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    Accounting 06/29 Weekly Thread: Covid-19 and CARES Act

    June 28, 2020

    Accounting 06/29 Weekly Thread: Covid-19 and CARES Act

    06/29 Weekly Thread: Covid-19 and CARES Act

    Posted: 28 Jun 2020 09:04 PM PDT

    With virtual finals coming up, the mod team would like to remind students of the subreddit rules, specifically number 3. That being said, any solicitations for assistance on exams will be REMOVED and posters will be be PERMABANNED, no exceptions.

    This is a weekly mega-thread for items related to Covid-19 and the CARES Act. Covid-19 continues to have significant impact on the profession, as such posts related to Covid-19 and the CARES Act should be posted in the comments here. Other Covid-19 related threads will be removed and posters will be directed to this mega-thread that will update every Monday.

    US PUBLIC ACCOUNTING UPDATES

    (While we recognize there are users from other countries that frequent r/accounting, the information for US firms tends to be the most prevalent and is applicable to the broadest audience)

    *Note that NA means no information available

    Firm Layoffs Bonuses Salary Partner distribution reductions PTO Honoring Internship / FT Offers
    PwC No Covid-19 layoffs planned Bonuses to be paid out based on firm performance No raises for non-promotes NA NA Yes
    EY No Covid-19 layoffs planned No fiscal 2020 performance based bonuses NA Yes NA Yes
    Deloitte 3% - 5% layoffs, 1.5% furloughs, hours reductions NA Tax - No raises for non-promotes Distribution Reduction NA Yes
    KPMG No Covid-19 layoffs planned No fiscal 2020 variable compensation, encore awards frozen NA Yes NA Yes
    GT No Covid-19 Layoffs No bonuses No raises Partner draws reduced by 25% through July, leadership taking 20% salary reduction through fiscal year, partners to answer capital call NA NA
    RSM Layoffs, furloughs for underutilized LoS Possibly deferred, but to be paid out. Firm metrics based bonus paid at 70% No NA NA No PTO accrual for second half of 2020
    BDO NA NA 5% - 10% reduction from 5/1 to 8/1 Yes NA NA
    Clifton Larson Allen NA NA 10% reduction from 5/1 through 10/31 NA NA NA
    Moss Adams 300 Furloughed, 200+ reduce schedules NA 5% - 20% reduction 20% partner reductions NA NA
    Crowe Yes NA NA NA NA NA

    (While we recognize there are users from other countries that frequent r/accounting, the information for US firms seems to be most prevalent and is applicable to the broadest audience)

    *Note that NA means no information available

    Got something to add about your firm? Leave it in the comments and we'll update the following week.

    Since this thread is likely to fill up quickly, consider sorting the comments by "new" (instead of "best" or "top") to see the newest posts.

    submitted by /u/AutoModerator
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    Fuck My LIFO

    Posted: 28 Jun 2020 02:48 PM PDT

    To all the parents in public (picture is not mine)

    Posted: 28 Jun 2020 07:13 AM PDT

    Wake, bake, and don't check emails on sundays.

    Posted: 28 Jun 2020 10:47 AM PDT

    I don’t know about you but I think Accounting has lived up to the hype.

    Posted: 28 Jun 2020 08:53 PM PDT

    Some audit teams on misstatements

    Posted: 28 Jun 2020 09:32 AM PDT

    MRW the PBC schedule finally ties to the trial balance

    Posted: 28 Jun 2020 07:55 AM PDT

    Animal Crossing shower thoughts

    Posted: 28 Jun 2020 03:00 PM PDT

    Would going on turnip.exchange to sell your turnips be like entering a futures contract?

    submitted by /u/redemptionsoath
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    Going back to office

    Posted: 28 Jun 2020 11:49 AM PDT

    Ballpoint pens only, iykyk

    Posted: 28 Jun 2020 08:24 AM PDT

    Shoutout to the Black Eyed Peas for having one of the most underrated finance/accounting related lines of the 00s

    Posted: 28 Jun 2020 02:35 PM PDT

    "I'mma be a brother, but my name ain't Lehman
    I'mma be ya bank, I'll be loaning out semen"

    submitted by /u/gentlesir123
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    Firm just announced no promotions on Friday. Now what?

    Posted: 28 Jun 2020 09:50 AM PDT

    Firm is 3 years to become a senior. The idea of spending 4 years at staff has me real upset. What makes it worse is even if I leave I'll have to do another year as a staff somewhere else.

    This fucken sucks. No bonus. No raise. No promotion. Still 1.8k charge hours expected!

    submitted by /u/CobraMustang920
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    What is an interesting fact about accounting theory you’ve learned?

    Posted: 28 Jun 2020 08:33 PM PDT

    [CAN] St-Jean to replace Joy Thomas as head of Canadian accounting profession

    Posted: 28 Jun 2020 12:47 PM PDT

    Some trainees����

    Posted: 28 Jun 2020 09:29 AM PDT

    The MILF Executive Assistants after realizing I’m flirting with them

    Posted: 28 Jun 2020 09:37 PM PDT

    New Sub for Adaptive Planning

    Posted: 28 Jun 2020 06:40 PM PDT

    Hey everyone we started a new sub specifically for people who use Adaptive Insights aka Adaptive Planning and now I guess they want to call it Workday Adaptive Planning.

    r/AdaptivePlanning we are band new and looking for people interested to talk about Adaptive stuff.

    submitted by /u/Bletchlypark
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    Tax resume

    Posted: 28 Jun 2020 09:10 AM PDT

    The day in the life of an accountant?

    Posted: 28 Jun 2020 06:56 PM PDT

    I know this is broad, but I'm fairly certain I'm gonna go to school for accounting and just want a little insight into the daily life of an accountant. I'm interested in the public, government, or audit areas, so those would be most helpful. Any insight is helpful, thank you if you choose to post anything in advance

    Pay? Hours? Workload? Meaningful work? Requirements to get into one?

    submitted by /u/GRAVYBABY25
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    Entry level jobs outside of public accounting?

    Posted: 28 Jun 2020 11:21 AM PDT

    Currently I am rising junior majoring in accounting at a large state school. I have a 4.00 gpa and was able to land an internship the summer of my sophomore year as a SEC reporting intern for a large company. I feel the university preaches to students to do public accounting route or die. How hard is to land entry level job as a financial analyst. What other entry level jobs could I pursue outside of public?

    submitted by /u/Wolfpack7207
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    What is the value of accountants?

    Posted: 28 Jun 2020 10:33 PM PDT

    What is it that people expect when they hire accountants? and what is the value accountants bring to others?

    submitted by /u/gdevelopments
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    IT Audit Opportunities

    Posted: 28 Jun 2020 09:54 PM PDT

    What industries require more IT audit work to be done as part of the audit process? I would assume tech companies would be a part of this group but I'm also retarded so if anyone would like to provide some insight it would be greatly appreciated.

    submitted by /u/TKBHSS
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    Is anyone else scrambling to get tax returns prepped for July 15?

    Posted: 28 Jun 2020 03:38 PM PDT

    I have 19 that I need to prep by Wednesday the 1st, aka kill me.

    I should get 4-5 in today. Maybe more if I don't sleep.

    submitted by /u/treese25
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    Back to the office tomorrow after 3 months

    Posted: 28 Jun 2020 07:11 AM PDT

    Been working at a makeshift setup on the dining room table since March 23rd. At first, wasn't too sure about working from home. Now, if I had a true setup, I would definitely want to stay at home. My company would need to figure out better ways to do tasks without paper though.

    submitted by /u/emilyb7
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