating".

    ​

    tldr to this point; CFO did shady crap, so I resigned

    ​

    So, I left a job that I really liked, was really good at, and was really well compensated for because the CFO was doing shady crap and I believed upholding the ethical standards of the profession was more important than keeping my awesome job. Now, 11 months later I'm broke, I'm deep in debt, and I'm unemployable. I've applied for many low and mid-level accounting (both tax and not tax) and finance (I also have an MBA) jobs. I've applied to industry jobs and public accounting jobs (both tax and audit). I live in a southern state that isn't exactly a mecca of opportunity, but there are jobs. I'm just not getting them. There are at least two major factors sabotaging me. First, I have 6 years of high quality experience working in corporate tax but no public accounting experience. It seems that recruiters would much rather complain about the lack of accounting talent available than actually give someone a shot who doesn't have public accounting experience. Second, leaving a job because the CFO is acting unethically is apparently a very, very bad reason to leave a job. From what I've been told, it implies that I'm either lying about my reason for leaving and I was actually fired or that I'm a moron who doesn't know the difference between an accounting gray area and accounting fraud. I scored a 98 on the FAR section of the CPA exam, I'm not a moron and I definitely know the difference between gray and fraud. There were also lots of really concerning gray moments in the 6 years prior to me resigning because of the CFO's explicit behavior, so I'm well versed in the concept of gray.

    ​

    At this point, its pretty apparent that putting professional integrity ahead of money and career was a really bad decision for my future. Other than roasting me over that, does anyone have any helpful words of wisdom? I need to work. I want to work. I'm really, really good at all the work. Help?

    ​

    tldrthe2nd; CFO did shady crap, I resigned, time passed, I'm unemployable, help?

    submitted by /u/Shoddy_Swordfish
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    Is it normal to forget previous accounting knowledge very quickly?

    Posted: 01 May 2019 09:17 PM PDT

    I am currently taking Intro to Accounting 2 and I find myself forgetting the material very quickly after an exam. For example, my final is coming up and I am not able to do a single medium-level question from my first midterm even though I got an A on it... like calculating EPS and weighted shares, issuing shares/buybacks/contributed surplus, equipment trade-ins, etc. I need to go back, read the textbook again and think about it hard. And even then, unless I study it thoroughly again, I don't have the same depth of understanding that I had when I wrote the midterm.

    I just feel like I'm dumb and this is gonna come bite me back in the ass in the future when I take intermediate or advanced classes and they expect me to know stuff from introductory classes. Is it just supposed to be like... once you learn how to do stuff, you are supposed to retain it?

    submitted by /u/WokeCPA
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    How do you handle month end stress?

    Posted: 01 May 2019 04:51 PM PDT

    Six months into my first job out of college and I just don't what I'm going to do. I get to a point where I just get overloaded with pressure and am rendered mentally cooked and incapable of doing anything else. I start shaking, my heart starts racing, I lose feeling in my legs and my head feels like I'm going to have an imminent aneurysm or stroke out.

    ​

    I find the stress of to be so unbearable, which pisses me off because I always considered myself as fairly gritty.

    ​

    The person who is supposed to be training me is getting angry. She starts throwing 100's tasks at me that I need to be doing, and when I change to start working on one thing, she tells me to stop what I'm doing and pick up another task, then I'm getting bombarded with emails for completely unrelated things that I'm also supposed to be working on, and it gets to the point that I have 20 tabs of excel open, a bunch of different ERP screens opened, and no idea WTF I'm supposed to be doing. I can barely even function.

    ​

    I find the month end stuff impossible to remember. She moves too fast for me to take notes, and when the next month comes I'm left completely in the dark about what to do, and when she hears that I don't know what I'm supposed to be doing she acts all pissy and starts rushing me through everything again.

    ​

    I'm honestly considering just quitting. Maybe not even showing up tomorrow. I've only been there for 6 months, and I just have no idea what I'm doing and I feel physically ill at the moment. Hands are still shaking and I feel like I could stroke out of this world at any moment.

    ​

    This is just an industry job as well. If I can't handle an industry job, I don't know what the hell I was thinking when I was applying to different public firms during the job hunt.

    submitted by /u/ThisHappenedBro
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    Office Culture

    Posted: 01 May 2019 09:44 PM PDT

    What is your Office Culture like?

    I work in a relatively small tax accounting firm as an intermediate. The office is SILENT. There is very little communication/chatting/banter etc. between colleagues. We have our individual job lists that we work our way through i.e. no collaboration which obviously compounds the issue.

    submitted by /u/baaantom
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    Getting started with CPA.

    Posted: 01 May 2019 09:41 PM PDT

    I have as of 20 minutes ago submitted my CPA application for Illinois. I have 3 classes left for my masters in accounting. Just got my Becker books and got that situated. Now its time to study. Does anyone have tips tricks or anything interesting about the CPA process they could share?

    submitted by /u/Verek_krows
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    Shout Out To

    Posted: 01 May 2019 12:13 PM PDT

    Those coming in clutch with the quick Confirmation.com turnaround.

    Fuck you to a certain bank for makin it harder to get investment confirms. Fuck you to others for taking forever to come back with a confirm.

    submitted by /u/FlyHiDipLo
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    Do you still use tickmarks? (Public audit)

    Posted: 01 May 2019 03:41 PM PDT

    After seeing the IMM tattoo post I realised I haven't seen an actual tick mark grid in a long time. (webdings font, legends etc)

    Just grids of numbers and copy paste wording on conclusion narrative. Occasional cell background colour coding via legend.

    Zero actual fancy ticks though in last ~3 years. Used to see lots though.

    Curious whether that's an industry trend of just my small part of the world.

    submitted by /u/AnomalyNexus
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    Tax career advice

    Posted: 01 May 2019 05:50 PM PDT

    I currently have an opportunity to work for a large regional firm (Top 30 firm or something) as a senior tax accountant. Most of the job duties consist of doing tax returns for individuals and mostly middle market companies. When not doing tax returns, I'd be researching tax issues and doing tax planning for individuals. I'd also be reviewing basic returns.

    I've worked in public and done my fair share of tax returns. I am currently working in a F500 company as a G/L accountant, but I want to specialize. Since I already have experience in tax, it seems like a good choice.

    Is this type of work marketable when looking for exit opportunities or specializing in tax areas, such as provisions and international tax?

    submitted by /u/Idepreciateyou
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    Jump from Bookkeeper to CPA Firm?

    Posted: 01 May 2019 06:50 PM PDT

    Early this year I accepted a Bookkeeper/Accountant role at a small non public accounting firm mainly dealing with small businesses. I am the only real accountant there and my bosses dont have any degrees of any sort and are running the operation. I was running out of options fast and couldn't hold out any longer and accepted the aforementioned role. The pay is decent but I am actively looking to jump ship whenever the right opportunity presents itself

    I graduated 2 years ago with a BSA and have been trying to get into public accounting. I have had a short stint as a temporary seasonal hire for a CPA firm doing taxes and have worked at other places doing outsourced accounting work. Is it possible to get into PA working this role for about a year while having some exams passed? This testing period I am going to be taking FAR, REG, and AUD and also considering going to get a Masters so I can have another shot at recruiting.

    ​

    The work is really easy and am finding myself getting bored quite often and want something along the lines of Staff Accountant/CPA. Been here for a couple of months and am finding the way they do things around here very sketchy. I dont know how well a bookkeeping gig can turn into a Staff role at a small or mid size PA firm.

    submitted by /u/Zeta909
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    Textbooks in the workplace

    Posted: 01 May 2019 09:00 PM PDT

    Hi r/accounting, was just wondering what the general sentiment was towards using your university textbooks in your career? I understand I should have accounting knowledge in my head ready to use at any given moment but I feel like a textbook will give me much needed guidance if needed. Thanks

    submitted by /u/bendwithyourlegs
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    What’s Deloitte’s Financial Advisory group?

    Posted: 01 May 2019 04:31 PM PDT

    Love to learn more about this group such as the following 1. What's the work like in each group? 2. Best way to join FAS? 3. Technical expertise/previous work experience required to join the group 4. Culture (which I understand varies from office to office)

    Also I should note I'm in Canada but would love to hear from those in the US as well :)

    submitted by /u/forcemasterflex
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    Looking for insight on early career options

    Posted: 01 May 2019 08:11 PM PDT

    Hi everyone ! Just seeking some advice on some options I currently have open to me. I'm in the north east metro area about to complete undergrad. I had the fortunate ability to be staff level (actually more) for a couple of years before transitioning to a temp to perm about 45 days ago in the tech industry for about $30/hr. However, I've been offered various other perm positions (some senior staff and some staff ) which pay 65k+ (some offered 70/75) plus bonus/equity and it gives me more of an ability to really leave a footprint, but these companies are smaller than my current company and have less of a team ofc. I just wanted to know what types of factors played into your decisions early on and what you would change. Any advice is very much welcomed! Thanks for reading !

    submitted by /u/Sir_Winks-a-lot
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    Any advice/guidance for interviewing with manufacturer?

    Posted: 01 May 2019 08:10 PM PDT

    I recently got an interview with a medium-sized local manufacturer to do cost work, and I feel at a complete loss as to what to expect.

    submitted by /u/THE_Urban_Meyer
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    Happy May 1st

    Posted: 01 May 2019 10:08 AM PDT

    To all the Canadian tax accountants out there, I hope you're as hungover as I am. Fuck

    submitted by /u/h333h333
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    Advice for a recent graduate

    Posted: 01 May 2019 01:52 PM PDT

    I'm graduating in a couple weeks. My degree is in accounting and finance and currently doing some soul searching and figuring out what I want to do. My current plan was to attend my schools MACC program but unfortunately I didn't get accepted. One of the main reasons I wanted to do the MACC was to get the 150 credit hours needed to take the CPA. Just was wondering if anyone had some advice on how I can still stay on track to take the CPA. I think as of now I am going to find a job and work for about a year and maybe go back to school. Any advice will help thank you.

    submitted by /u/Dannny808
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