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    Saturday, June 29, 2019

    Accounting Work-Life balance, anyone?

    Accounting Work-Life balance, anyone?


    Work-Life balance, anyone?

    Posted: 29 Jun 2019 06:46 AM PDT

    Nobody talks about work-life balance in industry.

    Posted: 29 Jun 2019 08:24 AM PDT

    Because we don't work slave hours.

    submitted by /u/RukiWolf
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    I'm high, and I have to know. What would be the 100% GAAP compliant way to record revenue and COGS for this?

    Posted: 29 Jun 2019 12:43 PM PDT

    Hmm?

    Posted: 29 Jun 2019 07:17 PM PDT

    What is one thing you wish you did differently right after graduating college ? Like what would of you done differently while looking or a job or anything really?

    submitted by /u/ZMARK90
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    Has anyone successfully transitioned from a career in industry accounting to consulting for a firm?

    Posted: 29 Jun 2019 10:50 AM PDT

    I've worked oil and gas accounting my entire career (about 15 years). The projects/tasks I've enjoyed the most have all dealt with special projects and process improvements.

    Long term projects to update our ERP and clean up our general ledger. A related project to roll out a new reporting tool and train end users on it. Automating how certain activity is posted to reduce manual entries. Creating an interim set of financials that can be refreshed regularly for a company with no real reporting tools. These are things that I enjoy and are where I do my best work. I've also been told I ask the questions that lead to solutions.

    All of this really makes me feel like consulting is more of a fit for me. But everything I look at it seems like I'm working in reverse. Most information seems geared to people coming fresh out of college who use consulting as a stepping stone.

    Has anyone had success doing industry work first and then going to a firm? Any advice on how to go about it? Should I expect a pay cut?

    submitted by /u/SouthernAmbition
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    BIG 4 Audit to Transaction Advisory FDD

    Posted: 29 Jun 2019 08:45 AM PDT

    Trying to make the transition from Big 4 Audit (Financial Services) to Transaction Advisory in a non FS group. For those who have made the switch...

    1) Did you make the transition internally or did you have to switch firms? Do you typically get asked in the interview about non Financial Services areas like inventory and accounts receivables, and how did you approach that? What would be some things to focus on before the interview?

    2) What has your day to day been like? Was there a steep learning curve?

    submitted by /u/canipetyourpuppy11
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    PA: Coworkers never initiate convos with me. Even the intern doesn’t acknowledge me. Got a crappy review. Am I going to be fired?

    Posted: 29 Jun 2019 03:47 PM PDT

    Best industry exit ops for a regional senior tax accountant: GO.

    Posted: 29 Jun 2019 06:49 PM PDT

    Preferably within O&G, pharma, or tech. CPA still in process. Thank you all in advance :)

    submitted by /u/damustr8bbgrl
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    Accounting For A World With Superheroes - yup, exactly what the world needed

    Posted: 29 Jun 2019 08:21 PM PDT

    Accounting For A World With Superheroes - yup, exactly what the world needed

    Hey all, Kendale King here with my first post. As an accountant and comic/superhero enthusiast I had one of the nerdiest/geekiest mindgasms. Approximate Reenactment of My Mindgasm

    As we all know, movies and television with a superhero plot are probably the most popular currently in the box office and have been some of the top grossing movies of all time. As a fan of the literature I am always interested and amused by the story that is told and the people populated in that world but as an accountant I am interested in a different dimension of their reality. After watching one of the greatest comic TV shows - Justice League, the animated series. You know the one with John Stewart as Green Lantern (the only Green Lantern I'll recognize, sorry Ryan). It was the fight where Superman and Shazam were giving each other the business and destroying like the whole city. Superman Being Superman...tisk tisk tisk

    I was overcome with this question --- How do they account for all of that?

    Now before everybody gets on my back, I understand that the world is make believe and that we always need to check reality at the door but in their reality they have accountants (some accountants being villains themselves when we consider The Owl from the Marvel's Daredevil on Netflix). In their reality what basis do they work on when fights for humanity break out and levels a city or two? There is no research on this topic in our reality, for good reason, and so I decided to create one, because like why not?

    https://i.redd.it/3n6d5vo3ue731.png

    I did this for a term paper back in December 2015 (shout out to ACT 634 at CSU, you da man John Geekie) using existing literature at that time and examining three separate concepts: Extraordinary Items, Involuntary Conversions, and the distinctions between Expensing & Deferrals. From that, I created Extraordinary Accounting, and have just recently decided to post it online so that everyone who can appreciate it can hopefully get a good kick out of it. I did put a decent amount of research when I did my paper but I won't put all that boring stuff here. I got an A by the way.

    https://i.redd.it/vbjvajidue731.png

    I went and formatted the Extraordinary Accounting guidance as a new ASU to make it legit (I did all the work for you FASB, no complaints now) see the link here - ASC 865 - Extraordinary Accounting. But if you don't feel like reading that I'll summarize the key points here, but you should read it for real though:

    1. There will be a new component of Income From Continuing Operations specifically for Extraordinary Accounting where all amounts will be presented.
    2. There will be new disclosures related to what hero/villain was involved in each incident and a reconciliation of the amounts recorded
    3. You are going to have "Super Environments" and "Non-Super Environments". This basically sets locations a part since I believe that some locations won't get damaged as much if you don't have a super powered hero/villain in your city.
    4. "Super Environments" are going to record all of the loss/gain immediately while "Non-Super Environments" can get some deferral treatment depending on what type of hero/villain is involved.

    Honestly, its pretty simple. I would love for you all to read it and give me your feedback. Or not. Either way just hopes this makes a couple of us accounting and comic fans a good laugh or crack of a smile.

    https://i.redd.it/gmtinupnue731.png

    submitted by /u/KendaleKing
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    Why does it seem like PWC is trying to be as cringe as possible?

    Posted: 29 Jun 2019 11:51 AM PDT

    Just based on their Disney "intern" video....

    submitted by /u/Articulateman
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    Tech Billionaires and their $1 salaries

    Posted: 29 Jun 2019 05:11 PM PDT

    I keep reading about how these tech billionaires are only pulling $1 as salaries from their roles as CEOs (Musk, Zuck, etc). Most of their wealth is tied up in stocks and other investments. How are they paying for their mansions and other billionaire day to day expenses if they don't have a regular salary?

    I understand that majority of their lifestyle is paid for by their respective companies but they must be pulling out cash in some other form to pay for personal expenses.

    submitted by /u/Primetime209
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    Big Four restructuring/turnaround/insolvency

    Posted: 29 Jun 2019 06:59 PM PDT

    Hey guys,

    Does anyone have any experience in this field? I'm going through the process of interviewing for a graduate position and just want to get some further info. It's in Australia if that helps so it may be different than North America.

    Anyway, does anybody know what kind of modelling you do in the area? Does it have much crossover with traditional corporate finance etc?

    Thanks.

    submitted by /u/bumholehoolio
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    Is it dangerous to use work phone as personal too

    Posted: 29 Jun 2019 09:32 AM PDT

    Trying to figure out if it's too good to be true. Work is offering a basically free iPhone X and will pay the plan. They're actively advertising transferring your personal number to it. What's the catch?

    I mean I'm not looking up how to kill babies or anything but I'm your typical mid 20s guy with the typical NSFW shit on my phone. Is it too risky ? Would save me a ton of money and I really don't want to carry 2 phones.

    submitted by /u/Red_Rifle
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    [CAN] Tips for Core 1 writers this Thursday?

    Posted: 29 Jun 2019 06:31 PM PDT

    I've been redoing practice cases with debriefing, redoing all the multiple choice questions, and at this point I'm really not sure what else to study.

    There's far too much technical material for me to learn, but I've tried focusing on the A level topics and noticing the recurring issues showing up on practice cases that I'm really trying to drill into my head.

    Otherwise, I'm not really sure how much/what to study anymore. Should I just be going over practice case answers/marking keys and drilling into my head what they want out of us?

    Any tips in general for how to best use these next 4-5 days would be really appreciated!

    submitted by /u/tim12321
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    What made you want to be an accountant?

    Posted: 29 Jun 2019 09:57 PM PDT

    I feel like this is a very vague industry to the average person. What made you choose accounting? Was it before or after you learned what being an accountant entails?

    submitted by /u/rochimer
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    CPA eligibility with an Aussie undergraduate degree?

    Posted: 29 Jun 2019 09:57 PM PDT

    Hi guys, I see there's some requirements for becoming CPA eligible in the USA. I'm curious to know the process any foreigners had to go through to get a CPA and how many Hopps you had to jump.

    submitted by /u/CarmineABCD
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    LA: Where to live for A1?

    Posted: 29 Jun 2019 07:59 AM PDT

    Hey guys, does anyone working for B4 in the Los Angeles area have any advice for where to live? I'm moving out there for work in September and have been looking for a 1B1B, but housing prices are insane. My firm has been asking me where to live so they can plan accordingly for staffing needs so seems like I have some flexibility (I am in audit).

    I'm trying to find a place with a ~2k month budget, ideally where it is walkable. All I really need are grocery stores and some good food spots nearby since I'll have my car for farther travel. Any advice is appreciated!

    submitted by /u/jvc221
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    Family member owns CPA - stay or leave

    Posted: 29 Jun 2019 08:50 PM PDT

    I work at a family member's small CPA firm. Likely to take a large chunk of responsibility and become partner in 5-10 years. I'm still in school though.

    Should I pursue working at other firms and get different experiences, or just focus on the family firm?

    I'm leaning towards pursuing different internships to learn different things and get more professional training. But, this will obviously cause issues with the firm. Should I try to work for a few years in a regional firm and then come back?

    What would you do?

    Thanks

    submitted by /u/Trollfacelol00
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    Accounting Schooling?

    Posted: 29 Jun 2019 08:20 PM PDT

    I'm currently 23 years old and working on finishing my associate's degree this summer (yay me!), but a lot of these classes aside from Financial and Managerial Accounting seem to not relate much to accounting in general. Will the work required for the bachelor's degree be more in-line with the work I'll do in an accounting job?

    Side Note: Is there any place I can look online to see what it will be like to be an accountant? It'll be my first full-time job and I'm a bit scared at this point. Haha.

    submitted by /u/FirestormLOT
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    Is this normal?

    Posted: 29 Jun 2019 04:15 PM PDT

    i'm working in the tax accounting division for a small financial group

    the boss has given me a laptop to do individual compliance tax returns on. It's hard because i have no second screen. There's also no time sheets or KPI's. Also i have to call the tax office and clients using my own mobile.

    Is this normal?

    I'd kill to work at a professional accounting firm. I used to work at one but failed my probhation and was unemployed for 7 months so took this job.

    It's really weird

    submitted by /u/cruelpain
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    So much for taking it easy

    Posted: 29 Jun 2019 12:35 AM PDT

    Tax software where I can open multiple years simultaneously?

    Posted: 29 Jun 2019 03:33 PM PDT

    I prepare several years of taxes at once for clients, and need to be able to edit multiple years simultaneously.

    What tax software can do this? I.e., where the client file/database isn't locked when it's open in a year.

    submitted by /u/ohnoea
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    Friend offered me to do his accounting work

    Posted: 29 Jun 2019 10:26 AM PDT

    High school friend of mine works in mold restoration and his business is starting to pick up and we were conversing earlier today and someway the topic of me doing his bookkeeping came up. He said he'd give me quickbooks as well to download on my computer. I told him I'd have to think about it but honestly I'm not sure if I'm qualified to do it.

    So far by working part time for someone else on quickbooks I've learned how preform:

    Reconciliations, Post to journals, Create invoices, Pay and create bills, Create credits,

    And a handful of other things. Do you guys think I know enough to actually be beneficial to my friends business? Also how much would I be asking for this?

    submitted by /u/Kakashi6969
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