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    Accounting Why you do this IFRS

    June 08, 2019

    Accounting Why you do this IFRS

    Why you do this IFRS

    Posted: 08 Jun 2019 11:42 AM PDT

    Please don't

    Posted: 08 Jun 2019 03:15 AM PDT

    2019 Public Accounting Salary Survey Results

    Posted: 08 Jun 2019 09:40 AM PDT

    Hello Everyone. Here are the results to the 2019 Public Accounting Survey. I want to thank everyone who participated as we had just over 500 responses! While looking at the results, you will notice towards the right-hand side there are filters to help you better sort through the data. There are also various tabs that I thought might be useful, though you can mostly find everything you want by filtering through the Average Salary/Bonus tabs.

    A few side notes about the results: I had to remove a few of the results as they were denominated in another currency/obviously fake, and for consistency sake I did not want it to throw off the results. I think in the future I will add an option specify the region you are from to make the data more useful.

    If you would like to look at the raw data there is a download option at the bottom right once you click the link.

    submitted by /u/ExpendableAccountant
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    Their clothing colour seemed familiar

    Posted: 08 Jun 2019 08:52 AM PDT

    RIP Chad from Accounting

    Posted: 08 Jun 2019 08:34 PM PDT

    Taking FAR Today

    Posted: 08 Jun 2019 06:59 AM PDT

    Good luck to all those taking an exam today. I'm taking FAR in a few hours and wish everyone luck!

    submitted by /u/throwaway4uses
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    CPA actual salary vs regular accountant without CPA

    Posted: 08 Jun 2019 11:14 AM PDT

    Hi guys, I was wondering if having your CPA really does pay off? What can you expect to earn as an entry level with a CPA vs an entry level accountant without his/her CPA in public accounting and industry? What's the best path to make $100,000+ as a CPA? Any advice? Hoping to get mine by the end of this year. Tired of not being able to land a job or not having something that will make me competitive.

    submitted by /u/crawfishgirl28
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    PwC July 4th shutdown?

    Posted: 08 Jun 2019 06:19 PM PDT

    Is PwC shutting down for the week of July 4th? Incoming intern, but don't want to ask during my first week.

    submitted by /u/sparesareforthebirds
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    Can an education in accounting be used to have a more flexible work situation?

    Posted: 08 Jun 2019 04:13 PM PDT

    I'm considering dumping about 45k into an MAcc or MSA program.

    I have a stable, but boring and not-very-responsible, job as a Federal employee. It pays 52k a year, which is a fine amount of money for me. Though I don't need any additional money, there's little growth or mobility in my job category. I'm solidly middle-aged (43). I have a bachelor's degree in whatever, a master 's degree in sociology, and now want a degree that will provide a stable professional trajectory.

    I'm hoping that by going through all the coursework and then studying for the CPA exams, I will eventually have more options for employment. Notably, while the US Federal government is about the only employer that would hire me to do the sort of work I'm currently doing at the rate that I'm being paid, accounting jobs are everywhere. Moreover, eventually, I'd like to be self-employed, or work on a contract basis. I'd like to exploit the seasonality of tax to vary the number of hours I work seasonally; I'd like to make most of my money January through April and work a little less in the rest of the year. I see postings for online tax preparers and CPAs, e.g. through turbotax and others. When I look at ads for English-speakers in foreign countries I might like to live such as Thailand, Cambodia, Mexico, Columbia, I see many ads

    I can pay cash for tuition, so I won't graduate in debt. I actually have a pretty good sized nest egg, and don't need to earn any more money than I currently do.

    Am I deluded to think that an accounting credential would allow me this sort of flexibility? I hear of people going into programs with Deloitte or Ernst and Young, working 100+ weeks, and generally grinding away for money. That is not my lifestyle. I'm too old for that sh*t, and life is too short, even for an eventual six-digit income. Is it possible to use a professional accounting background to have more control over when and how much I work, or am I totally cuckoo for even considering it?

    It may be helpful to compare this to computer programming or software engineering, which is the other possibility I'm considering for re-skilling myself for the employment market.

    submitted by /u/illimitable1
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    For those of you who passed after feeling like you failed...

    Posted: 08 Jun 2019 01:06 PM PDT

    How certain were you that you actually failed? I've seen many people say that they "bombed the SIMs" and still passed. For those that have been there, was this just a gut feeling, or a scenario where you actually remembered the mistakes you made after the exam? Does bombing mean 75%, or like less than half correct?

    Also, let's say you score about a 75-80% on the m/c, would you then need about a 70-75% on the SIMs in a raw score sense to pass? All in all, I'm just anxiously awaiting a REG score and am interested to hear from others who felt they had no chance of passing.

    submitted by /u/accountingisphun
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    Found the winner of The Belmont Stakes

    Posted: 08 Jun 2019 11:02 AM PDT

    Anyone get this way after busy season?

    Posted: 08 Jun 2019 06:39 AM PDT

    Tax Accountants, what do you say to friends asking for free tax help?

    Posted: 08 Jun 2019 06:06 AM PDT

    I am starting my job in public accounting and have had friends that have already asked for free help filing their taxes. I don't know what to say because I want them to be clients and help them, but don't know a couple of things? Would it bring too much stress if I do it in my own time so it's free.

    Do you guys do free tax help? Like I already know I'll probably do my families for free. Don't wanna leave my friends with an unexpected bill.

    Any other advice that you would like to give in the matter, I'm interested to hear it.

    Thanks

    submitted by /u/TalkTaxyToMe
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    CPA for Private Accounting?

    Posted: 08 Jun 2019 11:54 AM PDT

    Hello. I already posted this on the Indeed accounting forum, but I would appreciate any advice I can get.

    Over ten years ago, I graduated with a liberal arts degree and then went into a full-time two year Masters in Accounting program. I completed 75% of the program (three out of four semesters full time) before switching to a different program. Unfortunately I wasn't able to get a job in the field and for the past ten years, I have been working in clerical/administrative positions. For my next job, I would really like to try to get a junior accountant/entry-level staff accountant position in private industry.

    I recently got approved from my state board to sit for the CPA exam. However, I know it's an extremely difficult exam, and I'm not sure if it's worth the time and stress since I really don't want to go into public accounting. Since I didn't finish the accounting program and don't have an actual degree in accounting, could passing the CPA exam be viewed as an equivalent of a degree on my resume? I am concerned that even if I pass the exam (and there are no guarantees there) I may still not get a job since I don't have the actual accounting degree nor do I have the experience. Any advice on what I should do to increase my chances of getting a professional accounting position in the private industry? Thank you in advance.

    submitted by /u/Astra05
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    Need to leave small public accounting firm

    Posted: 08 Jun 2019 06:29 PM PDT

    Little about me: Recent graduate, working at a small public accounting firm for 4 months (only public accounting experience so far), got hired and the majority of my time was spent doing personal taxes. Pay is horrible and I was promised raise after probation, which I did not get. I was promised I would be given corporate tax returns to do, also did not get. Now I spend the majority of my time bookkeeping and doing NTR's, with very little auditing mixed in (firm does not do many).

    Really want to get into a larger firm in a more audit focused role but im not sure how realistic that is. What do you guys suggest? Should I start applying around ASAP? nobody is really looking for someone as relatively inexperienced as me right now from what I can tell. Are doing NTR's decent experience? Are these achievable goals?

    submitted by /u/throwawaymylife__
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    It took me 3.5 weeks to get through the first 2 units for REG.

    Posted: 08 Jun 2019 06:10 PM PDT

    I'm studying an easy 20-25 hours a week and it feels like I'm getting nowhere with this. I am getting a little better at studying, but don't understand how it's going so slow.

    I scheduled my test for mid July, but at that point I won't even get to business law. Should I just reschedule now for August? Can anyone relate to feeling like you are running as fast as you can, but don't feel like you are getting anywhere?

    submitted by /u/Snapcity_
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    Is it normal for my peer advisor to ignore me / not want to talk?

    Posted: 08 Jun 2019 09:54 AM PDT

    Hey everyone I'm an intern at big 4 and I have a quick question. Is it normal for your peer advisor to ignore you? My peer advisor reached out before my internship and I replied asking if they wanted to get lunch, and they didn't reply. Then a few weeks later I asked them if they wanted to come to a firm event so we could meet up and they said that they couldn't. I waited a few more weeks and I asked them again if they wanted to grab lunch when we were both free and they said no again. It just seems kind of strange, they never text or ping me, or make an effort to just chat. I don't want to annoy them too much so I don't think that I will ask them to lunch/ coffee again as I can get the point they are trying to make. They're on engagements near the office too, so it's not as if they are just in a different city unable to meet. Maybe I'm being a dumb intern but I thought it would be cool, as everyone else is hanging out with their peer advisor

    submitted by /u/MurkyConstruction9
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    Non recurring item in FCF

    Posted: 08 Jun 2019 08:17 PM PDT

    Hi,

    I just realized we calculated Cash EBITDA by removing non cash & non recurring items and used this as a starting point for our FCFF calculation. We reduced our FCFF by about $8m which is a settlement with the tax office.

    Since this is a one off event, should the FCFF even account for it or should it be bumped up by $8m?

    Thanks!

    submitted by /u/Choubix
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    Just a quick question on accounting

    Posted: 08 Jun 2019 08:13 PM PDT

    A few items from company ABC's current balance sheet are shown below. Project the balance sheet 12 months from now assuming the following: Free Cash Flows will be zero for the next 12 months, their long-term debt does not mature for another 5 years, their annual depreciation and amortization expense is $125M, and they utilize the straight-line method of depreciation.

    ASSETS
    Cash $300M
    Property, plant, and equipment $1,000M
    Accumulated depreciation, depletion, and amortization $250M
    Net property, plant, and equipment $750M
    LIABILITIES
    Current maturities of long-term debt $200M
    Long-term debt (net of current maturities) $600M

    submitted by /u/IBankingPro
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    White, long sleeved collared shirts are the best shirt to wear to work. Change my mind.

    Posted: 08 Jun 2019 08:12 PM PDT

    They go with any color of pant. Any color of shoes. Any color of belt. You look professional without ever looking like you're making some kind of a fashion statement. Roll the sleeves up. No problem. Cuff links? Looking good. White is a symbol of purity.

    submitted by /u/index_match_warrior
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    What was your favorite and least favorite industry to have an audit engagement in?

    Posted: 08 Jun 2019 07:37 PM PDT

    With the emergence and implementation of IFRS 16 (as someone who's primarily worked with GAAP), I'm not sure I'm going enjoy going over lease accounting but Rental industry has been good to me. Not a fan of gaming/natural resources audits.

    What are your "favorite" (reasonable) industries and least favorite to work on?

    Shout out to those of us still in busy season grind somehow in June!

    submitted by /u/rizzoformvp
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    Did your annualized salary change when you transitioned to full time from your internship?

    Posted: 08 Jun 2019 06:39 PM PDT

    I'll be starting at a Big 4 for a consulting internship soon and was wondering if anyone saw a pay bump when they transitioned to full time or if interns are simply paid an hourly rate version of a first year. My intern pay is $40/hr and I was hoping that I could see a 10-15% bump from intern pay to full time, but wasn't sure if that was typical in Big 4.

    If possible leave your

    1. Firm type (Big 4/Mid Size/Small)

    2. Firm name, if willing (EY, Deloitte, PWC, etc.)

    3. Intern pay hourly rate

    4. First year full time salary

    submitted by /u/I_dont_gots_the_swag
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    Is it normal to get little to no training?

    Posted: 08 Jun 2019 06:27 PM PDT

    I'm applying for a position in cost accounting and it's my first job out of college as well as my first job in accounting. I have no prior accounting experience and I was told there isn't any formal training. I'm just wondering if this is normal and if it's common for accounting students to go into their first job feeling lost.

    submitted by /u/Comalol
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